Financialised capitalism Soviet style? Varieties of state capture and crisis
SourceArchives Europeennes de Sociologie = European Journal of Sociology, 51, 2, (2010), pp. 171-194
Article / Letter to editor
Display more detailsDisplay less details
SW OZ RSCR CAOS
Archives Europeennes de Sociologie = European Journal of Sociology
SubjectAnthropology and Development Studies
Looking for new ways to interpret the failings of the neo-liberal economy, this article argues that financialised capitalism at the eve of the 2008 financial crisis showed striking analogies with the characteristic combination of oligopoly and informality of the Soviet economy at the eve of its collapse. State capture by oligopolists, a large "virtual economy", the inability of agencies to obtain insight into economic and financial operations, the short term orientations of managers not coinciding with enterprise viability, and a "mystification of risk" by high science are some of the analogies to be discussed. It is argued that not only the origins but also the aftermath of the crisis may show significant analogies.
Upload full text
Use your RU credentials (u/z-number and password) to log in with SURFconext to upload a file for processing by the repository team.