An updated edition of a groundbreaking work on the global financial crisis from a postfordist perspective. The 2010 English-language edition of Christian Marazzi's The Violence of Financial Capitalism made a groundbreaking work on the global financial crisis available to an expanded readership. This new edition has been updated to reflect recent events, up to and including the G20 summit in July 2010 and the broad consensus to reduce government spending that emerged from it. Marazzi, a leading figure (...) in the European postfordist movement, argues that the processes of financialization are not simply irregularities between the traditional categories of wages, rent, and profit, but rather a new type of accumulation adapted to the processes of social and cognitive production today. The financial crisis, he contends, is a fundamental component of contemporary accumulation and not a classic lack of economic growth. Marazzi shows that individual debt and the management of financial markets are actually techniques for governing the transformations of immaterial labor, general intellect, and social cooperation. The financial crisis has radically undermined the very concept of unilateral and multilateral economico-political hegemony, and Marazzi discusses efforts toward a new geomonetary order that have emerged around the globe in response. Offering a radically new understanding of the current stage of international economics as well as crucial post-Marxist guidance for confronting capitalism in its newest form, The Violence of Financial Capitalism is a valuable addition to the contemporary arsenal of postfordist thought. This edition includes the glossary of the esoteric neolanguage of financial capitalism—”Words in Crisis,” from “AAA” to “toxic asset”—written for the first English-language edition, and offers a new afterword by Marazzi. (shrink)

Christian Marazzi's first book: a post-Fordist classic on the roots to economic crises in the contemporary age. Communication as work: we have recently experienced a profound transformation in the processes of production. While the assembly line excluded any form of linguistic productivity, today, there is no production without communication. The new technologies are linguistic machines. This revolution has produced a new kind of worker who is not a specialist but is versatile and infinitely adaptable. If standardized mass production (...) was dominant in the past, today we produce an array of different goods corresponding to specific consumer niches. This is the post-Fordist model described by Christian Marazzi in Capital and Affects. Tracing the development of this new model of labor from Toyota plants in Japan to the most recent innovations, Marazzi's critique goes beyond political economy to encompass issues related to social life, political engagement, democratic institutions, interpersonal relations, and the role of language in liberal democracies. This translation at long last makes Marazzi's first book available to English readers. Capital and Affects stands not only as the foundation to Marazzi's subsequent work, but as foundational work in post-Fordist literature, with an analysis startlingly relevant to today's troubled economic times. This Semiotext edition includes the afterword Marazzi wrote for the 1999 Italian edition. (shrink)

The current post-workerist analyses of the crisis of financial capitalism are rooted in the declaration of inconvertibility of the Dollar in 1971 and the consequent collapse of the Bretton Woods monetary system. The experience of ‘Primo Maggio’, the magazine on militant history directed by Sergio Bologna, was determinant in developing a consistent explanation of the relationship between ‘money as capital’ and working class struggles. The transition from Fordism to Post-fordism, which begun in those years, coincides on the one hand with (...) the crisis of the labour value theory and, on the other, with the emergence of the financialization of capital. The advent of the debt economy, which led to the present crisis, reflects the destruction of the wage relationship and the de-substantialization of money. Beyond any objective measure of value, what is necessary is something that points to the subjectivity of struggles and to the forms of life that give them substance. (shrink)

Angelaki, Volume 16, Issue 3, Page 19-32, September 2011.

Résumé Le processus de dématérialisation du processus productif laisse émerger la puissance d’un capital fixe qui se présente aujourd’hui immédiatement comme « capital vivant », comme travail vivant mobilisé dans un système de production de l’homme par l’homme. Le revenu garanti devient alors, sous la plume de Christian Marazzi, « biorevenu », un revenu pour garantir l’autonomie du vivant par rapport au mode de production historiquement déterminé.

Résumé Le processus de dématérialisation du processus productif laisse émerger la puissance d’un capital fixe qui se présente aujourd’hui immédiatement comme « capital vivant », comme travail vivant mobilisé dans un système de production de l’homme par l’homme. Le revenu garanti devient alors, sous la plume de Christian Marazzi, « biorevenu », un revenu pour garantir l’autonomie du vivant par rapport au mode de production historiquement déterminé.

The anti-global movement as the growth of new economies in peripheries contrast the symbolic leadership of American brands. The terrorist attacks on New York and Washington, highly symbolic too, appeared at the very moment when the new economy crisis became obvious. It is not possible to grow up information means too much, because consumers cannot pay them attention enough. But the knowledge produced by multitudes remain in their brain while crisis is around.

The various institutional reforms which have led since the end of the 70s to the « privatisation of currency » have formed the main base on which the subsequent power of finance has been built, and, concurently, the dismantling of Welfare could take place. Core of this was the so-called autonomy of central banks, as their « umbilical cord » to national treasuries was severed. From then on, deficit financing and « keynesian » social expenditures became near-impossible. Emphasizing the autonomy (...) of central banks from politics was mostly an institutional mutation meant to free monetary policies from social pressure and make it totally subordinate to rent creation and financial accumulation. No wonder then that « securitisation » of the public debt closely followed on the prohibition to deficit financing social expenditures. And then the outcome was not a reduction, but an explosion of public debt! And as debt servicing becomes a principal item on the budget, the « excessive costs » of welfare provisions is blamed, and a further break-down of social services is called for. It is in the same vein that price inflation is controlled, but assets inflation and speculative bubbles dominate « developped » economies. Meanwhile, in order to compensate for increasing income inequalities and diminishing welfare benefits, an exacerbated form of « private households deficit spending »has come into its own, as witnessed by the subprime crisis and mounting credit card defaults. So we are moving from an entitlements-based provision of social goods to one based on the pure logic of capital and its cycles. The only way out lies in the resocialisation of currency, profound fiscal reforms, the demise of rent-seeking, and the institution of an universal « basic income ». (shrink)

Most of the writers who contributed to the issue were locked up at the time in Italian jails.... I was trying to draw the attention of the American Left, which still believed in Eurocommunism, to the fate of Autonomia. The survival of the last politically creative movement in the West was at stake, but no one in the United States seemed to realize that, or be willing to listen. Put together as events in Italy were unfolding, the Autonomia issue--which has (...) no equivalent in Italy, or anywhere for that matter--arrived too late, but it remains an energizing account of a movement that disappeared without bearing a trace, but with a big future still ahead of it.--Sylvère LotringerSemiotext is reissuing in book form its legendary magazine issue Italy: Autonomia: Post-Political Politics, originally published in New York in 1980. Edited by Sylvère Lotringer and Christian Marazzi with the direct participation of the main leaders and theorists of the Autonomist movement, this volume is the only first-hand document and contemporaneous analysis that exists of the most innovative post-'68 radical movement in the West. The movement itself was broken when Autonomia members were falsely accused of being the intellectual masterminds of the Red Brigades; but even after the end of Autonomia, this book remains a crucial testimony of the way this creative, futuristic, neo-anarchistic, postideological, and nonrepresentative political movement of young workers and intellectuals anticipated issues that are now confronting us in the wake of Empire. In the next two years, Semiotext will publish eight books by such Italian "Post-Fordist" intellectuals as Antonio Negri, Christian Marazzi, Paolo Virno, and Bifo, as they update the theories of Autonomia for the new century.Sylvère Lotringer, general editor of Semiotext, lives in New York and Baja California. He is the author of Overexposed: Perverting Perversions, 2007). Christian Marazzi, an Italian economist, lives in Switzerland. He is the author of Capital and Language: From the New Economy to the War Economy and Sock's Place, both forthcoming from Semiotext. (shrink)

Résumé Dans l’entretien qui fait suite à son article, Christian Marazzi aborde la question d’un biorevenu ex-nihilo, c’est-à-dire financé par une création monétaire. Le revenu garanti, en tant qu’argent, argent exnihilo, peut-il ne pas être nécessairement du capital? Peut-il rester argent comme argent, forme monétaire de la fuite?

Angelaki, Volume 16, Issue 3, Page 39-51, September 2011.

The article considers the research developed by the UniNomade project concerning the global financial crisis within the theoretical framework of Italian ‘workerism’ and post-workerist theory. On the whole, the UniNomade project offers a rich variety of stimuli to debate. However, in the work of UniNomade, there are some problematic elements, particularly when the authors invoke a series of ‘excesses’ in ‘cognitive capitalism’. This review-article argues that the old post-workerist thesis of an obsolescence of the law of value introduces into UniNomade’s (...) work an ambiguous determinism. (shrink)

From the mystical experiences of religious visions to the most degenerate forms of violence and pornography, the image, be it perceptual or conceptual, has imposed itself as a powerful form of human expression. The evocative, emotional and communicative power of images has been at the centre of a complex, often conflictual relationship in different societies, between exterior and internal forms of representation. Western history has passed alternately through periods of iconophilia and iconophobia, while various cultures have accorded different significance to (...) the capacity of vision to express and reinforce both the ideological and the political sphere. Referring to various examples, the article suggests that the pervasive presence of vision, far from being a self-evident, given element, is at the core of a problematic work of interpretation within the cultural contexts of societies. What appears to the eye can be considered the mirror of true reality or, alternatively, an ambiguous and superficial representation of it, in a dialectic confrontation between the iconic and the mental. (shrink)

How can one address the multiple themes linked to the "apocalypse" - the end days, the last judgment, Armageddon, catastrophe, as well as personal revelation and collective disillusionment? How should we understand pre-modern and "secular" notions of the end days? This study offers a cultural critique, exploring the conditions surrounding "apocalyptic" knowledge and vision.

Recent studies have shed light on the emergence of Southern sustainability initiatives in commodity-based value chains. These initiatives position themselves as countering the exclusionary nature of many global multi-stakeholder initiatives, as critically analysed by previous studies. However, a common theoretical perspective on the inclusiveness of MSIs is still lacking. By drawing on the theory of regimes of engagement, we develop a theoretical framework which helps understanding the overt and subtle practices of including or excluding different stakeholders in MSIs. We apply (...) this framework to ‘Trustea’, an Indian MSI for sustainable tea production, to further investigate the ‘inclusiveness paradigm’ of Southern sustainability initiatives. Our findings highlight the complexity of stakeholder engagement across the different phases of Trustea’s development, from initiation and code development to formal launch and roll-out. We find that different types of engagement can exist in parallel. Justifiable engagement is expressed in the participating organisations’ reference to a shared common goal of Trustea, whereas familiar engagement is linked to the rootedness of the individuals involved in the Indian tea industry. Strategic engagement, in turn, comes to the fore through the strong emphasis on developing an Indian code for sustainable tea production and promoting adoption among tea growers. The importance of reaching this objective has led to the replication of exclusionary patterns also noted for global MSIs, as small-scale producers and other weak actors have been largely excluded from decision-making processes, despite informal efforts aimed at substitution of representation. (shrink)

This collection provides English readers with a critical update on current debates on biopolitics in and around Italian thought. More than a decade after the publication of seminal books such as Agamben’s _Homo Sacer_ and Hardt and Negri’s _Empire_, the names of, among others, Roberto Esposito, Paolo Virno, Christian Marazzi, and Andrea Fumagalli have recently been brought to the attention of Anglophone scholars and political activists. Several authors have rightly emphasised the evanescent character of biopolitics, and the difficulty (...) in providing a definition of it that could embrace all the conflicting theories of its most celebrated critics and supporters. The present collection is structured around the basic contention that bio-economy, human nature, and Christianity are the three visible contemporary manifestations of the theoretical object/problem of biopolitics in, respectively, Italian post-workerist economics, post-Marxist philosophical anthropology, and post-structuralist ontology. This book was originally published as a special issue of _Angelaki_. (shrink)

Lying for a strategic advantage is to be expected in commercial interactions. But would this be more or less obvious when lying could come from either party and question mutually profitable exchange? To explore this, we modify the acquiring-a-company game by letting both, buyer and seller, be privately informed. Specifically, the value of the company for the buyer is known only by the seller; whereas, only the buyer is aware by which proportion the sellers evaluation is lower than that of (...) the buyer. Before bargaining, both parties can reveal what they know via cheap-talk numerical messages. Game theoretically, the pooling equilibrium may or may not allow for trade depending on the commonly known expected evaluation discrepancy. By mutually revealing what one knows, one could boost trade and efficiency. Although strategic misreporting prevails quite generally, it is higher for sellers throughout the experiment. Regarding gender, women misreport less, especially as sellers, and offer higher prices. (shrink)

In this paper I will introduce a practical explication for the notion of expertise. At first, I motivate this attempt by taking a look on recent debates which display great disagreement about whether and how to define expertise in the first place. After that I will introduce the methodology of practical explications in the spirit of Edward Craig’s Knowledge and the state of nature along with some conditions of adequacy taken from ordinary and scientific language. This eventually culminates in the (...) respective explication of expertise according to which this term essentially refers to a certain kind of service-relation. This is why expertise should be considered as a predominantly social kind. This article will end up with a discussion of advantages and prima facie plausible objections against my account of expertise. (shrink)

This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work is in the "public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be (...) preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant. (shrink)

Spacetime as we know and love it is lost in most approaches to quantum gravity. For many of these approaches, as inchoate and incomplete as they may be, one of the main challenges is to relate what they take to be the fundamental non-spatiotemporal structure of the world back to the classical spacetime of GR. The present essay investigates how spacetime is lost and how it may be regained in one major approach to quantum gravity, loop quantum gravity.

Research in quantum gravity strongly suggests that our world in not fundamentally spatiotemporal, but that spacetime may only emerge in some sense from a non-spatiotemporal structure, as this paper illustrates in the case of causal set theory and loop quantum gravity. This would raise philosophical concerns regarding the empirical coherence and general adequacy of theories in quantum gravity. If it can be established, however, that spacetime emerges in the appropriate circumstances and how all its relevant aspects are explained in fundamental (...) non-spatiotemporal terms, then the challenge is fully met. It is argued that a form of spacetime functionalism offers the most promising template for this project. (shrink)

Defining ‘presentism’ in a way that saves it from being trivially false yet metaphysically substantively distinct from eternalism is no mean feat, as the first part of this collection testifies. In Wuthrich (forthcoming), I have offered an attempt to achieve just this, arguing that this is best done in the context of modern spacetime theories. Here, I shall refrain from going through all the motions again and simply state the characterization of an ersatzist version of presentism as it has emerged (...) from considerations there. Any acceptable formulation of presentism should remain neutral among competing spacetime theories in order to enable the present project of assessing the compatibility of presentism with various theories of modern physics, including both spacetime theories and theories of physical processes situated in a spatiotemporal setting. (shrink)

The interdisciplinary debate about the nature of expertise often conflates having expertise with either the individual possession of competences or a certain role ascription. In contrast to this, the paper attempts to demonstrate how different dimensions of expertise ascription are inextricably interwoven. As a result, a balanced account of expertise will be proposed that more accurately determines the closer relationship between the expert’s dispositions, their manifestations and the expert’s function. This finally results in an advanced understanding of expertise that views (...) someone as an expert only if she is undefeatedly disposed to fulfill a contextually salient service function adequately at the moment of assessment. (shrink)

Approaches to quantum gravity often involve the disappearance of space and time at the fundamental level. The metaphysical consequences of this disappearance are profound, as is illustrated with David Lewis's analysis of modality. As Lewis's possible worlds are unified by the spatiotemporal relations among their parts, the non-fundamentality of spacetime---if borne out---suggests a serious problem for his analysis: his pluriverse, for all its ontological abundance, does not contain our world. Although the mere existence---as opposed to the fundamentality---of spacetime must be (...) recovered from the fundamental structure in order to guarantee the empirical coherence of the non-spatiotemporal fundamental theory, it does not suffice to salvage Lewis's theory of modality from the charge of rendering our actual world impossible. (shrink)

Why does equality matter, as a social and political value, and what does it require? Relational egalitarians argue that it does not require that people receive equal distributive shares of some good, but that they relate as equals. Christian Schemmel here provides the first comprehensive development of a liberal conception of relational equality, one which understands relations of non-domination and egalitarian norms of social status as stringent demands of social justice. He first argues that expressing respect for the freedom (...) and equality of individuals in social cooperation requires stringent protections against domination. Taking this as a starting point, he then develops a substantive, liberal conception of non-domination and argues that non-domination is a particularly important, but not the only, concern of social justice. From there, Schemmel develops an account of the wrongness of inegalitarian norms of social status which shows how status-induced foreclosure of important social opportunities is a social injustice in its own right, over and above the role of status inequality in enabling domination, and the threats it poses to individuals' self-respect. Finally, Schemmel articulates the core requirements of liberal relational egalitarianism for political, economic, and health justice: these amount to demands for far-reaching forms of equality in all three domains, which can rarely, if ever, be overridden by competing concerns. With expert rigor and creativity, Justice and Egalitarian Relations brings together scholarship in a variety of related topics, from social justice and liberalism to distributive and relational equality, social equality, neo-republicanism, and non-denomination. (shrink)

Information theory presupposes the notion of an epistemic agent, such as a scientist or an idealized human. Despite that, information theory is increasingly invoked by physicists concerned with fundamental physics, physics at very high energies, or generally with the physics of situations in which even idealized epistemic agents cannot exist. In this paper, I shall try to determine the extent to which the application of information theory in those contexts is legitimate. I will illustrate my considerations using the case of (...) black hole thermodynamics and Bekenstein's celebrated argument for his formula for the entropy of black holes. This example is particularly pertinent to the theme of the present collection because it is widely accepted as `empirical data' in notoriously empirically deprived quantum gravity, even though the laws of black hole thermodynamics have so far evaded direct empirical confirmation. (shrink)

Does the need to find a quantum theory of gravity imply that the gravitational field must be quantized? Physicists working in quantum gravity routinely assume an affirmative answer, often without being aware of the metaphysical commitments that tend to underlie this assumption. The ambition of this article is to probe these commitments and to analyze some recently adduced arguments pertinent to the issue of quantization. While there exist good reasons to quantize gravity, as this analysis will show, alternative approaches to (...) gravity challenge the received wisdom. These renegade approaches do not regard gravity as a fundamental force, but rather as effective, i.e. as merely supervening on fundamental physics. I will urge that these alternative accounts at least prove the tenability of an opposition to quantization. (shrink)

Although actions of individuals do contribute to climate change, the question whether or not they, too, are morally obligated to reduce the GHG emissions in their responsibility has not yet been addressed sufficiently. First, I discuss prominent objections to such a duty. I argue that whether individuals ought to reduce their emissions depends on whether or not they exceed their fair share of emission rights. In a next step I discuss several proposals for establishing fair shares and also take practical (...) considerations into account. I conclude that individuals should not always be obliged to reduce their emissions to what is their fair share for they may depend on carbon-intensive structures. Instead, they have a Kantian imperfect duty to reduce their emissions ‘as far as can reasonably be demanded of them’. In addition, they should press governments to introduce proper regulation. At the end, I further specify both duties. (shrink)

Suppose you perform two actions. The first imposes a risk of harm that, on its own, would be excessive; but the second reduces the risk of harm by a corresponding amount. By pairing the two actions together to form a set of actions that is risk-neutral, can you thereby make your overall course of conduct permissible? This question is theoretically interesting, because the answer is apparently: sometimes Yes, sometimes No. It is also practically important, because it bears on the moral (...) status of practices such as offsetting personal greenhouse gas (GHG) emissions. In this article we propose a criterion for distinguishing between cases where pairing risk-increasing and risk-reducing actions makes each action permissible, and those where it does not: the Principle of Aggregate Risk-Imposition. We work towards this by considering a range of examples that illustrate various illegitimate ways of pairing risk-increasing actions with risk-reducing ones, and asking what goes wrong in each case. We then use this criterion to evaluate GHG offsetting. Is offsetting a legitimate way of removing the risk-imposition associated with GHG emissions, or not? Controversially, we argue that this turns out to depend on the form that the offsetting takes. (shrink)

This paper argues that recent arguments to the effect that the debate between presentism and eternalism lacks any metaphysical substance ultimately fail, although important lessons can be gleaned from them in how to formulate a non-vacuous version of presentism. It suggests that presentism can best be characterized in the context of spacetime theories. The resulting position is an ersatzist version of presentism that admits merely non-present entities as abstracta deprived of physical existence. Ersatzist presentism both escapes the charges of triviality (...) and promises to offer a route to solving the grounding problem which befalls its more traditional cousins. (shrink)

Expertise is often ascribed to persons who are considered exceptionally competent in a particular subject matter. In contrast to this traditional approach, the present paper introduces a contextual understanding of expertise ascriptions. More precisely, this paper introduces two different kinds of contextuality by advancing and advocating the thesis that expertise ascriptions are true if and only if their content within their context of use is true against standards in the context of assessment. This means that expertise ascriptions have indexical content (...) and are also assessment-sensitive. On this basis, a definition of expertise will be developed which outlines a series of conditions for what it takes to be an expert. (shrink)

The first impacts of climate change have become evident and are expected to increase dramatically over the next decades. Thus, it becomes more and more pressing to decide who has to compensate those people who suffer from negative impacts of climate change but have neither contributed to the problem nor possess the resources to cope with the consequences. Since the frequently invoked Polluter Pays Principle cannot account for all climate-related harm, I will take a closer look at the much more (...) controversial Beneficiary Pays Principle. It is argued that, appropriately qualified, the Beneficiary Pays Principle can help to identify additional duty-bearers. Based on these results, I briefly comment on three different policy options to generate funds for compensation. (shrink)