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)

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)

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.

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)

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.