SPECTRES of a CRISIS: READING JACQUES DERRIDA AFTER the GLOBAL FINANCIAL CRISIS of 2008 by JOHN JAMES FRANCIS a Thesis Submi
Total Page:16
File Type:pdf, Size:1020Kb
SPECTRES OF A CRISIS: READING JACQUES DERRIDA AFTER THE GLOBAL FINANCIAL CRISIS OF 2008 by JOHN JAMES FRANCIS A thesis submitted to the University of Birmingham for the degree of DOCTOR OF PHILOSOPHY Department of Modern Languages School of Languages, Culture, Art History, and Music College of Arts and Law University of Birmingham JUNE 2019 University of Birmingham Research Archive e-theses repository This unpublished thesis/dissertation is copyright of the author and/or third parties. The intellectual property rights of the author or third parties in respect of this work are as defined by The Copyright Designs and Patents Act 1988 or as modified by any successor legislation. Any use made of information contained in this thesis/dissertation must be in accordance with that legislation and must be properly acknowledged. Further distribution or reproduction in any format is prohibited without the permission of the copyright holder. ABSTRACT This thesis investigates a theoretical response to the question of what constitutes the political implications of the 2008 Global Financial Crisis. This thesis, working within the tradition of critical and cultural theory, undertakes a sustained engagement with the works of Jacques Derrida to theorise the traditions, norms, and practices that inform a response to an event such as the crisis of 2008. This thesis works with his proposals that: the spectre of its limitations haunts politics; that this has led to the ‘deconstruction’ of the meaning of politics through complex textual frameworks; and that this dynamic leads to a tension between the arrival of new political possibilities on the one hand and new forms of political sovereignty on the other. After examining the significance of Derrida’s approach and secondary literature debating its interpretation, this thesis deconstructs the political implications of the crisis from politics in the traditional sense of the nation- state, the textual politics of scholarship, and finally the politics of the media, the domain, I argue, that incorporates the most discrete and sophisticated forms of sovereign decision-making. Finally, this thesis opens up its findings to secondary literature that suggest contrasting arguments. For Phoné ACKNOWLEDGMENTS This thesis has been made possible by the expertise and guidance of my supervisors, Dr Joanne Sayner and Dr Ross Abbinnett, by the support and encouragement of my family, friends, and colleagues, and by the kindness and patience of my partner, Phoné. CONTENTS INTRODUCTION ................................................................................................................................ 1 1. ‘WE MUST BEGIN SOMEWHERE, BUT THERE IS NO ABSOLUTELY JUSTIFIED BEGINNING’ ................................................. 1 2. OUTLINE OF CHAPTERS .............................................................................................................................................................. 9 CHAPTER ONE: LITERATURE REVIEW ................................................................................... 14 1. CRITICAL AND CULTURAL THEORY ....................................................................................................................................... 16 2. DERRIDA AND THE POLITICAL ECONOMY OF DIFFERENCE ............................................................................................... 25 3. TOWARDS A POLITICS OF SPECTRES ..................................................................................................................................... 35 4. A CERTAIN SPIRIT OF DECONSTRUCTION ............................................................................................................................ 45 CHAPTER TWO: A THEORETICAL FRAMEWORK ................................................................ 60 1. APPROACHING SPECTRES ....................................................................................................................................................... 62 2. THE POLITICS OF THE NATION-STATE ................................................................................................................................. 72 3. SCHOLARSHIP ........................................................................................................................................................................... 81 4. THE MEDIA ............................................................................................................................................................................... 89 5. REFLECTIONS ............................................................................................................................................................................ 97 CHAPTER THREE: THE POLITICS OF THE NATION-STATE ........................................... 107 1. THE SIGNIFICANCE OF THE POLITICAL ............................................................................................................................... 109 2. INHERITANCE AND THE PHANTASM OF THE SOVEREIGN ................................................................................................. 116 3. HOSPITALITY AND AUTOIMMUNITY’S SPECTRALITY ........................................................................................................ 124 4. DEFENDING THE NATION-STATE (IN CERTAIN CONDITIONS) ......................................................................................... 132 CHAPTER FOUR: SCHOLARSHIP ............................................................................................ 143 1. SOVEREIGNTY AND SCHOLARSHIP ....................................................................................................................................... 145 2. TALKING WITH GHOSTS ........................................................................................................................................................ 153 3. SCHOLARSHIP AND CONTEMPORARY SPECTRAL EFFECTS .............................................................................................. 161 4. A NEW HUMANITIES (AND CULTURAL STUDIES) ............................................................................................................. 169 CHAPTER FIVE: THE MEDIA .................................................................................................... 180 1. FILTERING, SELECTING, PRIVILEGING ................................................................................................................................ 182 2. TELE-TECHNOLOGY, THE GOOD NEWS, AND THE SECRET ............................................................................................... 189 3. TELE-TECHNOLOGICAL SOVEREIGNTY ................................................................................................................................ 197 4. TELE-TECHNOLOGICAL DISSONANCES ................................................................................................................................ 205 CHAPTER SIX: REFLECTIONS .................................................................................................. 216 1. RICHARD BEARDSWORTH: HOSPITALITY AND COSMOPOLITANISM .............................................................................. 218 2. BERNARD STIEGLER; SCHOLARSHIP AND EDUCATION ..................................................................................................... 229 3. MICHAEL NAAS: UNDERWORLDS ........................................................................................................................................ 240 CONCLUSION ................................................................................................................................ 253 BIBLIOGRAPHY ........................................................................................................................... 261 INTRODUCTION In 2007 the bubble in the US subprime housing market burst. Housing markets have always gone through cycles of boom and bust, but the repercussions of this crash were so widely unexpected, so fast, and so catastrophic that their spectral afterlives can be traced in business, politics, policy, society, and culture today. Why then was it so catastrophic? On this occasion the financial industries were blindly investing in the continued growth of the subprime market. Loans had been offered at extremely low interest rates and then repackaged, rebranded, and sold as derivatives and securitisations, with the risks of investments masked by their complexity and savvy industry marketing. These packages proved so lucrative that even the most prestigious of financial institutions invested heavily, drawing in funds from outside the United States to keep growing. When the subprime bubble burst interest rates started to skyrocket, and money stopped flowing. During this “credit crunch” phase governments around the world offered emergency loans, but when the US government decided to draw a line with Lehmans in September 2008 global financial panic ensued and the ‘Global Financial Crisis’ was born. Despite governments pumping hundreds of billions of dollars into the financial sector, the crisis triggered the ‘Great Recession’, the worst recession since the Great Depression of the 1930s (Ciro, 2012; Blyth, 2013; Fulcher, 2015). The unthinkable had happened; a global collapse in the credibility of capitalism. For Slavoj Žižek the crisis indicated that ‘the time for liberal-democratic moralistic blackmail is over. Our side no longer has to go