Personal Finance: Economic Citizenship and Financial Form in the Contemporary Novel

Total Page:16

File Type:pdf, Size:1020Kb

Personal Finance: Economic Citizenship and Financial Form in the Contemporary Novel University of Pennsylvania ScholarlyCommons Publicly Accessible Penn Dissertations 2016 Personal Finance: Economic Citizenship and Financial form in the Contemporary Novel Laura Finch University of Pennsylvania, [email protected] Follow this and additional works at: https://repository.upenn.edu/edissertations Part of the American Literature Commons, Comparative Literature Commons, and the Literature in English, North America Commons Recommended Citation Finch, Laura, "Personal Finance: Economic Citizenship and Financial form in the Contemporary Novel" (2016). Publicly Accessible Penn Dissertations. 1714. https://repository.upenn.edu/edissertations/1714 This paper is posted at ScholarlyCommons. https://repository.upenn.edu/edissertations/1714 For more information, please contact [email protected]. Personal Finance: Economic Citizenship and Financial form in the Contemporary Novel Abstract My dissertation, “Personal Finance: Economic Citizenship and Financial Form in the Contemporary Novel” theorises the novel’s engagement with the post-1970s financialisation of the economy from the ground up. Contrary to the dominant perception of finance as a turn away from the solidity of industry and production in favour of a realm of hyperbolic abstraction, finance capital emerges in this project as a thickly material concern. My writing follows the money, tracking the way that finance is outedr through social forms: urban planning, philanthrocapitalism, migrant access to citizenship in global cities, and the fleshy finance of corporate nanotechnology. These material forms do not replace the abstract form of finance capital; atherr , the two must be theorised together. Nowhere is this articulated more eloquently than in the contemporary novel. As a form that has emerged to mediate the relationship between the individual and the social, investigating the broadest economic shifts with the sensitive instrument of character, the contemporary novel is both an essential archive and a highly ambivalent response to new financial ealities.r A second and related claim of “Personal Finance” concerns the complexity of theorising a mode of capital that is both deeply national and rapaciously global. Critical work on finance in the humanities slips swiftly from identifying the lived experience of finance in a US context to arguing that this financialised form of citizenship will play out identically across the globe. Countering this claim informs both the archive and the methodology of my project. My dissertation reads a set of contemporary US novels that trace the felt experiences of the global economy within North America alongside a set of contemporary novels from the wider Anglophone world. Building on recent theoretical work in literature and economics and urban studies, the emphasis of “Personal Finance” throughout is to unsettle hegemonic claims about the financial, the global, and the national through the material and affective archive of the contemporary novel. Degree Type Dissertation Degree Name Doctor of Philosophy (PhD) Graduate Group Comparative Literature and Literary Theory First Advisor James F. English Keywords Citizen, Contemporary, Economy, Finance, Financialisation, Form Subject Categories American Literature | Comparative Literature | English Language and Literature | Literature in English, North America This dissertation is available at ScholarlyCommons: https://repository.upenn.edu/edissertations/1714 PERSONAL FINANCE: ECONOMIC CITIZENSHIP AND FINANCIAL FORM IN THE CONTEMPORARY NOVEL Laura Finch A DISSERTATION in Comparative Literature and Literary Theory Presented to the Faculties of the University of Pennsylvania in Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy 2016 Supervisor of Dissertation _______________ James F. English John Welsh Centennial Professor of English and Director of the Penn Humanities Forum Graduate Group Chairperson _______________ Kevin Platt, Edmund and Louise Kahn Term Professor in the Humanities Dissertation Committee Paul K. Saint Amour, Professor of English Michael Tratner, Mary E. Garrett Alumnae Professor of English ii ACKNOWLEDGMENTS Academia recognises the pristine tip of the iceberg: the dissertation, the institutional support behind it, and (perhaps) the codified concession of the spousal hire. But it is the craggy submerged part of the proverbial ‘berg (technically termed “the bummock,” I learn as I write this) – the depth and breadth of emotional and intellectual support – that allows every dissertator to try again, fail again, fail better. To my committee first of all: Jim English, standing on the shoulders of presumably several giants, who met each fresh panic with intellectual clarity, encouragement, and chocolate; may the carrot of the truffle-list dangle before many other graduate students to come. To Paul Saint-Amour, whose linguistic dexterity is matched at every moment by a deep and beautiful commitment to thinking patiently alongside things; and who gave me the gift of Riddley Walker (no trubba). And to Michael Tratner whose generosity of thought, interest, and enthusiasm has been a blessing in the last two years of this project. To the good ship Penn Comp Lit, that strange beast on the 7th floor of Williams. To Kevin Platt for manning the tiller, and to the intellectual community that found their home there or thereabouts: Kate Aid, Avi Alpert, Andy Hao, Jos Lavery, Cliff Mak, J. Bret Maney, Sal Nicolazzo, Jessica Rosenberg, and Gabe Sessions. And of course, JoAnne Dubil: unstintingly generous, kind, and wise and without whom the wheels would have fallen off a long time ago. And to Penn English, my other home, which I was fortunate to share with a bunch of all stars: Thomas Dichter, Alice McGrath, Kelly Rich, and Bronwyn Wallace. To my friends in Philly who have made this city such a home: Fatima Adamu, who is as strong inside as she is out and whose generosity is as big as her smile; Morgan Andrews for his practice and encouragement; Jackie Egitto for her indefatigable good humour and excellent pedagogy (shoulders, warm down, weekend!); Adam Leeds: raw of egg, big of heart; Shy Oakes and sweet Smoot who live bravely and thoughtfully; Michelle Robinson for her misanthropy and kittens; George Urgo and DumpleJam: not an issue; not a problem; Astrid Lorange: my sweet goatlet haunch and beautiful wordsmith. Sandy Griffiths, whose determination, loyalty, cooking, and quads are things to behold (statistically speaking). Mike Norton, the kindest most caring boy a girl could hope to know: killer of worms, keeper of bubbles, patron (saint?) of WaWa. To Kareem Wahlgren who cares more than he lets on, is funnier than any American has the right to be, who let me know and love Tank the dog, and who was a dear partner to me even as I dissertated madly. And to Simon Roux, who came in at the final furlong with cookies, discipline, and a huge capacity to love. Finally, to my chosen lady family; my insides, my everything. In the old country: Rosie French and Rebecca Lever who seize their desires whole-heartedly and carry on with gin and filthy jokes when things get rough; and to Lydia Wilson in whose beauty and iii kindness I delight. From baby school and beyond: Olivia Roberts, whose strength, loyalty and energy are without parallel and who has listened with patience and support from the first day of school when you looked after this cry-baby. To Laura Gibbon, from the Isle of Wight, through the dark teenage times, to today, whose intelligence and love are extraordinary. And to Amanda Fernando Stevens, my sweet birthday twin. From “we are the angels” to the days of Millefeuille. My intimate confidante, hilarious twister, and naughty soul- sister who thinks deeply and with levity at the same time. “It’s cold isn’t it shall we put our coats on…?” And to my Philly ladies: Joan Lubin and Devorah Fischler, my bitter thruple. Joan, your whip-tongue, willingness to say yes to all offers and definitive existence outside of history make you an extraordinary sort of man. Feesch, whose judgement is impeccable, feminism is complex, and hair is a thing of great beauty, and who has loved Bertie so well in my absences. Thea Riofrancos and Katy Hardy, my ladies auxiliary, my writing partners, my drinking buddies, my telepathic other thirds. To Thea’s small food items, megapoof, sassy self, femmey beauty, grit and determination, and empathy. To Katy’s nibbled bites, citrus diet, bread-love, hugeness of heart, latticed sociality, and constant friendship. And for the love without end you both give. To Nava EtShalom, who lives her politics every single day in ways that are committed, fierce, loving, kind, generous, and brilliant and who makes the world richer through the smallest of her encounters to the largest of her thoughts. You are wise, loving and extraordinary, and your lipstick is on point; long may you reign. To my Jess Hurley, from poison beans to lime on shoe to oats in the fridge to hymen cakes to contemporaneology and beyond. My other half. You are wise, dignified, ethical, just, and hilarious, and have exhibited grit and tenacity when others would have faltered. You hold the apocalyptic present and the utopian horizon together in your brilliance; to know you and love you is an extraordinary thing. And finally to Bertie, my sweet companion, who demands excellence from me at all times as only a prissy feline can. Thank you for your tail, for your ear furnishings, for your strange cat love, and for making the turret a home for us. “Personal Finance” is dedicated
Recommended publications
  • BARRY N. MALZBERG Introduction by D
    REVELATIONS A Paranoid Novel of Suspense BARRY N. MALZBERG Introduction by D. Harlan Wilson AP ANTI-OEDIPUS PRESS Revelations Copyright © 1972 by Barry N. Malzberg ISBN: 978-0-99-915354-3 Library of Congress Control Number: 2020934879 First published in the United States by Warner Paperback First Anti-Oedipal Paperback Edition: March 2020 All rights reserved. No part of this book may be reproduced, stored in a retrieval system, or transmitted by any means without the written permission of the author and publisher. Published in the United States by Anti-Oedipus Press, an imprint of Raw Dog Screaming Press. www.rawdogscreaming.com Introduction © 2020 by D. Harlan Wilson Afterword © 1976 by Barry N. Malzberg Afterword to an Afterword © 2019 by Barry N. Malzberg Cover Design by Matthew Revert www.matthewrevert.com Interior Layout by D. Harlan Wilson www.dharlanwilson.com Anti-Oedipus Press Grand Rapids, MI www.anti-oedipuspress.com SF SCHIZ FLOW PRAISE FOR THE WORK OF BARRY N. MALZBERG “There are possibly a dozen genius writers in the genre of the imaginative, and Barry Malzberg is at least eight of them. Malzberg makes what the rest of us do look like felonies!” —Harlan Ellison “Malzberg makes persuasively clear that the best of science fiction should be valued as literature and nothing else.” —The Washington Post “One of the finest practitioners of science fiction.” —Harry Harrison “Barry N. Malzberg’s writing is unparalleled in its intensi- ty and in its apocalyptic sensibility. His detractors consider him bleakly monotonous and despairing,
    [Show full text]
  • Between Technophobia and Futuristic Dreams. Visions of the Possible Technological Development in Black Mirror and Westworld Series
    Agnieszka Kiejziewicz Between technophobia and futuristic dreams. Visions of the possible technological development in Black Mirror and Westworld series Jagiellonian University Introduction The dualism in perceiving the technology on the Western ground, not only as a blessing connected with the rapid development of the civilization but also as a possible reason for the future fall of the humanity, can be dated back to the literary works such as Frankenstein (1818) by Marry Shelley, dystopian Brave New World (1932) by Aldous Huxley (1894–1963)1 or Fritz Lang’s filmMetropolis (1927). However, it was no sooner than in the late 1950s when the discourse about the influence of technology on the society appeared in numerous forms of art. The writers such as William Burroughs (1914–1997)2, Phillip K. Dick (1928–1982)3 or the techno-prophet Marshall McLuhan (1918–1980)4 observed that to extend their perception, sensations and abilities, people cling to technology represented by various devices, what brings the humanity closer to the apocalypse the overused technology is to cause. The inspiration of the findings provided by the theorists in 1 See: Bloom, Harold, ed. Aldous Huxley. New York: Bloom’s Literary Criticism, 2010. 2 See: Hibbard, Allen. Conversations with William S. Burroughs. Jackson: University Press of Missis- sippi, 1999. W. Burroughs, alongside Jack Kerouack and Allen Ginsberg was a distinctive figure of the Beat Generation. He was the author of the novels as, later filmed by David Cronenberg,Naked Lunch (1959) or The Nova Trilogy (1961-1967), many short stories and non-fictional contributions. 3 See: Palmer, Christopher.
    [Show full text]
  • 2016 Fiction Longlist Release FINAL
    RELEASE: SEPTEMBER 15, 2016 Contact: Sherrie Young 9:30 a.m. EDT National Book Foundation (212) 685-0261 [email protected] 2016 NATIONAL BOOK AWARDS LONGLIST FOR FICTION The ten contenders for the National Book Award for Fiction. New York, NY (September 15, 2016) – The National Book Foundation today announced the Longlist for the 2016 National Book Award for Fiction. Finalists will be revealed on October 13. (Please note that this date was originally set for October 12, but has been changed to acknowledge Yom Kippur.) The Fiction Longlist includes a former National Book Award Winner for Young People’s Literature and two titles by former National Book Award Finalists for Fiction. The list also includes three Pulitzer Prize finalists. One title is currently shortlisted for the 2016 Baileys Women’s Prize for Fiction and another was recently selected for Oprah’s Book Club. There is one debut novel on the list. The year’s Longlist is told from and about locations all around the world. Authors hail from and titles explore locations that range from Alaska, New Delhi, Bulgaria, and even a reimagined United States. Colson Whitehead’s Underground Railroad follows Cora, a fugitive slave, as she escapes the south on a literal underground railroad in a speculative historical fiction that reckons with the true legacy of liberation and escape. In a very different journey, former Pulitzer Prize finalist Lydia Millet’s Sweet Lamb of Heaven follows a mother as she traverses the country with her daughter, fleeing her powerful husband. What Belongs to You, a debut novel by Garth Greenwell, finds its American narrator in Sofia, Bulgaria attempting to reconcile the shame and desire bound up in his own sexuality.
    [Show full text]
  • Enthymema XXIII 2019 the Sentence Is Most Important: Styles of Engagement in William T. Vollmann's Fictions
    Enthymema XXIII 2019 The Sentence Is Most Important: Styles of Engagement in William T. Vollmann’s Fictions Christopher K. Coffman Boston University Abstract – William T. Vollmann frequently asserts that his ideal reader will appreci- ate the functionality and beauty of his sentences. This article begins by taking such claims seriously, and draws on both literary and rhetorical stylistics to explore some of the many ways that his texts answer to his intention to find “the right sentence for the right job.” In particular, this article argues that Vollmann’s stylistic decisions are most notable when they most directly satisfy his effort to produce texts that fos- ter empathetic knowledge, serve truth, resist abusive power, and encourage charita- ble action. Extended close analyses of passages from an early and from a mid-ca- reer text (The Rainbow Stories and Europe Central) illustrate Vollmann’s con- sistency across two decades of his career regarding choices in the areas of figura- tion (including schemes and tropes of comparison, repetition, balance, naming, and amplification), grammar, deixis, allusion, and other compositional strategies. Partic- ular attention is paid to passages that display the stylistic mechanisms underlying Vollmann’s negotiation of his texts’ moral qualities, including both the moral con- tent of the worlds represented in the texts, and the moral responsibility the texts bear with regard to their audience. The results of my analyses demonstrate that Vollmann typically prioritizes openness, critique, and dialogue not only in terms of incident and character, but also on the scale of the phrase, clause, and sentence. Ultimately, this article shows how Vollmann’s sentences serve his declared inten- tions and allow readers to recognize compatibilities between Vollmann’s works and the characteristic features of post-postmodernist writing in general.
    [Show full text]
  • Network Aesthetics
    Network Aesthetics: American Fictions in the Culture of Interconnection by Patrick Jagoda Department of English Duke University Date:_______________________ Approved: ___________________________ Priscilla Wald, Supervisor ___________________________ Katherine Hayles ___________________________ Timothy W. Lenoir ___________________________ Frederick C. Moten Dissertation submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy in the Department of English in the Graduate School of Duke University 2010 ABSTRACT Network Aesthetics: American Fictions in the Culture of Interconnection by Patrick Jagoda Department of English Duke University Date:_______________________ Approved: ___________________________ Priscilla Wald, Supervisor __________________________ Katherine Hayles ___________________________ Timothy W. Lenoir ___________________________ Frederick C. Moten An abstract of a dissertation submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy in the Department of English in the Graduate School of Duke University 2010 Copyright by Patrick Jagoda 2010 Abstract Following World War II, the network emerged as both a major material structure and one of the most ubiquitous metaphors of the globalizing world. Over subsequent decades, scientists and social scientists increasingly applied the language of interconnection to such diverse collective forms as computer webs, terrorist networks, economic systems, and disease ecologies. The prehistory of network discourse can be
    [Show full text]
  • 118 Reviews of Books Does, the Book Is a Pleasure. He Roots It in Feminist, Race, and Sf Scholarship, Just As He Grounds Butler
    118 Reviews of Books does, the book is a pleasure. He roots it in feminist, race, and sf scholarship, just as he grounds Butler in black American women’s writing traditions and sf tropes. Moreover, he stays focused on his literary argument and doesn’t get lost in the weeds of debates about agency, humanism, and the problematic legacy of the Enlightenment. Ultimately, Of Bodies, Communities, and Voices is indispensable for any Butler scholar, primarily because of the ways he connects so many of her work’s central concerns without reducing its complexity or variety. It will function more as a source of research than pedagogy, except maybe in upper-level classes centered on Butler. I recommend it not only to scholars of Butler but sf in general, especially in terms of afrofuturism, posthumanism, or any of Bast’s focal points (agency, bodies, community, voice). Biopunk SF in Liquid Modernity. Lars Schmeink. Biopunk Dystopias: Genetic Engineering, Society and Science Fiction. Liverpool: Liverpool University Press, 2016. 288 pp. ISBN 978-1-78-138376-6. £75 hc. Reviewed by D. Harlan Wilson Biopunk is among the more recent sf subgenres to emerge from the virtual citadel of 1980s cyberpunk. There have been others—most prominently steampunk, but also splatterpunk, nanopunk, dieselpunk, bugpunk, even elfpunk and monkpunk—but biopunk narratives are perhaps the first truly authentic descendant of the cyberpunks, featuring gritty dystopian settings, beat characters, corporate terrorism, techno-pathology, and body invasion. Instead of hacking computers, however, biopunks hack DNA and operate in worlds where the processes and products of genetic engineering are brought to bear by various forms of mad scientism.
    [Show full text]
  • Don't Talk About Khalistan but Let It Brew Quietly. Police Say Places Where Religious
    22 MARCH 2021 / `50 www.openthemagazine.com CONTENTS 22 MARCH 2021 5 6 12 14 16 18 LOCOMOTIF bengAL DIARY INDIAN ACCENTS TOUCHSTONE WHISPERER OPEN ESSAY The new theology By Swapan Dasgupta The first translator The Eco chamber By Jayanta Ghosal Imperfect pitch of victimhood By Bibek Debroy By Keerthik Sasidharan By James Astill By S Prasannarajan 24 24 AN EAST BENGAL IN WEST BENGAL The 2021 struggle for power is shaped by history, geography, demography—and a miracle by the Mahatma By MJ Akbar 34 THE INDISCREET CHARM OF ABBAS SIDDIQUI Can the sinking Left expect a rainmaker in the brash cleric, its new ally? By Ullekh NP 38 A HERO’S WELCOME 40 46 Former Naxalite, king of B-grade films and hotel magnate Mithun Chakraborty has traversed the political spectrum to finally land a breakout role By Kaveree Bamzai 40 HARVESTING A PROTEST If there is trouble from a resurgent Khalistani politics in Punjab, it is unlikely to follow the 50 54 roadmap of the 1980s By Siddharth Singh 46 TURNING OVER A NEW LEAF The opportunities and pains of India’s tiny seaweed market By Lhendup G Bhutia 62 50 54 60 62 65 66 OWNING HER AGE THE VIOLENT INDIAN PAGE TURNER BRIDE, GROOM, ACTION HOLLYWOOD REPORTER STARGAZER Pooja Bhatt, feisty teen Thomas Blom Hansen The eternity of return The social realism of Viola Davis By Kaveree Bamzai idol and magazine cover on his new book By Mini Kapoor Indian wedding shows on her latest film magnet of the 1990s, is back The Law of Force: The Violent By Aditya Mani Jha Ma Rainey’s Black Bottom By Kaveree Bamzai Heart of Indian Politics
    [Show full text]
  • A NEW DIRECTION for CHICK LIT by Rachel
    ABSTRACT CONSCIOUSNESS-RAISING: A NEW DIRECTION FOR CHICK LIT by Rachel R. Rode Schaefer Focusing on novels published outside of the popular market, this thesis seeks to draw attention to work being published under the label of chick lit that subverts standard chick lit genre conventions. While much work has been and is being done that concentrates on popular market chick lit, such as Helen Fielding’s Bridget Jones’s Diary (1996) and Candace Bushnell’s Sex and the City (1996), only cursory attention is being given to transnational, minority, and religious chick lit. This thesis considers chick lit within the larger history of women’s writing in order to contextualize the genre. Since chick lit has been connected to both feminism and post-feminism in its origins, consideration of this genre as a feminist genre focuses attention on how chick lit functions as a consciousness-raising genre. CONSCIOUSNESS-RAISING: A NEW DIRECTION FOR CHICK LIT A Thesis Submitted to the Faculty of Miami University In partial fulfillment of Master of Arts Department of English by Rachel R. Rode Schaefer Miami University Oxford, Ohio 2015 Advisor_________________________________ Dr. Madelyn Detloff Reader__________________________________ Dr. Mary Jean Corbett Reader__________________________________ Dr. Theresa Kulbaga © Rachel R. Rode Schaefer 2015 Table of Contents Introduction: Reading Chick Lit as Consciousness-Raising Novel ................................................ 1 Project Summary ........................................................................................................................
    [Show full text]
  • Addition to Summer Letter
    May 2020 Dear Student, You are enrolled in Advanced Placement English Literature and Composition for the coming school year. Bowling Green High School has offered this course since 1983. I thought that I would tell you a little bit about the course and what will be expected of you. Please share this letter with your parents or guardians. A.P. Literature and Composition is a year-long class that is taught on a college freshman level. This means that we will read college level texts—often from college anthologies—and we will deal with other materials generally taught in college. You should be advised that some of these texts are sophisticated and contain mature themes and/or advanced levels of difficulty. In this class we will concentrate on refining reading, writing, and critical analysis skills, as well as personal reactions to literature. A.P. Literature is not a survey course or a history of literature course so instead of studying English and world literature chronologically, we will be studying a mix of classic and contemporary pieces of fiction from all eras and from diverse cultures. This gives us an opportunity to develop more than a superficial understanding of literary works and their ideas. Writing is at the heart of this A.P. course, so you will write often in journals, in both personal and researched essays, and in creative responses. You will need to revise your writing. I have found that even good students—like you—need to refine, mature, and improve their writing skills. You will have to work diligently at revising major essays.
    [Show full text]
  • 2 April 2021 Page 1 of 10 SATURDAY 27 MARCH 2021 Robin Was a Furniture Designer Best Known for His Injection Nali
    Radio 4 Extra Listings for 27 March – 2 April 2021 Page 1 of 10 SATURDAY 27 MARCH 2021 Robin was a furniture designer best known for his injection Nali ...... Nina Conti moulded polypropylene stacking chair, of which over 20 million Libby ...... Sarah Kendall SAT 00:00 Dream Story by Arthur Schnitzler (m000tg86) have been manufactured. Joan ...... Sarah Thom Episode 5 The Days shared a vision of good, affordable design for all. Mrs Singh ...... Nina Wadia Having infiltrated a secret masked ball where the female Together they established themselves as Britain's most Cilla ...... Gbemisola Ikumelo revellers are naked, Fridolin is discovered and must face his celebrated post-war designer couple, often been compared to Zoanna ...... Gbemisola Ikumelo hosts. US contemporaries, Charles Eames and Ray Eames. Roland ...... Colin Hoult Read by Paul Rhys. But despite their growing fame in the 1950s and 60s they Producer: Alexandra Smith Published in 1926, Arthur Schnitzler’s ‘Dream Story’ was remained uncomfortable with the public attention they received. A BBC Studios production for BBC Radio 4 first broadcast in alternately titled ‘Rhapsody’ and, in the original German, They shared a passion for nature and spent more and more time November 2016. ‘Traumnovelle’. outdoors. Lucienne drew much of her inspiration from plants SAT 05:30 Stand-Up Specials (m000tcl3) Credited as the novella that inspired Stanley Kubrick's last film. and flowers and Robin was a talented and obsessive mountain Jacob Hawley: Class Act Translated by JMQ Davies. climber. Stevenage soft lad Jacob Hawley left his hometown behind a Producer: Eugene Murphy Wayne reflects on the many layers to Robin and Lucienne and, decade ago and has ascended Britain's social class system, Made for BBC7 and first broadcast in September 2003.
    [Show full text]
  • The Madoffization of Society
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE CRS0010.1177/0896920512446760Monaghan and O’FlynnCritical Sociology 4467602012 provided by University of Limerick Institutional Repository Article Critical Sociology 1 –19 The Madoffization of Society: © The Author(s) 2012 Reprints and permission: A Corrosive Process in an Age of sagepub.co.uk/journalsPermissions.nav DOI: 10.1177/0896920512446760 Fictitious Capital crs.sagepub.com Lee F. Monaghan University of Limerick, Ireland Micheal O’Flynn The Open University in Ireland Abstract In 2009, US financier Bernard (Bernie) L. Madoff was jailed for 150 years after pleading guilty to running a massive ponzi scheme. While superficial condemnation was widespread, his US$65 billion fraud cannot be understood apart from the institutions, practices and fictions of contemporary finance capitalism. Madoff’s scam was rooted in the wider political prioritization of accumulation through debt expansion and the deregulated, desupervised and criminogenic environment facilitating it. More generally, global finance capital reproduces many of the core elements of the Madoff scam (i.e. mass deception, secrecy and obfuscation), particularly in neoliberalized Anglophone societies. We call this ‘Madoffization’. We suggest that societies are ‘Madoffized’, not only in the sense of their being subject to the ill-effects of speculative ponzi finance, but also in the sense that their prioritization of accumulation through debt expansion makes fraudulent practices, economic collapse and scapegoating inevitable. Keywords crisis, fictitious capital, financialization, fraud, neoliberalism, political economy Introduction In 2009, Bernard (Bernie) L. Madoff, a US financier, was jailed for 150 years after pleading guilty to running a ponzi scheme where he defrauded billions of dollars from his clients.
    [Show full text]
  • Harpercollins Books for the First-Year Student
    S t u d e n t Featured Titles • American History and Society • Food, Health, and the Environment • World Issues • Memoir/World Views • Memoir/ American Voices • World Fiction • Fiction • Classic Fiction • Religion • Orientation Resources • Inspiration/Self-Help • Study Resources www.HarperAcademic.com Index View Print Exit Books for t H e f i r s t - Y e A r s t u d e n t • • 1 FEATURED TITLES The Boy Who Harnessed A Pearl In the Storm the Wind How i found My Heart in tHe Middle of tHe Ocean Creating Currents of eleCtriCity and Hope tori Murden McClure William kamkwamba & Bryan Mealer During June 1998, Tori Murden McClure set out to William Kamkwamba was born in Malawi, Africa, a row across the Atlantic Ocean by herself in a twenty- country plagued by AIDS and poverty. When, in three-foot plywood boat with no motor or sail. 2002, Malawi experienced their worst famine in 50 Within days she lost all communication with shore, years, fourteen-year-old William was forced to drop ultimately losing updates on the location of the Gulf out of school because his family could not afford the Stream and on the weather. In deep solitude and $80-a-year-tuition. However, he continued to think, perilous conditions, she was nonetheless learn, and dream. Armed with curiosity, determined to prove what one person with a mission determination, and a few old science textbooks he could do. When she was finally brought to her knees discovered in a nearby library, he embarked on a by a series of violent storms that nearly killed her, daring plan to build a windmill that could bring his she had to signal for help and go home in what felt family the electricity only two percent of Malawians like complete disgrace.
    [Show full text]