By Andrea Fumagalli, Sandro Mezzadra, Jason Francis Mc Gimsey, Antonio Negri
Go out options from the present monetary drawback that could lead us towards a brand new horizon of making the typical.
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Additional info for Crisis in the Global Economy: Financial Markets, Social Struggles, and New Political Scenarios (Semiotext(e) Active Agents)
The Violence of Financial Capitalism / 59 CRISIS GLOBAL-5_Crisis-temp 11/15/09 2:00 PM Page 60 CRISIS GLOBAL-5_Crisis-temp 11/15/09 2:00 PM Page 61 Andrea Fumagalli The Global Economic Crisis and Socioeconomic Governance Introduction The financial crisis is already a pale memory. Not because it is over but because it immediately turned into an economic crisis tout-court. The current global economic crisis systemically and structurally highlights the inconsistency of the governance mechanism of accumulation and distribution that cognitive capitalism tried to establish up until now.
This process is global, that is, explaining globalization as process of subsuming growing quotas of global and local socio-economic peripheries in accordance with the logic of financial (bio)capitalism. , from a relationship of dependence between development and underdevelopment where the economies of the South functioned as external market outlets in addition to being the sources of downmarket raw material, to imperial globalization where the dichotomy between inside and outside breaks down, is also to be included in the capitalist logic of the externalization of the value production processes.
Such temporal environment is, however, incompatible with the temporal environment of the subjects that participate in it. The reason is banal: the possibility of obtaining surplus value in the short-term doesn’t allow, in fact, to guarantee a protection for the entire lifetime. Whereas in the era of industrial-Fordist capitalism financial investment could be animated by medium- and long-term saving intentions that were consistent with the lifespan and able to guarantee a constant income, in cognitive capitalism the financial markets also represent the place where immediate speculation occurs and only those who possess a large portfolio of stocks can aspire to have positive capital gains; this is the prerogative of few, though.