Martijn Konings, Capital and Time For a New Critique of Neoliberal Reason – now out with Stanford University Press
Critics of capitalist finance tend to focus on its speculative character. Our financial markets, they lament, encourage irresponsible bets on the future that reflect no real underlying value. Why is it, then, that opportunities for speculative investment continue to proliferate in the wake of major economic crises? To make sense of this, Capital and Time advances an understanding of economy as a process whereby patterns of order emerge out of the interaction of speculative investments.
Progressive critics have assumed that the state occupies a neutral, external position from which it can step in to constrain speculative behaviors. On the contrary, Martijn Konings argues, the state has always been deeply implicated in the speculative dynamics of economic life. Through these insights, he offers a new interpretation of both the economic problems that emerged during the 1970s and the way that neoliberalism responded to them. Neoliberalism’s strength derives from its intuition that there is no position that transcends the secular logic of risk, and from its insistence that individuals actively engage that logic. Not only is the critique of speculation misleading as a general approach; it is also incapable of recognizing how American capitalism has come to embrace speculation and has thus been able to generate new kinds of order and governance.
The book is available in an affordable paperback version, and the two attached flyers (one for direct orders from Stanford University Press, and the other for orders from the UK-based Combined Academic Publishers) offer an additional discount.
Please also note that the book appears in a new series, Currencies: New Thinking for Financial Times. Several other titles are scheduled to appear in the near future, and we’re keen to hear from authors whose work fits with the aims of the series.