The connections between forms of code and coding and the many crises that currently afflict the contemporary world run deep. Code and crisis in our time mutually define, and seemingly prolong, each other in ‘infinite branching graphs’ of decision problems. There is a growing academic literature that investigates digital code and software from a wide range of perspectives –power, subjectivity, governmentality, urban life, surveillance and control, biopolitics or neoliberal capitalism. The various strands in this literature are reflected in the papers (...) that comprise this special issue. They address topics ranging from social networks, mass media, financial markets and academic plagiarism to highway engineering in relation to the dynamics and diversity of crises. Against this backdrop, the purpose of this essay is to highlight and explore some of the underlying themes connecting codes and codings and the production and apprehension of ‘crisis’. We analyse how the ever-increasing intermediation of contemporary life by codes of various kinds has been closely shadowed by a proliferation of crises. We discuss three related aspects of the coupling of code and crisis (signification, performativity and excess) running across these seemingly diverse topics. We and the other contributors in this special issue seek to go beyond the restricted (and often restricting) understanding of code as the language of machines. Rather, we view code qua programs and algorithms as epitomizing a much broader phenomenon. The codes that we live, and that we live by, also tell us about the ways in which the ‘will to power’ and the 'will to knowledge' tend to be enacted in the contemporary world. (shrink)

The political economy of the information machine is discussed within the Marxist tradition of Italian operaismo by posing the hypothesis of an informational turn already at work in the age of the industrial revolution. The idea of valorizing information introduced by Alquati in a pioneering Marxist approach to cybernetics is used to examine the paradigms of mass intellectuality, immaterial labour and cognitive capitalism developed by Lazzarato, Marazzi, Negri, Vercellone and Virno since the 1990s. The concept of machinic by Deleuze and (...) Guattari is then adopted to extend Marx’s analysis of the industrial machine to the algorithms of digital machines. If the industrial machine can be described as a bifurcation of the domains of energy and information, this essay proposes to conceive the information machine itself as a further bifurcation between information and metadata. In conclusion, the hypothesis of the society of metadata is outlined as the current evolution of that society of control pictured by Deleuze in relation to the power embodied in databases. (shrink)

The aim of this article is to provide a discussion of scholarly ‘crisis of modernity’ discourses that have developed in the field of social philosophy. Re-visiting past and present discourses can be illuminating in at least three ways: it can reveal the broader picture of the present financialized and technologized world and the rise of financial technologies; it can provide scholars with new vocabularies, concepts, and metaphors to comprehend present-day phenomena and developments; and it can reveal the variety of commitments (...) that are possible, today, too. This article starts with a discussion of the original ‘crisis of modernity’ discourses, in which the clashing arguments of Comte and Tocqueville are featured, and a discussion of a second ‘crisis of modernity’ that developed in the context of the ‘Great Depression.’ A third ‘crisis of modernity’ discourse emerged in the wake of the financial crises of the 1970s. Such crises are still ongoing and discussed within the boundaries of the third ‘crisis of modernity’ discourse. How financial technologies do and do not fit within this third discourse is discussed in the remainder of this article. (shrink)

‘@AP: Breaking: Two Explosions in the White House and Barack Obama is injured’. So read a tweet sent from a hacked Associated Press Twitter account @AP, which affected financial markets, wiping out $136.5 billion of the Standard & Poor’s 500 Index’s value. While the speed of the Associated Press hack crash event and the proprietary nature of the algorithms involved make it difficult to make causal claims about the relationship between social media and trading algorithms, we argue that it helps (...) us to critically examine the volatile connections between social media, financial markets, and third parties offering human and algorithmic analysis. By analyzing the commentaries of this event, we highlight two particular currents: one formed by computational processes that mine and analyze Twitter data, and the other being financial algorithms that make automated trades and steer the stock market. We build on sociology of finance together with media theory and focus on the work of Christian Marazzi, Gabriel Tarde and Tony Sampson to analyze the relationship between social media and financial markets. We argue that Twitter and social media are becoming more powerful forces, not just because they connect people or generate new modes of participation, but because they are connecting human communicative spaces to automated computational spaces in ways that are affectively contagious and highly volatile. (shrink)