In the policy discourses of the Organization for Economic Cooperation and Development and European Commission, modern biotechnology and the life sciences are represented as an emerging “bioeconomy” in which the latent value underpinning biological materials and products offers the opportunity for sustainable economic growth. This articulation of modern biotechnology and economic development is an emerging scholarly field producing numerous “bio-concepts.” Over the last decade or so, there have been a number of attempts to theorize this relationship between biotechnologies and their (...) capitalization. This article highlights some of the underlying ambiguities in these conceptualizations, especially in the fetishization of everything “bio.” We offer an alternative view of the bioeconomy by rethinking the theoretical importance of several key economic and financial processes. (shrink)

Over the past decade land has again moved to the centre of resource conflicts, agrarian struggles, and competing visions over the future of food and farming. This renewed interest in land necessitates asking the seemingly simple, but pertinent, question ‘whatisland?’ To reach a more profound understanding of the uniqueness of land, and what distinguishes land from other resources, this symposium suggests the notion of ‘land imaginaries’ as a crucial lens in the study of current land transformations. Political-economy, and the particular (...) economic, financial, or political interests of various actors involved in land projects do not directly result in, or translate into, outcomes, such as dispossession and enclosure, increased commodification, financialization, and assetization, or mobilization and resistance. All these processes are informed by different imaginaries of land—the underlying understandings, views, and visions of what land is, can, and should be—and associated visions, hopes, and dreams regarding land. Drawing on a variety of case studies from across the world, crossing Global North/South and East/West, and including contemporary and historical instances of land transformation, this symposium addresses the multifaceted ways in which implicit, explicit, and emergent understandings of land shape current land transformations. (shrink)

The notion of a ‘financial subjectivity’ is fast becoming an important way of understanding how people rationalize the need to take risks in daily life as crucial to personal success. This paper therefore traces the structural changes and institutional fixes – that is, the institutional stabilization of crisis tendencies in capitalism – to understand how individual strategies for making ends meet have been shaped by finance. In particular, I look at regulation theory’s depictions of the ‘ideology of shareholder value’ as (...) partially responsible for the flourishing business sector in which competition and the threat of takeover led to the prioritization of corporate performance over job security and workers’ benefits. However, it is also necessary to understand the particular mechanisms that enable independence from the welfare state at the level of the household, in the form of expanded borrowing and financial services, which I explore further in this paper. (shrink)

This article examines the emergence of a ‘financial subject’ in the transformation of the UK economy since 1979, using a critical realist approach to subjectivity that investigates underlying causal mechanisms and structures as they affect daily life. Financial restructuring, including widespread borrowing and increasing personal investment, has forged links between finance markets and personal finance, as workers’ wages are financialized. This engenders entrepreneurial subjectivity, with individuals interpellated to be self-reliant in managing possible risks. It argues that the process of subjectivation, (...) where individuals recognize themselves and their goals relative to financial markets, exemplifies the development of financialization itself, since it gives an insight into the successful reproduction of social relations of finance. It illustrates the instability related to wages and inequality, as some subjects have to contend with unpredictable employment prospects as potential future risks that complicate the practices of personal investment and borrowing, creating new hierarchies bound up with the financialization of the economy. (shrink)

ABSTRACTThis contribution seeks to develop some reflections on Marx as an analyst of the economy. I argue for a discursive Marxism that makes the integration of Foucauldian ideas into a Marxian framework possible. Three distinctive but interrelated questions will be addressed. First, what is specific about a Marxian understanding of the economy, especially compared to certain tendencies in economic sociology and political economy? Second, how is a Marxian understanding of the economy reflected by current Marxist studies and how have these (...) studies contributed to a discursive-cultural turn in Marxist and neo-Marxist analysis of the economy? Third, while the discursive-cultural turn became increasingly important, what is the contribution of discourse studies of the economy to a Marxian framework? The paper concludes with the idea of a Discursive Political Economy approach in order to grasp the cultural and institutional complexity of power. To put discursive processes into a Marxian framework, a combined analysis of discursive-imaginary as well as institutionalized-sedimented power positions is required. (shrink)

Neoliberalism and financialization are not synonymous developments. Financialized nations are directed by particularly financialized epistemologies, cultures, and practices, not only neoliberal ones. In examining the financialization of the UK economy since the mid-1970s, this study discovers a socio-economic shift beyond the broad transition from Keynesianism towards free-market fundamentalism. Economic developments were guided by the very particular economic paradigms, discursive practices, and financial devices of the City of London, as financial elites became influential in the Thatcher governments. Five epistemological elements specific (...) to finance are discussed: the creation of money in financial markets, the transactional focus of finance, the centrality of financial markets to economic management, the orthodoxy of shareholder value, and the intensely micro-economic approach to financial calculation. Identifying these distinctions creates new possibilities for understanding financialization, elites, and the neoliberal condition that brought about both the financial crash of 2007–8 and the political and economic crises that have followed. (shrink)