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Cooling Out The Marks

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  • Jason Glynos
  • Robin Klimecki
  • Hugh Willmott

Abstract

Why has the financial crisis not led to more radical public contestation and political reforms? In investigating the muted response to the crisis so far, the paper highlights the significance of ideological fantasy for appreciating the interpenetration of economy and society. We interpret this muted response to the crisis in terms of a ‘cooling out’ process (Goffman) underpinned by a restorative fantasmatic narrative. The ‘enjoyment’ derived from scapegoating individual bankers has narrowed the debate and stifled political imagination and mobilization. By investigating a range of media and policy responses to the meltdown, we conclude that the pre-credit crunch ideology of ‘no more boom and bust’ has been replaced by an equally ideological narrative that promises a re-normalization of processes of financialization. This allows for the preservation of key elements of neo-liberal capitalism as well as the marginalization of alternative projects. The paper shows how, exemplified by the establishment and operation of United Kingdom Financial Investments Ltd, the post-crisis ideology continues to shield financial markets from public scrutiny and intervention.

Suggested Citation

  • Jason Glynos & Robin Klimecki & Hugh Willmott, 2012. "Cooling Out The Marks," Journal of Cultural Economy, Taylor & Francis Journals, vol. 5(3), pages 297-320, January.
    • Handle: RePEc:taf:jculte:v:5:y:2012:i:3:p:297-320
    DOI: 10.1080/17530350.2012.675885
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    References listed on IDEAS

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    1. D. Colander & H. Follmer & A. Haas & M. Goldberg & K. Juselius & A. Kirman & T. Lux & B. Sloth, 2010. "The Financial Crisis and the Systemic Failure of Academic Economics," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 6.
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    Cited by:

    1. Amy Skonieczny, 2018. "Emotions and Political Narratives: Populism, Trump and Trade," Politics and Governance, Cogitatio Press, vol. 6(4), pages 62-72.
    2. Matthies, Hildegard & Seyd, Benjamin, 2021. "Das Erfordernis der Kühlung. Besänftigung als Angelegenheit der Soziologie," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 31(3-4), pages 317-325.
    3. Crispian Fuller & Karen West, 2017. "The possibilities and limits of political contestation in times of ‘urban austerity’," Urban Studies, Urban Studies Journal Limited, vol. 54(9), pages 2087-2106, July.
    4. William A. Jackson, 2015. "Distributive Justice With and Without Culture," Journal of Cultural Economy, Taylor & Francis Journals, vol. 8(6), pages 673-688, December.
    5. Pascal Dey & Othmar Lehner, 2017. "Registering Ideology in the Creation of Social Entrepreneurs: Intermediary Organizations, ‘Ideal Subject’ and the Promise of Enjoyment," Journal of Business Ethics, Springer, vol. 142(4), pages 753-767, June.

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