The Deepening Crisis

The Deepening Crisis: Governance Challenges after Neoliberalism

Craig Calhoun
Georgi Derluguian
Copyright Date: 2011
Published by: NYU Press
Pages: 300
https://www.jstor.org/stable/j.ctt9qg9qz
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  • Book Info
    The Deepening Crisis
    Book Description:

    Response to financial meltdown is entangled with basic challenges to global governance. Environment, global security and ethnicity and nationalism are all global issues today. Focusing on the political and social dimensions of the crisis, contributors examine changes in relationships between the world's richer and poorer countries, efforts to strengthen global institutions, and difficulties facing states trying to create stability for their citizens.Contributors include: William Barnes, Rogers Brubaker, Vincent Della Sala, Nils Gilman, David Held, Mary Kaldor, Adrian Pabst, Ravi Sundaram, Vadim Volkov, Michael Watts, and Kevin Young. The three volumes can purchased individually or as a set.

    eISBN: 978-0-8147-2356-2
    Subjects: Sociology

Table of Contents

  1. Front Matter
    (pp. 1-4)
  2. Table of Contents
    (pp. 5-6)
  3. Introduction
    (pp. 7-18)
    Craig Calhoun and Georgi Derluguian

    In much of the world, one can simply say “the crisis,” and what is understood is the financial crisis centered on New York, London, and other major markets for capital and debt. This is so even though there are other serious social problems. Some of these—like the degradation of the environment and global climate change—are arguably more momentous. As important as it is to understand the crisis in global finance, it is also important to recognize that the financial crisis is only one dimension of a larger cluster of crises that coincide to produce turbulence and turmoil in...

  4. Chapter 1 Crises in Parallel Worlds: The Governance of Global Risks in Finance, Security, and the Environment
    (pp. 19-42)
    David Held and Kevin Young

    The world has recently witnessed the largest and most widespread financial crisis in many decades. What is the significance of this event? Most commonly, the calamity is seen through the prism of policy failure, albeit on a massive scale—a failure of corporate governance, a failure of financial risk models, or a failure of monetary policy. Even more widespread is the view that the financial crisis has signified the failure of a particular ideology, neoliberalism, and its emphasis on efficient markets and deregulation. While there are elements of truth to each of these observations, comparatively less attention has been paid...

  5. Chapter 2 Green Social Democracy or Barbarism: Climate Change and the End of High Modernism
    (pp. 43-66)
    William Barnes and Nils Gilman

    The long-term future of societies all over the planet will be shaped in large part by their experiences of and responses to the ramifications of global warming, especially as those ramifications intersect and interact with other burgeoning environmental and human problems. It is already too late to avoid a cascade of local and regional “natural” disasters in the medium term (i.e., by midcentury). Yet near-term action to drastically reduce greenhouse gas (GHG) emissions is imperative if a long-term civilizational catastrophe is to be avoided.

    What is the nature of this looming catastrophe?¹ Briefly: indefinite business-as-usual GHG emissions are likely to...

  6. Chapter 3 Ecologies of Rule: African Environments and the Climate of Neoliberalism
    (pp. 67-92)
    Michael J. Watts

    Three decades and more after a sequence of droughts and famines swept across the continent, Africa once again—I write in the summer of 2010—confronts a climate-famine-energy crisis of mind-boggling proportions. The2009 Global Hunger Indexreveals that virtually all countries facing “alarming” and “very alarming” food shortages are African. As if to compound the already bleak prospect of millions of Africans facing starvation and radical food insecurity, the world of high oil prices (and necessarily high fertilizer and pesticide prices too) shows no sign of going away; indeed, the consensus among energy analysts is that we have reached...

  7. Chapter 4 Economic Crisis, Nationalism, and Politicized Ethnicity
    (pp. 93-108)
    Rogers Brubaker

    Economic crises have often been associated with economic nationalism or protectionism on the one hand and with violence or hostility toward ethnic minorities on the other. The Great Depression exacerbated—and was in turn exacerbated by—economic nationalism. In much of central and eastern Europe—and not only in Nazi Germany—the Depression was also associated with a murderous mixture of ethnic nationalism and anti-Semitism, while in the United States and France it prompted efforts to repatriate immigrants. More recently, the Asian financial crisis of 1997–98 triggered a massive wave of violent attacks on the Chinese minority in Indonesia....

  8. Chapter 5 War and Economic Crisis
    (pp. 109-134)
    Mary Kaldor

    It was during the Vietnam War nearly forty years ago that the first post–World War II financial crisis took place; in 1971, the United States experienced its first external trade deficit, and the system of fixed exchange rates tied to gold was abandoned. And it was against the backdrop of the wars in Iraq and Afghanistan that the financial crisis of 2008 took place.

    Was this coincidental? Or is there an underlying connection between economic crises and security crises (war)? This is the question posed in this chapter. I put forward an argument to show that there is indeed...

  9. Chapter 6 A Less Close Union? The European Union’s Search for Unity amid Crisis
    (pp. 135-156)
    Vincent Della Sala

    The recent global economic turmoil has raised questions about the nature of economic governance and the future of capitalism throughout the industrial world. The debate has not spared the European Union, where competing models of capitalism have tried to coexist in an economic and monetary union for at least two decades. Whereas the discussion elsewhere has focused primarily on what forms of regulation are necessary to govern financial markets, the recent crisis has exposed deep fault lines within the EU and thrown into question some established principles, such as the single market and a commitment to price stability and disciplined...

  10. Chapter 7 The Paradox of Faith: Religion beyond Secularization and Desecularization
    (pp. 157-182)
    Adrian Pabst

    Since the nineteenth century, social theorists of religion have claimed that the rise of modernity is synonymous with the decline of religion and the spread of secularism. Since the 1960s, critics have contended that modernization is compatible with faith and that the contemporary resurgence of religion marks the desecularization of the world.¹ While modernity is predominantly secular, it seems that postmodernity (or late modernity) has a significant religious dimension. However, the modern is not simply an exit from religion or theology but in large measure the product of shifts in theological discourse and changes within religious traditions.² So given its...

  11. Chapter 8 Global Governance after the Analog Age: The World after Media Piracy
    (pp. 183-202)
    Ravi Sundaram

    The spectacular terror attacks on world cities beginning with the events of September 11, 2001, in New York and continuing in London, Madrid, and Mumbai have been marked by cycles of war and counterterror that have spread across Europe, Asia, and Africa. In many ways, the events of September 11 and the decade following have disclosed the global shift that seems to be underway: the crisis of US power and the consequent impact on twentieth-century governmental institutions. Debates on these issues, and the future of global governance, have reverberated across continents, in newspaper columns, public discussions, and new scholarly research....

  12. Chapter 9 From Full to Selective Secrecy: The Offshore Realm after the Crisis
    (pp. 203-220)
    Vadim Volkov

    “Secrecy secures, so to speak, the possibility of a second world alongside of the obvious world, and the latter is most strenuously affected by the former,” wrote the sociologist Georg Simmel in a 1906 essay.¹ The shifting of boundaries between what is concealed and what is revealed shapes human history, he suggested. “The historical development of society is in many respects characterized by the fact that what was formerly public passes under the protection of secrecy, and that, on the contrary, what was formerly secret ceases to require such protection and proclaims itself.”² When people seek to secure what they...

  13. Notes
    (pp. 221-274)
  14. About the Contributors
    (pp. 275-278)
  15. Index
    (pp. 279-300)