Making financial history: The crisis of 2008 and the return of the past

The past does not simply provide conditions of possibility for capitalist finance; it also serves as a vital resource for those who might seek to understand or negotiate it in a particular present. However, scholars of finance and crisis have overlooked this point at precisely the same time that they themselves have sought to find clues or lessons in financial history. This article provides a reading of how and why the past has come to acquire such a strange presence within contemporary capitalism. Following Michel de Certeau, it approaches historiography as an operation, focusing on how the past has figured within three distinct but related fields of social science – namely, financial economics, economic history, and constructivist political economy. It demonstrates how each of these fields has been structured around an exclusion of the recollected past as an input into historical process, and argues that this has been revealed by the discursive response to the crisis of 2008, which in turn should be understood as a breakdown in the machinery of capitalist historiography. It concludes by suggesting that in order to grasp the potential productivity of such a breakdown, scholars of the global economy should begin to make a place for ‘the practical past’ within both their visions of history and methods of historical research

Introduction: Money's other worlds

Since at least the nineteenth century, economists have imagined the market as a profoundly rational way of organizing society. Unlike other modes of economic organization, the market is governed by natural laws that ensure the most efficient possible allocation of resources. Modern financial economists take this logic even further, seeing new financial instruments as a means of efficiently managing risk. These visions betray a mechanical conception of economy. Like a well-oiled machine, buyers and sellers play their part in a larger whole, balancing each other out and enabling practical reason to lead societies to ever-greater levels of prosperity

Crisis theory and the historical imagination

This article makes a theoretical contribution to the constructivist and cultural political economy literatures on crisis. While these new approaches have highlighted the imaginary dimensions of crisis, they have neglected the specifically historical forms of imagination through which events are construed and constructed as crises. In particular, they have yet to adequately theorise how the recollection of prior crises might interact with efforts to diagnose and resolve a crisis in some later present. I respond to this lacuna by developing a novel set of tools for analysing the metahistorical dimensions of crisis. These include a typology that identifies three distinct ways of recalling past crises, and a concept of ‘history-production’, which captures how different interpretive practices feed into the diagnosis and negotiation of crisis episodes. Taken together these tools help illuminate a complex interaction not only between historical analogies, narratives, and lessons, but also between these representational modes and the imaginary dimensions of crisis

First description of myxozoans from Syria: novel records of hexactinomyxon, triactinomyxon and endocapsa actinospore types

Oligochaete worms collected in late March and early April 2005 from 3 freshwater biotopes in Syria were surveyed over an 11 wk period for myxosporean parasites (Myxozoa). Three types of novel actinospore stages were identified from 1 host species, Psammoryctides albicola. A hexactinomyxon was found in 6 P. albicola (7.5%) collected from a branch of the River Orontes, north of the city of Hama. A triactinomyxon and an endocapsa were found in single P. albicola specimens from the Al-Thaurah region of the Euphrates River (Lake Assad). No oligochaetes collected from Al-Ghab fish farm (Orontes region) released actinospores during the observation period. The present study is the first description of myxosporeans, including actinospore stages, from Syria. The 3 types described herein differ morphologically and molecularly (18S rDNA) from published records

Infection of cultured and freshwater fishes with monogeneans in Syria

During a survey made in 2004 and 2005 in Syrian fish farms of the Orontes valley and on natural water fishes harvested in the Orontes River and in Lake Assad (a water reservoir of the Euphrates River), 145 specimens of fish belonging to 15 fish species were examined for monogenean infections. Eleven monogenean species (8 Dactylogyrus spp., 1 Silurodiscoides sp. and 2 Cychlidogyrus spp.) were found in the gills. Monogeneans infecting farm-cultured fishes were the same as those commonly occurring in cyprinids (Dactylogyrus anchoratus, D. extensus, D. lamellatus) and filapia (Cychlidogyrus tilapiae, C. arthracan thus) cultured in Europe and in tropical countries. Among monogeneans found in fishes of natural waters, typical representatives of the Tigris-Euphrates Basin (Dactylogyrus carassobarbi, D. holciki) and species common in the Holoarctic zoogeographical zone (D. alatus, D. carpathicus, D. distinguendus and Silurodiscoides vistulensis) were equally found

For a post-disciplinary study of finance and society

The financial crisis of 2007-8 sparked a variety of responses from elites and popular movements across the world. Its legacy also continues to shape capitalist societies through ongoing processes of regulatory reform, state restructuring, and financial innovation. While these processes are open-ended, they are increasingly subject to critical attention from a range of commentators. The usual suspects are out in force – academics, politicians, and pundits – but they are now joined by a wider array of theorists and activists, playwrights, novelists and artists. The financialisation of capitalism, it seems, has finally been met with a blooming of the financial imagination. Finance and Society will provide a space for the further development of this imagination, generating new insights into how money and finance organise social life