Financial phantasmagoria: corporate image-work in times of crisis

Our purpose in this article is to relate the real movements in the economy during 2008 to the ?image-work? of financial institutions. Over the period January?December 2008 we collected 241 separate advertisements from 61 financial institutions published in the Financial Times. Reading across the ensemble of advertisements for themes and evocative images provides an impression of the financial imaginaries created by these organizations as the global financial crisis unfolded. In using the term ?phantasmagoria? we move beyond its colloquial sense of a set of strange images designed to dazzle towards the more technical connotation used by Ranci�re (2004) who suggested that words and images can offer a trace of an overall determining set-up if they are torn from their obviousness so they become phantasmagoric figures. The key phantasmagoric figure we identify here is that of the financial institution as timeless, immortal and unchanging; a coherent and autonomous entity amongst other actors. This notion of uniqueness belies the commonality of thinking which precipitated the global financial crisis as well as the limited capacity for control of financial institutions in relation to market events. It also functions as a powerful naturalizing force, making it hard to question certain aspects of the recent period of ?capitalism in crisis?

Capital United? Business Unity in Regulatory Politics and the Special Place of Finance

While organized business is a key actor in regulatory politics, its influence is often conditional on the level of unity or conflict occurring within the business community at any given time. Most contemporary regulatory policy interventions put pressure on normal mechanisms of business unity, since they are highly targeted and sector-specific. This raises the question of how business unity operates across a highly variegated economic terrain in which costs are asymmetric and free-riding incentives are high. In the paper we empirically assess patterns of business unity within regulatory policymaking across different regulated sectors. Our analysis utilizes data from hundreds of regulatory policy proposals, and business community reactions to them in the telecommunications, energy, agriculture, pharmaceutical and financial sectors over a variety of institutional contexts. We find considerable empirical support for the ‘finance capital unity’ hypothesis – the notion that the financial sector enjoys more business unity than do other regulated sectors of the economy. When the financial sector is faced with new regulations, business groups from other sectors frequently come to its aid

Marx, the labour theory of value and the transformation problem

This article reconsiders what Marx says about the transformation problem in Chapter IX of Capital Volume III, in the light of Marx's claim, made in Capital Volume I, that the value of a commodity is determined by the socially necessary labour time that goes into its production. The article criticises the traditional way of thinking about the transformation problem, according to which what Marx is doing in Chapter IX is considering the transformation of values into prices ('prices of production'). I argue that Marx's prices of production may be thought of as modified values. The discussion in Chapter IX is usually seen as a supplement to the labour theory of value. On this view its purpose is to explain how and why the prices of commodities sometimes deviate from their values. Against this view, the paper argues that Marx's remarks in Chapter IX can be seen as an elaboration on or development of the labour theory of value. It is a refinement of the account offered in Capital Volume I, which takes into consideration what Marx had in mind there when he introduced the notion of socially necessary as opposed to actual labour-time. The paper draws attention to the importance of Marx's distinction between the individual value of a commodity (determined by actual labour-time) and its social value (determined by socially necessary labour-time). It also draws attention to the methodological difficulties that are generated by any attempt to read Marx in this way

Class dynamics of development: a methodological note

This article argues that class relations are constitutive of developmental processes and central to understanding inequality within and between countries. In doing so it illustrates and explains the diversity of the actually existing forms of class relations, and the ways in which they interplay with other social relations such as gender and ethnicity. This is part of a wider project to re- vitalise class analysis in the study of development problems and experiences