Imagining the future in bailout capitalism

The interface of political economy with arts and literature has become dominated by a particular image: capital’s Grinch-like theft of the future. But this image overlooks the peculiar temporal structure of neoliberalism, which renews its broken promises by making up ever more excuses for the past. Contemporary bailout society requires a form of critique that acknowledges these dynamics, that targets the way capital reconstructs our relationship to the past

Global finance in crisis

This essay examines the questions raised by the present financial crisis through an enquiry into the institutional foundations of American finance. We view with some skepticism strong claims concerning the disastrous outcome for the structural dynamism of the global financial system and America's position in it. Many critical political economists tend to take the system of global financial markets as their point of departure and then locate the US in this system. Such approaches, however, generally fail to do justice to the decades-long build up of US financial power and do not capture many of the organic institutional linkages through which the American state is connected to the world of global finance and which are responsible for its imperial sprawl. In many ways, financial globalization is not best understood as the re-emergence of international finance but rather as a process through which the expansionary dynamics of American finance took on global dimensions. Because the present system of global finance has been shaped so profoundly by specifically American institutions and practices, it will not do to evaluate the changes and transformations of this system on the basis of either an abstract, generic model of capitalism or mere extrapolations from conjunctural crises. Crisis and instability are part and parcel of the dynamics of imperial finance and so are the managerial capacities developed by the US state. The most important questions that should occupy critical political economists therefore have to do not with what appear to be external challenges to US financial power (or the putative opportunities for progressive change opened up by them), but rather relate to the ways in which the imperial network of intricate, complex and often opaque institutional linkages between the US state and global finance is managed and reproduced.This essay examines the questions raised by the present financial crisis through an enquiry into the institutional foundations of American finance. We view with some skepticism strong claims concerning the disastrous outcome for the structural dynamism of the global financial system and America's position in it. Many critical political economists tend to take the system of global financial markets as their point of departure and then locate the US in this system. Such approaches, however, generally fail to do justice to the decades-long build up of US financial power and do not capture many of the organic institutional linkages through which the American state is connected to the world of global finance and which are responsible for its imperial sprawl. In many ways, financial globalization is not best understood as the re-emergence of international finance but rather as a process through which the expansionary dynamics of American finance took on global dimensions. Because the present system of global finance has been shaped so profoundly by specifically American institutions and practices, it will not do to evaluate the changes and transformations of this system on the basis of either an abstract, generic model of capitalism or mere extrapolations from conjunctural crises. Crisis and instability are part and parcel of the dynamics of imperial finance and so are the managerial capacities developed by the US state. The most important questions that should occupy critical political economists therefore have to do not with what appear to be external challenges to US financial power (or the putative opportunities for progressive change opened up by them), but rather relate to the ways in which the imperial network of intricate, complex and often opaque institutional linkages between the US state and global finance is managed and reproduced

Edges of the financial imagination

Neither external nor internal to finance, the financial imagination marks out a space where the theoretical and practical aspects of finance come together in the inner life of the subject. That means there is something about financial subjectivity that escapes a functional view on the imagination. The purpose of this forum is to probe the contours of the financial imagination in terms of its perimeters and blind spots, its fantasies and delusions

The logic of leverage: Reflections on post-foundational political economy

This rejoinder takes up some of the points that have been raised by the reviews of Capital and Time in this forum. It engages the question of how political economy should position itself vis-à-vis concerns about the dangers of essentialism and teleological explanation. It argues that a proper theorization of the logic of ‘leverage’ is key to the development of a political economy that appropriates the insights of post-foundational theory but is still able to account for the reality of power and inequality

The paradox of economism

For some decades now, progressively minded social scientists have argued that markets are too important to leave to economists — indeed, entire new subfields have formed in response to this concern. But this engagement with economic life has often been somewhat half-hearted. Particularly telling in this respect is the fact that these new fields have organized themselves centrally around the rejection of ‘economism’ — the idea that markets have self-regulatory properties. Scholars in fields such as political economy and economic sociology have devoted a great deal of energy to normative critiques of the market, but they have displayed much less interest in rethinking the core categories and principles of economic life itself. What the books considered here have in common, and what sets them apart from established ways of thinking, is a willingness to tarry with the paradoxes of money

The hemodynamic cardiac profiler volume-time curves and related parameters: an MRI validation study

Background. The hemodynamic cardiac profiler (HCP) is a new, non-invasive, operator-independent screening tool that uses six independent electrode pairs on the frontal thoracic skin, and a low-intensity, patient-safe, high-frequency applied alternating current to measure ventricular volume dynamics during the cardiac cycle for producing ventricular volume-time curves (VTCs). Objective. To validate VTCs from HCP against VTCs from MRI in healthy volunteers. Approach. Left- and right-ventricular VTCs were obtained by HCP and MRI in six healthy participants in supine position. Since HCP is not compatible with MRI, HCP measurements were performed within 20 min before and immediately after MRI, without intermittent fluid intake or release by participants. Intraclass correlation coefficients (ICCs) were calculated to validate HCP-VTC against MRI-VTC and to assess repeatability of HCP measurements before and after MRI. Bland-Altman plots were used to assess agreement between relevant HCP- and MRI-VTC-derived parameters. Precision of HCP’s measurement of VTC-derived parameters was determined for each study participant by calculating the coefficients of variation and repeatability coefficients. Main results. Left- and right-ventricular VTC ICCs between HCP and MRI were >0.8 for all study participants, indicating excellent agreement between HCP-VTCs and MRI-VTCs. Mean (range) ICC of HCP right-ventricular VTC versus MRI right-ventricular VTC was 0.94 (0.88-0.99) and seemed to be slightly higher than the mean ICC of HCP left-ventricular VTC versus MRI-VTC (0.91 (0.80-0.96)). The repeatability coefficient for HCP’s measurement of systolic time (tSys) was 45.0 ms at a mean value of 282.9 ± 26.3 ms. Repeatability of biventricular HCP-VTCs was excellent (ICC 0.96 (0.907-0.995)). Significance. Ventricular volume dynamics measured by HCP-VTCs show excellent agreement with VTCs measured by MRI. Since abnormal tSys is a sign of numerous cardiac diseases, the HCP may potentially be used as a diagnostic screening tool

Genomic Alterations Associated with Estrogen Receptor Pathway Activity in Metastatic Breast Cancer Have a Differential Impact on Downstream ER Signaling

Mutations in the estrogen receptor gene ( ESR1), its transcriptional regulators, and the mitogen-activated protein kinase (MAPK) pathway are enriched in patients with endocrine-resistant metastatic breast cancer (MBC). Here, we integrated whole genome sequencing with RNA sequencing data from the same samples of 101 ER-positive/HER2-negative MBC patients who underwent a tumor biopsy prior to the start of a new line of treatment for MBC (CPCT-02 study, NCT01855477) to analyze the downstream effects of DNA alterations previously linked to endocrine resistance, thereby gaining a better understanding of the associated mechanisms. Hierarchical clustering was performed using expression of ESR1 target genes. Genomic alterations at the DNA level, gene expression levels, and last administered therapy were compared between the identified clusters. Hierarchical clustering revealed two distinct clusters, one of which was characterized by increased expression of ESR1 and its target genes. Samples in this cluster were significantly enriched for mutations in ESR1 and amplifications in FGFR1 and TSPYL. Patients in the other cluster showed relatively lower expression levels of ESR1 and its target genes, comparable to ER-negative samples, and more often received endocrine therapy as their last treatment before biopsy. Genes in the MAPK-pathway, including NF1, and ESR1 transcriptional regulators were evenly distributed. In conclusion, RNA sequencing identified a subgroup of patients with clear expression of ESR1 and its downstream targets, probably still benefiting from ER-targeting agents. The lower ER expression in the other subgroup might be partially explained by ER activity still being blocked by recently administered endocrine treatment, indicating that biopsy timing relative to endocrine treatment needs to be considered when interpreting transcriptomic data