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Introduction

  • John G. Glenn
Chapter
Part of the International Political Economy Series book series (IPES)

Abstract

This chapter introduces the main themes of the book. In so doing, it provides a brief synopsis of the crisis, arguing that, at the heart of the crisis, was the drive for ever-increasing profits via various financial innovations that facilitated vast increases in financial leverage. The challenge was how to increase the amount of credit available to consumers within the parameters of the regulatory framework that was supposed to limit the risk of financial collapse while at the same time ensuring a level playing field for competition within the financial world. The solution to this conundrum came in several forms, but the result was essentially the same—the displacement of risk away from the banks’ balance sheets to other investors and ‘off-book’ accounts in special purpose vehicles which were all too often located offshore.

The rest of the chapter provides an overview of the book. In so doing, it argues that this book adds to works on the financial crises, by placing these events alongside the attendant reforms of the financial system within a Foucauldian theoretical framework. In so doing, it provides a contemporary analysis of the two financial crises that have recently beset the global economy. But, it does so by providing an understanding of these events within an overarching Foucauldian framework; applying his insights into governmentality, biopolitics and discipline to the reforms that have been implemented in the aftermath of these crises.

Keywords

Financial Crisis 2007/8 Securitization CDOs Foucauldian IPE Biopolitics Governmentality 

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Copyright information

© The Author(s) 2019

Authors and Affiliations

  • John G. Glenn
    • 1
  1. 1.Politics and International RelationsUniversity of SouthamptonSouthamptonUK

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