Crisis of temporalities: Global capitalism after the 2007–08 financial collapse

Abstract

As global capitalism took shape, during the 1990s and early 2000s, high-speed, financialized profit making disrupted long-term strategies of capital accumulation centered upon production, employment, commodity exchange and aggregate demand. In addition, state constructions of time and temporality were besieged by the short-termist tendencies of financialized capitalism. This sharpened temporal disjunctures within the nationally constituted economy and the nationally circumscribed state. And, as upper reaches of many nation states conformed to the temporal urgency of supra-national decision-making bodies such as the IMF, national politics could not effectively process the slower rhythms of the representative assembly, the election cycle, public policy formation and mediated public debate. Against this background, the aftermath and repercussions of the 2007--08 financial collapse will be examined. Global capitalism became pervaded by a crisis of temporalities, manifestations of which can be summarized as follows. First, the temporal contradiction between financialized profit making and long-term strategies of capital accumulation remain unresolved; therefore, financial instability and recessionary spirals will be a recurring pattern. Second, in a world of financial turbulence and global recession, spatio-temporal fixities within and across particular national political economies have weakened or disintegrated. Third, the political impossibility of reconstructing Keynesian policy instruments at a national, supra-national and international level has generated a historic malaise. Unregulated financialized capitalism and neo-liberal policy regimes cannot be sustained over time, yet new political-economic arrangements characterized by spatio-temporal fixity are not in prospect.