Cookies

We use cookies to ensure that we give you the best experience on our website. By continuing to browse this repository, you give consent for essential cookies to be used. You can read more about our Privacy and Cookie Policy.


Durham Research Online
You are in:

Putting Humpty Dumpty back together again : financialisation and the management of the subprime mortgage crisis.

Chima, O.R and Langley, P. (2012) 'Putting Humpty Dumpty back together again : financialisation and the management of the subprime mortgage crisis.', Global society., 26 (4). pp. 409-427.

Abstract

The subprime mortgage debacle in the USA and the subsequent global credit crunch provoked a wide range of crisis management responses in different national settings. Such interventions are typically figured as the sovereign state coming to the rescue of the markets and the banks. In contrast, and offering a critical analysis of the character and content of the principal interventions of authorities in the heartland of the crisis in the USA and the UK from Autumn 2007 through to 2009, we argue that these responses served to reproduce financialisation tendencies present across the seemingly separable domains of state and market which contributed to producing the crisis in the first place. Understood as a process co-constituted through pervasive but contradictory developments in capital accumulation, the risk management practices of lenders and the disciplining of borrowers, we show how, far from being seriously curtailed by crisis management, the financialisation of socio-economic life was actually buttressed during the very period in which its fragilities were most sharply exposed. In short, the management of the subprime crisis is a story akin to that of trying to put Humpty Dumpty back together again.

Item Type:Article
Full text:(AM) Accepted Manuscript
Download PDF
(298Kb)
Status:Peer-reviewed
Publisher Web site:http://dx.doi.org/10.1080/13600826.2012.710595
Publisher statement:This is an electronic version of an article published in Chima, O.R and Langley, P. (2012) 'Putting Humpty Dumpty back together again : financialisation and the management of the subprime mortgage crisis.', Global society., 26 (4). pp. 409-427. Global society is available online at: http://www.tandfonline.com/openurl?genre=article&issn=1360-0826&volume=26&issue=4&spage=409
Record Created:06 Sep 2013 14:35
Last Modified:06 Sep 2013 16:29

Social bookmarking: del.icio.usConnoteaBibSonomyCiteULikeFacebookTwitterExport: EndNote, Zotero | BibTex
Look up in GoogleScholar | Find in a UK Library