Social Forces in the Rise and Fall of Economic Orders
Spatial Political Economy

Martijn Konings, Capital and Time: For a New Critique of Neoliberal Reason

by Bill Dunn on March 2, 2018

Martijn Konings, Capital and Time: For a New Critique of Neoliberal Reason

Within Capital and Time: For a New Critique of Neoliberal Reason, Martijn Konings argues that critics of capitalist finance tend to focus on its speculative character. Our financial markets, they lament, encourage irresponsible bets on the future that reflect no real underlying value. Why is it, then, that opportunities for speculative investment continue to proliferate in the wake of major economic crises? To make sense of this, Martijn Konings presents on his latest book to advance an understanding of economy as a process whereby patterns of order emerge out of the interaction of speculative investments.

Progressive critics have assumed that the state occupies a neutral, external position from which it can step in to constrain speculative behaviors. On the contrary, Martijn Konings argues, the state has always been deeply implicated in the speculative dynamics of economic life. Through these insights, he offers a new interpretation of both the economic problems that emerged during the 1970s and the way that neoliberalism responded to them. Neoliberalism’s strength derives from its intuition that there is no position that transcends the secular logic of risk, and from its insistence that individuals actively engage that logic. Not only is the critique of speculation misleading as a general approach; it is also incapable of recognising how American capitalism has come to embrace speculation and has thus been able to generate new kinds of order and governance.


Venue: Merewether Seminar Room, 298

Date: Tuesday 13 March, 4:00 – 5:30 pm

Bill Dunn
Bill Dunn works in the Department of Political Economy at the University of Sydney. His principal research interests are in the contemporary global political economy of labour, crises, international trade and Marxism.

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