1973: Financialization and the Conditions of Postmodernity
Abstract
Excerpt:
"1973 not only marked the dismissal of an economic post-war order that bound the currencies of developed countries to a stable relationship with the US dollar and the dollar to a fixed exchange rate with gold; this break was also seen as a condition postmoderne in economics - a situation where turbulence and instability moved toward a flexible system of exchange rates, a regime of floating signifiers without an anchor, without the foundation of a transcendental signified. A system would now emerge in which currencies only related to currencies without reference and finally rested upon the uncertain standard of unsecured “fiat money.”
To what extent, then, does the year 1973 mark the birth date of our present era? How can it be understood as the beginning of a financial system that even today holds us in thrall? What are the social experiments that it opened onto? And what sense, if any, does it make to speak here of a postmodern condition? -- Let me attempt to give an overview of some elements of this new global financial order."
Literaturhinweise
Case, Karl E., and Robert J. Shiller. "Is There a Bubble in the Housing Market? An Analysis." (2003).
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