Martijn Konings Capital and Time: For A New Critique of Neoliberal Reason, Stanford: Stanford University Press, 2018; 174 pp.: ISBN 9781503603905, $21,53
The history of finance and speculation is based on the perils of the state relying on its role in maintaining the dimensions of capitalism. Since the outset of the 2008 financial crisis, the national government and regulatory agencies in the United States have supported the entrenchment of neoliberal policies arguing the banking industry is 'too big to fail' and the risk of default will have global implications. This has resulted in the regulatory state protecting banks in the stabilization of the economy through stimulating capital markets and strengthening its neoliberal discourse. The book, Capital and Time: For A New Critique of Neoliberal Reason, poses the question regarding the state's role in providing the institutional and regulatory structure to assist in the expansion of the financialization of the global economy. In doing so, the book provides a new perspective on the state's role in speculation, neoliberalism, and modern finance.
Martijn Konings argues that neoliberalism is a reflexive engagement perpetuated by dynamics of a self-organizing process. This reflexive engagement allows for a resiliency to develop in practices of the interventionist state to support speculative actions of financial institutions. As a result, the state upholds the status quo of self-regulation through the incorporation of norms that constrain a positive regulatory environment in a post neoliberal state. The constraints placed on positive regulation challenge the legitimacy of neoliberalism and capital by ignoring the mechanisms that cause economic uncertainty and marginalize the nonrepresentational character of financial investments.
The book describes the evolution and expansion of capital in modern society as a result of endogenous pressures that shape the economic system. These pressures have forced actors to self-organize through the incorporation of norms allowing for flexibility in an economic system adaptable to market externalities. To understand the evolution of norms, the author describes a political order based on Michel Foucault's theory to expand on the discussion of normative fragmentation as a result of the interaction in discourse among actors in financial governance. The author analyses the role of the regulatory state as key in the expansion of norms and neoliberal ideology. In...