The current world economic crisis is historically unique in that it did not arise out of a crisis in industrial production or equity market crash but by the simple fact that large numbers of working class Americans began defaulting on their household mortgage payments. The crisis has highlighted the extent of the penetration of finance into the transactions of everyday life; housing, pensions, insurance and consumption.

The sudden collapse of the global debt driven consumer and housing boom and the associated deterioration in the equity and commodity markets have also put in question several narratives the ‘boom’ supported such as ‘democratic financialization’ and ’shareholder nation’.

The unprecedented rush by the Governments of major economic powers to ’save the system’ by massive public injections of capital into the financial sector amidst no public debate, widespread public disapproval yet acquiescence raises serious questions of how the current crisis is being represented and the spaces it opens and forecloses for more democratic governance of the ‘economy’. While a dominant narrative of the causes of the crisis has yet to emerge, blame has so far been focused either on the inexperience of certain banks, greedy CEO’s, or on reckless sub-prime borrowers. Policy is still heavily geared around ’saving the economy’ via more or less state intervention. There has not yet been mainstream questioning of the debt driven consumption led growth, or the massive changes in capital markets since the hegemony of neo-liberal policy thinking and the resultant new forms of investment , ownership and financial power to have emerged.


Recognizing the current critical conjuncture, the special issue of online journal Re-public will attempt to explore how narratives of the crisis are taking shape,their histories and genealogies while focusing on the crucial role of various institutions ‘debt’ underpinning the current world capitalist system and the associated crisis. Possible essay themes include:

* Financialization and the production of new subjectivities. How have oppositions such as work and capital, wages and profit changed as increased amounts of household wealth are locked in housing property, stock markets, stock options and privatised pension funds.
* Can we talk of a media-financial complex? What has been the role of various media such as property investment reality TV shows, personal finance guides, special newspaper sections in promoting ideas of ‘democratic financializaiton’?
* Has the increased financialization of housing provision and the ensuing crisis changed ideas about domesticity and dwelling?
* Comparisons between other forms of debt: debt crisis of the global south, debt – bondage labour and production, and current forms of mortgage debt.
* Current moral discourses on debt and indebtedness. Potentials for social movements mobilising around indebtedness and foreclosure. Technologies of debt collection.


Essays should be approximately 1,500 words long.



Please submit contributions in any electronic format to:

arlen.dilsizian AT gmail.com

Guest editor: Arlen Dilsizian


Deadline for submission: 15 April 2009


More information at http://www.re-public.gr/en/?p=504