Saving Planet Capital – the Logical Bailout of the Financial Market
Journal cover Praktyka Teoretyczna, volume 36, no. 2, year 2020
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Keywords

financial crisis
debt
competition
financialization
neoliberalism
“too big to fail”

How to Cite

Marta Olesik, M. O. (2020). Saving Planet Capital – the Logical Bailout of the Financial Market. Praktyka Teoretyczna, 36(2), 195–222. https://doi.org/10.14746/prt2020.2.8

Abstract

When analyzing the neoliberal model of the market in terms of the transcendental conditions it creates, researchers concentrate on two distinct categories - competition and debt. Together, they constitute a form of reason specific to the economic development which occurred in our recent history. The aim of this text is to show how the financial crisis of 2007-2008 affected these two iterations of the neoliberal economic paradigm, with the bailout procedure simultaneously breaching the rules of competition and debt and then slyly re-purposing them in order to justify the situation. This re-purposing is the eponymous logical bailout which depended on a brand new transcendental form which the market has taken on. This form is introduced in a nutshell by the formula “too big to fail”. The essay shows that this slogan helped introduce an understanding of the market in terms of an environment – an intricate and inherently fragile network whose preservation is necessary for the survival of the species inhabiting it. This transcendental shift will be discussed as a survival mechanism which allowed the neoliberal paradigm to avoid demise despite its complete fiasco.

https://doi.org/10.14746/prt2020.2.8
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