A note on the credit crisis, time and social order
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The materialisation of space-time is a central project for capitalism. Within the finance sector, the relationship between the (exchange) value of money now and the (capital) value of money in the future is a central structuring principle, effecting interest rates and financial stability. This short note analyses the relationship of the two forms of modern money in the context of the 2008/9 global financial crisis. It argues that the state's socialisation of private toxic debt has meant the internalisation of 'negative time' within the public sector. The note concludes with some suggestions as to the effects of this new temporal dimension in the structure of the state and its social control.
Journal of Australian Political Economy
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Social and Cultural Geography