This article examines the ways in which the care-indifferent and gendered character of much political egalitarian theory has contributed to a disregard for the care-relational dimensions of social injustice within the social sciences. It demonstrates how the lack of in-depth engagement with affective relations of love, care and solidarity has contributed to an underestimation of their pivotal role in generating injustices in the production of people in their humanity. While humans are political, economic and cultural beings, they are also what Tronto has termed homines curans. Yet, care, in its multiple manifestations, is treated as a kind of ‘cultural residual’, an area of human life that the dominant culture neglects, represses and cannot even recognize for its political salience. If sociology takes the issue of relational justice as seriously as it takes issues of redistribution, recognition and political representation, this would provide an intellectual avenue for advancing scholarship that recognizes that much of life is lived, and injustices are generated, outside the market, formal politics and public culture. A new sociology of affective care relations could enhance a normatively-led sociology of inequality, that is distinguishable from, but intersecting with, a sociology of inequality based on class (redistribution), status (recognition) and power (representation). It would also help change public discourse about politics by making affective in/justices visible intellectually and politically, and in so doing, identifying ways in which they could be a site of resistance to capitalist values and processes.
This article examines the ways in which the self-responsibilized individualism underpinning contemporary concepts of the ideal European citizen, on the one hand (Frericks, 2014), and the inequalities and anti-democratic politics that characterize contemporary neoliberal capitalism, on the other, are co-constituent elements in creating an antipathy to forms of solidarity that are affective as opposed to calculative. The active citizenship framework lacks a full appreciation of the interdependency of the human condition and is antithetical to universalistic, affectively-led forms of solidarity. The deep relationality that is endemic to both social production and reproduction, and that impels an affective, morally-led form of solidarity needs to be recognized academically and intellectually, and politically sustained, if we are to move beyond a narrow, calculative, self-interested vision of solidarity in Europe.
Through empirical investigation of the Eurozone and Greek debt crisis 2010–12, this article demonstrates how a peak organization of financial firms—the Institute of International Finance (IIF)—was able to mobilize its members transnationally to secure several key political and economic objectives. At the height of the crisis, large European banking firms were threatened by the prospect of a disorderly Greek default, coercive intervention by governments, and, potentially, a regional banking collapse. In this context, representatives from the IIF entered the policymaking process to facilitate concerted private sector action, assisting EU officials with the negotiation of a substantial and orderly creditor writedown, and cooperating with legal action by the Greek government to sideline a minority of financial firms hostile to the deal. The article shows that the IIF’s disproportionate influence over policymaking was a result of their technical expertise, their ability to recruit individuals with long-standing experience of sovereign debt restructuring from the public and private sector, and the operation of elite revolving-door processes. In contrast to recent studies showing that financial actors are able to exercise more power at the national level by remaining collectively inactive, these findings suggest that, at the transnational level, financial actors can be most effective at securing their preferences when they are well organized and when they coordinate politically on the basis of collective interests.
In the aftermath of the 2008 financial crisis, there has been a major scholarly revival of the topic of financial political power and a refocus on questions concerning democracy, elites, and inequality. Nevertheless, there remains a dearth in the literature regarding the precise nature of the political relationship between the financial sector and central banks. This is problematic given the sharp rise in institutional prominence enjoyed by central bank officials in the post crisis era and their fundamental importance in the governance of financial markets. As a corrective, this paper develops a provisional analytical framework through which the power dynamics between the financial sector and central banks can be fruitfully explored, specifically with reference to the European Central Bank. It does so by identifying four mechanisms through which financial actors potentially influence the policy choices of the European Central Bank – revolving doors, closed policy circles, capital flight/disinvestment, Too Big to Fail – and illustrates their operation empirically in the context of the bank’s organizational functioning and post crisis interventions. The paper illustrates how financial actors enjoy systematic advantages in the domain of central bank policymaking and provides significant evidence that the European Central Bank has been a key ally of the financial sector throughout the Eurozone crisis. The paper calls for a more extensive examination by scholars of the financial sector-central bank relationship as a means to clarify the precise scope of, and limitations to, contemporary financial political power.
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