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Drawing on Foucault’s notion of the biopolitics of neoliberalism, Maurizzio Lazzarato (2012, 89–114) has sought to define finance less as a breed of economic action and more as a weapon of power which, through the production of debt, exhorts economic actors (both individuals and whole nation-states) into a form of subjectivation aimed at market integration, towards what Foucault dubbed an entrepreneurialism of the self (2008, 226). From this perspective, the biopolitics of financialization is not merely repressive and oppressive; it creates a situation in which all forms of agency are encouraged to articulate themselves in financialized form, and where financial “freedom” and power are held to be the fullest expression of liberty and acumen (see also Mitropoulos 2012). Indeed, for Lazzarato, debt and finance are two sides of the same coin, one whose inscription might read “securitize or else”: embrace your inner financier, distil the ethereal future into a saleable present-day commodity, or suffer the consequences.

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—p.80 Securitization: Walmart’s Financialized Empire (74) by Max Haiven 5 years, 3 months ago