Wednesday, 7 September 2011

New Addendum on Martin Wolf Column

Our friend Eleftherios Leontaridis raised an interesting point in a comment to a Martin Wolf Column: here is my reply:

@ Eleftherios

Hi! Yes, you probably identify what is one of the "analytical flaws" in Wolf's piece: - his very reliance on the idea that "markets" can "tell us" anything at all precisely at a time when their very "meaning" is in "crisis"! One of the efforts I am making at eforum21 is to show that a "crisis" signifies more than just a "malfunctioning" of the economic "system".

"Crisis" means above all the "explosion" of the very "tools" of economic analysis that were and are being used! What Wolf seems to be "missing" is the fact that these "markets" no longer "represent" anybody or anything - that the "crisis" is above all a crisis of "political institutions" and the lack of "political responses and solutions" to it. We have to start thinking not in "technical" terms but rather in terms of a "political re-interpretation" of the institutions of the society of capital. See you soon on eforum21.

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