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Crisis, by Sylvia Walby
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We are living in a time of crisis which has cascaded through society. Financial crisis has led to an economic crisis of recession and unemployment; an ensuing fiscal crisis over government deficits and austerity has led to a political crisis which threatens to become a democratic crisis. Borne unevenly, the effects of the crisis are exacerbating class and gender inequalities.
Rival interpretations – a focus on ‘austerity’ and reduction in welfare spending versus a focus on ‘financial crisis’ and democratic regulation of finance – are used to justify radically diverse policies for the distribution of resources and strategies for economic growth, and contested gender relations lie at the heart of these debates. The future consequences of the crisis depend upon whether there is a deepening of democratic institutions, including in the European Union.
Sylvia Walby offers an alternative framework within which to theorize crisis, drawing on complexity science and situating this within the wider field of study of risk, disaster and catastrophe. In doing so, she offers a critique and revision of the social science needed to understand the crisis.
- Sales Rank: #1080844 in Books
- Published on: 2015-10-26
- Original language: English
- Number of items: 1
- Dimensions: 9.05" h x .75" w x 6.00" l, .0 pounds
- Binding: Paperback
- 224 pages
Review
"This extraordinary book gives us a sharp and illuminating examination of a condition that it is easy to think we understand ? until we read this book. We may all be touched by it but Walby shows us all that is actually mobilized in producing the outcomes."
Saskia Sassen, Columbia University, author of Expulsions
"Sylvia Walby?s new complexity theory analysis of the current crises adds an essential dimension, addressing the financial, economic, welfare state and political ramifications of the crisis as strongly connected dynamics. She convincingly argues why the conflict between democracy and capitalism can only be resolved through a deepening of democracy. As such, her book is an indispensable academic intervention in the politics of knowledge and empowers academics, politicians and citizens alike to address crisis."
Mieke Verloo, Radboud University
About the Author
Sylvia Walby is a Distinguished Professor of Sociology and holder of the UNESCO Chair in Gender Research at Lancaster University, UK
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Crisis? What Crisis?
By Steve Benner
Sylvia Walby is Distinguished Professor of Sociology and holder of the UNESCO Chair of Gender Research at Lancaster University. In her latest sociological text, "Crisis", she brings complexity theory to bear in a reconsideration of how society operates and how social crises of various kinds arise and propagate through their associated social institutions. The book examines the financial crisis of 2007/8, and shows how this generated a subsequent cascade of interconnected crises which continues even now, more than seven years later. She shows how financial collapse of the markets led to economic crisis, in the form of recession, which led on to fiscal crisis in the form of austerity, and so to political and democratic crises across Europe and thus to the continuing threat of collapse of the EU. The author explores the gender biases inherent within each of these crises and also looks at possible future trajectories, with likelihood of further financial collapse and a consequential deepening security crisis, by drawing comparisons with the global consequences of the historic financial crash of 1929. She doesn't go as far as to suggest that renewed world war might ensue, but the implication remains there.
The book presents a cogent narrative of the on-going crisis cascade and other consequences of the growth of the neoliberal project which, since the 1980s, has been ousting the post-war social democratic project and systematically eroding the regulation of the financial world, that was so carefully formulated in order to prevent a recurrence of the 1929 crisis -- with the ensuing rise of fascism, nationalism and ultimately the embroiling of almost the entire world in warfare. She shows that far from being self-equilibrating and more efficient, unregulated financial markets invariably become unstable, corrupt and corrosive: finance capital makes most profit during times of economic instability and so without regulation inevitably drives the world towards economic instability, disrupting the environment within which industrial capital (i.e. real productivity) thrives and generating gender and social inequalities. This in turn erodes democracy as states increasingly use the language of crisis to invoke emergency measures, whilst violence erupts and social cohesiveness is eroded.
The author does a reasonable job of keeping away from any complex social science jargon but the book remains a far from easy read, owing largely to its academic rigour and completeness -- ideal for the social science undergraduate, perhaps, but hard going for a lay reader, who will probably also find the book highly repetitive. The author builds her arguments systematically and slowly and at great length over the course of some six detailed chapters, with outer bracketing chapters offering Introduction and Conclusion; anyone wishing to cut quickly to the core of this book would do well to read just the first and final chapters in the first instance as these form a useful lead-in and overall summary of the book's conclusions in a condensed and easily understood way. The central chapters can then be referred to afterwards for a more detailed examination of each of the component steps in the crisis cascade, as well as a very thorough examination of their gender implications.
Proponents of the neoliberal project (and many supporters of recent UK governments) will no doubt find much within the covers of this book which they would wish to contest. As a detailed and academically rigorous argument for the reintroduction of financial regulation, the establishment of great social and gender equality, and deepening of democratic control, and in spelling out the consequences of failing in this, the book makes for very sobering reading.
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