A cultural political economy of crisis recovery: (trans-)national imaginaries of ‘BRIC’ and subaltern groups in China

Abstract

This paper explores crisis recovery from a cultural political economy (CPE) perspective. It examines the role of (trans-)national forces in constructing BRIC (Brazil, Russia, India, China) as drivers for recovery. First, it comments on some ‘cultural economy’ studies and indicates the value of a CPE approach. Second, it examines the ‘BRIC’ as a symbolic condensation of ‘hope’ knowledge and shows how this signifier evolved in three overlapping moments referring to its role as investor, consumer and lender. Third, it considers the material basis of the appeal of BRIC discourses, especially the credibility acquired through BRIC stimulus packages in the global financial crisis. Fourth, it indicates how China's ‘gold standard’ stimulus package has intensified some deep-rooted political tensions and harmed subaltern groups. Finally, it reflects on how CPE can contribute to studies of crisis and recovery.