Economic ‘revelations’ and the metaphors of the meltdown: an educational deconstruction

Abstract

This article subjects contemporary informed discourse on the Credit Crunch/Great Recession/Long Recession to educational analysis and deconstruction. Such pro‐capitalist but not uncritical discourse is well represented by the UK Financial Times, whose columns between 2008 and 2012 comprise most of our data. We argue that the metaphors of the ‘meltdown’ are significant and performative, allowing variously moralised narratives to emerge as implicit diagnoses and remedies. In particular we identify a ‘domestic’ register of metaphors whose contained and homely tropes of austerity, prudence, book‐balancing and so on stand in dramatic contrast to a more melodramatic register, centring on various disaster scenarios. What is of most interest is that financial journalists and commentators switch between these registers, and allow ‘crossovers’ between them which are powerful in their discursive effects and political persuasiveness. These metaphorical discursive resources are intimately connected to the sorts of educational registers that characterise the ‘knowledge economy’. We conclude that our cultural ability to tell these sorts of stories rests as much on an underlying moral and theological storying as it does on any ‘scientific’ economic account (if such there can be, which we doubt). In this way we seek to educate economic discourses that are, as it were, ‘economical with the truth’.