The Afterlives of Global Capital

Abstract

ABSTRACT Decay and decomposition have long been important to the histories of capitalist development but what are the particular forms that characterize the relationship between “waste” and value in post-2008 financialization? I argue that financialization is characterized by the organized conversion of distress into forms of financial value. To make this argument I lay particular emphasis on the rehabilitation of “toxic” assets through the practices of asset management in Ireland's National Asset Management Agency. I extend this argument by foregrounding political interventions staged around post-crisis housing, a critical strategy which seeks a certain point of confrontation between the abstract and the visceral. This strategy identifies the “afterlives of global capital” as sites that could incubate imaginative work designed to challenge finance in key ways. This provokes questions about financialized value: do we now locate value in forms of financial integrity or in decay, decomposition and detritus?