Volume I: Business as Usual. The Roots of the Global Financial Meltdown

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Topics: NEW ECONOMIC MODELS

Much more basic than the result of a few financial traders cheating the system, Business As Usual shows how the current financial crisis was made possible by both neoliberal financial reforms and a massive turning away from manufacturing things of value to make profits from trading financial assets. In original essays, the contributors establish how the Great Recession is related to crises of the past and yet why this meltdown was different. The volume concludes by asking whether the crisis—despite its severity—contains seeds of a new global economy, what role the United States will play, and whether China or other countries will rise to global leadership.

Situates the current crisis in the historical trajectory of the capitalist world-system, showing how the crisis was made possible not only by neoliberal financial reforms but by a massive turn away from manufacturing things of value towards seeking profit from financial exchange and credit. Much more basic than the result of a few financial traders cheating the system, this is a potential historical turning point. In original essays, the contributors establish why the system was ripe for crisis of the past, and yet why this meltdown was different. The volume concludes by asking whether as deep as the crisis is, it may contain seeds of a new global economy, what role the US will play, and whether China or other countries will rise to global leadership.

Contributors include: Giovanni Arrighi, Gopal Balakrishnan, Manuel Castells, Daniel Chirot, Fernando Coronil, Nancy Fraser, James K. Galbraith, David Harvey, Caglar Keyder, Beverly J. Silver, and Immanuel Wallerstein.

Business as Usual is the first part of a trilogy comprised of the first three books in the Possible Future series.

Volume 1: Business as Usual
Volume 2: The Deepening Crisis
Volume 3: Aftermath

AUTHORS

Craig Calhoun is Director of the London School of Economics and Global Distinguished Professor of Sociology at New York University. His most recent book is The Roots of Radicalism: Tradition, the Public Sphere, and Early Nineteenth-Century Social Movements.

Georgi Derluguian is Associate Professor of International Studies and Sociology at Northwestern University and is the author ofBourdieu’s Secret Admirer in the Caucasus: A World-System Biography.

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REVIEWS FROM NYU Press web-site:

  • A brilliant and inspiring collection of analyses from world-renowned international social theorists and political economists, far-reaching in its implications for our understanding, not just of the current crisis, but of its historical roots and the importance of politics to the future of global socio-economic structures.

    —Kate Nash, author of The Cultural Politics of Human Rights

  • There may be a silver lining to the global financial meltdown of 2008, for it has made possible a book such as this one. In Business as Usual, Craig Calhoun and Georgi Derluguian have brought together some of ‘the best and brightest’ in the business and given them a most unusual task: to tell the story of the financial crisis in all its complexity, in a manner that is both clear and precise. The result is critical social science at its best: more than explanation, prediction or prescription, this book offers the promise of actual understanding.

    —Ivan Ascher, University of Massachusetts, Amherst

  • The high quality of the wide-ranging essays makes this volume a worthwhile addition to library collections and a valuable resource for both students and specialists wanting to explore the complex roots of the financial crisis.

    —M. Perelman, Choice

  • Calhoun and Derlugian’s co-edited book will be important for sociologists because of the wide range of arguments enlisted in an attempt to correlate the various parameters and focus discussion on specific theoretical aspects of the crisis.

    Critical Sociology

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Next articleVolume II: The Deepening Crisis. Governance Challenges after Neoliberalism
Georgy Derlugyan, is Professor of Social Research and Public Policy at the New York University Abu Dhabi. His area of specialty is in ethnic violence, guerrilla movements and revolutions, particularly in the Caucasus, Central Asia and Africa, as well as post-Cold War globalization.
Craig Calhoun

President of Berggruen Institute, Centennial Professor at the LSE, US

Craig Jackson Calhoun FBA FAcSS (born 1952) is an American sociologist and the current president of the Berggruen Institute. An advocate of using social science to address issues of public concern, he was the Director of the London School of Economics and Political Science from September 2012 until September 2016 when he left to become the first President of the Berggruen Institute. He was previously president of the Social Science Research Council and was University Professor of the Social Sciences at New York University and Director of NYU's Institute for Public Knowledge. With Richard Sennett he co-founded NYLON, an interdisciplinary working seminar for graduate students in New York and London who bring ethnographic and historical research to bear on politics, culture, and society.