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Why the Economy is Often the Exception to Politics as Usual

School of Political Studies, University of Ottawa, Canada

Many political theorists have turned to the dramatic political events of the post-9/11 world – terrorism, war, and the erosion of civil liberties – for insight into our changing sense of the political. Yet few have examined the economic dimensions of these events or sought to learn what they might tell us about the changing nature of political community today. This article seeks to fill this gap by drawing on the work of Michel Foucault and Georgio Agamben to examine the intimate and changing relationship between the political and the economic in the contemporary world. Now more than ever, there is a particular conception of politics at stake in global efforts to govern economic relations. Global economic institutions like the IMF and World Bank are policing the definition of political community and, in doing so, extending the scope of liberal governmentality. At the same time, the character of their implementation and justification is that of the sovereign exception, as state autonomy must continually be breached through extensive conditionality in order for it to be re-established in the form of a more ‘sound’ political and economic order. This is a sovereign exception with a difference: for the norm that is being established is one that necessarily limits the scope of sovereign power in the interests of market freedom. Paradoxically, while the economy is often the exception to politics as usual, is it an exception that simultaneously enables and constrains the possibility of exercising sovereignty itself?

Key Words: Agamben • finance • Foucault • governmentality • International Monetary Fund • sovereign exception • World Bank

Theory, Culture & Society, Vol. 24, No. 4, 87-109 (2007)
DOI: 10.1177/0263276407080098


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