Rated Agency: Investee Politics in a Speculative Age (Near Future Series)

The hegemony of finance compels a new orientation for everyone and everything: companies care more about the moods of their shareholders than about longstanding commercial success; governments subordinate citizen welfare to appeasing creditors; and individuals are concerned less with immediate income from labor than appreciation of their capital goods, skills, connections, and reputations. That firms, states, and people depend more on their ratings than on the product of their activities also changes how capitalism is resisted. For activists, the focus of grievances shifts from the extraction of profit to the conditions under which financial institutions allocate credit. While the exploitation of employees by their employers has hardly been curbed, the power of investors to select investees ― to decide who and what is deemed creditworthy ― has become a new site of social struggle. In clear and compelling prose, Michel Feher explains the extraordinary shift in conduct and orientation generated by financialization. Above all, he articulates the new political resistances and aspirations that investees draw from their rated agency. Abstract: The extraordinary shift in conduct and orientation--among companies, governments, and individuals--generated by financialization.The hegemony of finance compels a new orientation for everyone and everything: companies care more about the moods of their shareholders than about longstanding commercial success; governments subordinate citizen welfare to appeasing creditors; and individuals are concerned less with immediate income from labor than with appreciation of their capital goods, skills, connections, and reputations. In this book, in clear and compelling prose, Michel Feher explains the extraordinary shift in conduct and orientation generated by financialization.That firms, states, and people depend more on their ratings than on the product of their activities also changes how capitalism is resisted. For activists, the focus of grievances shifts from the extraction of profit to the conditions under which financial institutions allocate credit. While the exploitation of employees by their employers has hardly been curbed, the power of investors to select investees--to decide who and what is deemed creditworthy--has become a new site of social struggle. Above all, Feher articulates the new political resistances and aspirations that investees draw from their rated agency.-publisher's description The Extraordinary Shift In Conduct And Orientation--among Companies, Governments, And Individuals--generated By Financialization. The Hegemony Of Finance Compels A New Orientation For Everyone And Everything: Companies Care More About The Moods Of Their Shareholders Than About Longstanding Commercial Success; Governments Subordinate Citizen Welfare To Appeasing Creditors; And Individuals Are Concerned Less With Immediate Income From Labor Than With Appreciation Of Their Capital Goods, Skills, Connections, And Reputations. In This Book, In Clear And Compelling Prose, Michel Feher Explains The Extraordinary Shift In Conduct And Orientation Generated By Financialization. That Firms, States, And People Depend More On Their Ratings Than On The Product Of Their Activities Also Changes How Capitalism Is Resisted. For Activists, The Focus Of Grievances Shifts From The Extraction Of Profit To The Conditions Under Which Financial Institutions Allocate Credit. While The Exploitation Of Employees By Their Employers Has Hardly Been Curbed, The Power Of Investors To Select Investees--to Decide Who And What Is Deemed Creditworthy--has Become A New Site Of Social Struggle. Above All, Feher Articulates The New Political Resistances And Aspirations That Investees Draw From Their Rated Agency. Cover Contents Introduction: Journeys of Political Despondency Creeping Socialism: The Postwar Spleen of Free-Market Advocates Entrepreneurship for All: The Neoliberal Prescription for Melancholy Raising Expectations: Life under Financialized Capitalism I. The Stakes of Corporate Governance Employers and Investors Profit Extraction and Credit Allocation Negotiation and Speculation Calculating Costs and Assessing Risks Wages and Corporate Social Responsibility Employees and Stakeholders Employer Cartels and Rating Agencies II. The Bonds of Governmental Policy Tax and Debt Periodic Elections and Continuous Evaluation Sheltering Space and Occupying Time Espousing Populism and Benchmarking Banks Defection of Debtors and Duplication of Creditors III. The Appreciation of Individual Conduct Unshackling the Self-Reliant and Coaching the Dispirited Reassuring the Insecure and Weeding Out the Discredited Precarious Workers and Free Agents Compensated Subordination and Sponsored Interdependence Wage Earners and Investees Coda Acknowledgments Index