Hostname: page-component-78c5997874-xbtfd Total loading time: 0 Render date: 2024-11-16T15:30:47.519Z Has data issue: false hasContentIssue false

The rise of resilience after the financial crises: a case of neoliberalism rebooted?

Published online by Cambridge University Press:  27 October 2017

Anthony Mckeown*
Affiliation:
Lecturer, Staffordshire University
John Glenn*
Affiliation:
Senior Lecturer, International Relations, University of Southampton
*
*Correspondence to: Anthony Mckeown, Staffordshire University, College Road, University Quarter, Stoke-on-Trent, Staffordshire ST4 2DE. Author’s email: [email protected]
**Correspondence to: John Glenn, Politics and International Relations, Southampton University, University Road, Southampton, SO17 1BJ, UK. Author’s email: [email protected]

Abstract

This article critically examines recent works on resilience. In so doing, it argues that rather than representing some radical rupture with current practices heralding the dawn of a new era, as David Chandler claims, the emphasis on individuals as resilient subjects simply represents a new phase in the neoliberal shift from the state as provider to state as enabler and promoter of self-reliance. Indeed, our present preoccupation with complexity, uncertainty, and resilience can best be understood as reflecting the consequences of neoliberal policies Moreover, the article further argues that there is an attendant danger that resilience thinking may further promote neoliberal forms of governmentality and encourage a degree of political passivity. The emphasis on resilience is in danger of depoliticising highly political choices, shifting attention toward ex-post policies of survival and recovery rather than challenging the current economic order and resisting the further imposition of neoliberal policies on already beleaguered populations. This article therefore argues for shifting our emphasis towards a Foucauldian analysis of power and resistance.

Type
Articles
Copyright
© British International Studies Association 2017 

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

1 Holling, C. S., ‘Resilience and stability of ecological systems’, Annual Review of Ecology and Systematics, 4:1 (1973), pp. 123 CrossRefGoogle Scholar; Gunderson, L. and Pritchard, L. Jr (eds), Resilience and the Behavior of Large-Scale Systems (Scientific Committee on Problems of the Environment) (London: Island Press, 2002)Google Scholar; Walker, B. and Salt, D., Resilience Thinking: Sustaining Ecosystems and People in a Changing World (Washington, DC: Island Press, 2006)Google Scholar.

2 Cavelty, M., Kaufmann, M., and Kristensen, K., ‘Resilience and (in)security: Practices, subjects, temporalities’, Security Dialogue, 46:1 (2015), pp. 314 Google Scholar.

3 J. Juncker, ‘Main Messages of Jean-Claude Juncker During his Campaign Visit to Athens, Greece’ (2013), available at: {http://juncker.epp.eu/press-releases/main-messages-jean-claude-juncker-during-his-campaign-visit-athens-greece}.

4 UK Government, ‘Chancellor George Osborne’s Budget 2014 Speech’ (19 March 2014), available at: {https://www.gov.uk/government/speeches/chancellor-george-osbornes-budget-2014-speech].

5 Lentzos, F. and Rose, N., ‘Governing insecurity: Contingency planning, protection, resistance’, Economy and Society, 38:2 (2009), p. 243 CrossRefGoogle Scholar.

6 O’Malley, P., ‘Uncertain governance and resilient subjects in the risk society’, Oñati Socio-legal Series, 3:2 (2013), p. 190 Google Scholar.

7 Chandler, D., ‘Beyond neoliberalism: Resilience, the new art of governing complexity’, Resilience, 2:1 (2014), pp. 6061 Google Scholar.

8 Postmodernism is most often associated with deconstructivism, intertextuality, ontological complexity, and the challenges to knowledge of the world that these present. Chandler essentially argues that a postmodernist episteme is emerging as a result of our evolving recognition that the world is so complex that it renders it impossible to predict and control. As a result, top-down ‘modernist’ conceptions of social dynamics no longer work and that governance should shift to the grassroots level relying on situated ‘local’ knowledge.

9 It should be noted that Chandler may not necessarily be advocating resilience thinking himself. See, for example, Chandler, D. and Reid, J., The Neoliberal Subject: Resilience, Adaptation and Vulnerability (London: Rowman & Littlefield International, 2016)Google Scholar.

10 Chandler, D., Resilience: The Governance of Complexity (London: Routledge, 2014), p. 47 CrossRefGoogle Scholar.

11 Ibid., p. 42.

12 Ibid., pp. 139–40.

13 As Jonathan Joseph contends, ‘resilience is best understood in the context of rolling-out neoliberal governmentality. Its meaning varies depending on the place and the level where this occurs and the aims and objects of governance.’ In other words, the exact form neoliberalism takes will be context and time dependent – yet there are certain commonalities. Joseph, J., ‘Resilience as embedded neoliberalism: a governmentality approach’, Resilience, 1:1 (2013), pp. 38 Google Scholar, 51–2. See also Macartney, H., Variegated Neoliberalism: EU Varieties of Capitalism and International Political Economy (London: Routledge, 2010)Google Scholar; Peck, J. and Theodore, N., ‘Variegated capitalism’, Progress in Human Geography, 31:6 (2007), pp. 731772 Google Scholar; Brenner, N., Peck, J., and Theodore, N., ‘Variegated neo-liberalization: Geographies, modalities, pathways’, Global Networks, 10:2 (2010), pp. 182222 Google Scholar; Jessop, B., ‘The world market, variegated capitalism, and the crisis of European integration’, in P. Nousios, H. Overbeek, and A. Tsolakis (eds), Globalisation and European Integration: Critical Approaches to Regional Order and International Relations (London: Routledge, 2012), pp. 91111 Google Scholar.

For example, writers have traditionally distinguished German ordoliberalism, with its emphasis on the importance of the state in establishing the ‘institutional parameters for economic competition in order to serve the larger interests of society’, from the Anglo-American version of neoliberalism that emphasises the rolling back of the state, self-regulation of the market, and the marketisation of hitherto decommodified spheres of activity. Young, B., ‘Introduction: the hijacking of German ordoliberalism’, European Review of International Studies, 2:3 (2015), p. 11 Google Scholar. But, in practice, these dominant forms were never as neatly divided as their approaches would suggest and may even be co-evolving towards what one author has called post-ordoliberalism. Cerny, P., ‘In the shadow of ordoliberalism: the paradox of neoliberalism in the 21st century’, European Review of International Studies, 2:3 (2016), pp. 7891 Google Scholar. Neoliberalism has always required regulatory reform that strengthens the state in some areas (trade union laws for example) and rolls it back in other areas (for example, business deregulation). Cerny, P., ‘Paradoxes of the competition State: the dynamics of political globalization’, Government and Opposition, 32:2 (1997), pp. 251274 CrossRefGoogle Scholar. Equally, in practice, Germany has engaged in Keynesian economics, monetarism and, very recently, agreed to the direct intervention in markets through the European Stability Mechanism. Both tendencies have always sought to promote efficient market competition and recently, at the European level, there has been little to distinguish the two in terms of pursuing the re-regulation of the financial spheres; reductions in welfare provision; the further marketisation of hitherto decommodified spheres; labour market deregulation and attendant wage reductions; and wholesale privatisations. Young, ‘Introduction’, pp. 7–15.

14 Chandler, , Resilience, p. 48 Google Scholar.

15 Hay, C., Political Analysis: A Critical Introduction (London: Palgrave Macmillan, 2002), p. 250 CrossRefGoogle Scholar.

16 Foucault, M., ‘What is enlightenment’, in P. Rabinow (ed.), The Foucault Reader (New York: Pantheon Books, 1984), p. 47 Google Scholar.

17 Hence, his comment that ‘certain halfwitted “commentators” persist in labelling me a “structuralist”’. Foucault, M., The Order Of Things: An Archaeology of the Human Sciences (New York: Vintage Books, 1984), p. xiii Google Scholar.

18 Cavelty, , Kaufmann, , and Kristensen, , ‘Resilience and (in)security’, p. 7 Google Scholar.

19 Governmentality refers to the ‘reflexive rationalisation of governmental practice that provides a discursive field of power/knowledge through which governmental problems are articulated and techniques of governance are rendered “thinkable and practicable both to its practitioners and those upon whom {they are] practiced”’. Zebrowski, C., ‘Governing the network society: a bio-political critique of resilience’, Political Perspectives, 3:1 (2009), pp. 136 Google Scholar. See also, Tudor Vilcan, ‘Contested Governmentality: Power, Resistance and Subjectivity in the Deployment of Resilience’, available at: {http://www.eisa-net.org/be-bruga/eisa/files/events/warsaw2013/Vilcan_Contested%20governmentality%20power,%20resistance%20and%20subjectivity%20in%20the%20deployment%20of%20resilience%20.pdf}. The embedded quote is from Burchell, G., Gordon, C., and Miller, P. (eds), The Foucault Effect: Studies in Governmentality (Chicago: Chicago University Press, 1991), p. 3 Google Scholar.

20 For an overview, see Gill, S. (ed.), Global Crises and the Crisis of Global Leadership (Cambridge: Cambridge University Press, 2012)Google Scholar.

21 Davies, W., The Limits of Neoliberalism: Authority, Sovereignty and the Logic of Competition (London: Sage, 2014), p. 154 Google Scholar.

22 O’Malley, P., Risk, Uncertainty and Government (London: Glass House Press, 2004)Google Scholar; O’Malley, , ‘Uncertain governance’, pp. 180195 Google Scholar; Lentzos, F. and Rose, N., ‘Governing insecurity’, pp. 230254 Google Scholar.

23 Ewald, F., ‘The return of the crafty genius: an outline of a philosophy of precaution’, in P. O’Malley (ed.), Governing Risks (Aldershot: Ashgate Publishing Company, 2005), p. 561 Google Scholar.

24 O’Malley, , ‘Uncertain governance’, p. 188 Google Scholar.

25 O’Malley, P., ‘Resilient subjects: Uncertainty, warfare and liberalism’, Economy and Society, 39:4 (2010), p. 488 Google Scholar.

26 Cooper, M., ‘Turbulent worlds: Financial markets and environmental crisis’, Theory, Culture & Society, 27:2–3 (2010), pp. 182185 CrossRefGoogle Scholar.

27 O’Malley, , ‘Uncertain governance’, p. 187 Google Scholar. The quote is actually from Collier, S. and Lakoff, A., ‘Distributed preparedness: Space, security and citizenship in the United States’, Environment and Planning D: Society and Space, 26 (2008), p. 11 Google Scholar.

28 Lentzos, F. and Rose, N., ‘Governing insecurity’, p. 242 Google Scholar.

29 Ibid., p. 243.

30 Joseph, J., ‘Resilience as embedded neoliberalism’, p. 43 Google Scholar.

31 Chandler, , Resilience, p. 37 Google Scholar.

32 Chandler, , ‘Beyond neoliberalism’, p. 50 Google Scholar.

33 Ibid., p. 56.

34 Ibid., p. 50.

35 Ibid., pp. 47–8.

36 Ibid., p. 62.

37 Chandler, , Resilience: The Governance of Complexity, p. 27 Google Scholar.

38 Ibid., p. 204.

39 Ibid., p. 202.

40 Stears, M., Everyday Democracy: Taking Centre-Left Politics Beyond State and Market (London: Institute for Public Policy Research, 2011)Google Scholar.

41 Chandler, , ‘Beyond neoliberalism’, p. 61 Google Scholar.

42 Ibid., p. 60.

43 Chandler, , Resilience: The Governance of Complexity, p. 42 Google Scholar.

44 Chandler, , ‘Beyond neoliberalism’, p. 61 Google Scholar.

45 Chandler, , Resilience: The Governance of Complexity, p. 217 Google Scholar.

46 Foucault, M., The Archeology of Knowledge (London: Routledge, 2002), p. 113 Google Scholar.

47 Garland, D., ‘What is a “history of the present”? On Foucault’s genealogies and their critical preconditions’, Punishment & Society, 16:4 (2014), p. 373 CrossRefGoogle Scholar.

48 First quote is from Foucault, M., The Birth of Biopolitics (Lectures at the College de France 1978–1979) (New York: Palgrave, 2008), p. 130 Google Scholar, quoted in Garland, D., ‘What is a “history of the present”?’, p. 373 Google Scholar. Second quote is from Gordon, C., Power/Knowledge: Selected Interviews and Other Writings 1972–1977 – Michel Foucault (New York: Pantheon Books, 1980), p. 83 Google Scholar.

49 Garland, , ‘What is a “history of the present”?’, p. 372 Google Scholar.

50 Foucault, , ‘What is enlightenment’, p. 46 Google Scholar.

51 K. Zolatova, ‘Part II: Fanon and Foucault on Humanism and Rejecting the “Blackmail” of the Enlightenment’, available at: {http://percaritatem.com/2011/02/23/part-ii-fanon-and-foucault-on-humanism-and-rejecting-the-%e2%80%9cblackmail%e2%80%9d-of-the-enlightenment/}.

52 Foucault, , ‘What is enlightenment’, p. 43 Google Scholar.

53 Ibid., p. 47

54 Ibid.

55 Ibid., p. 49.

56 Sugarman, J., ‘Historical ontology’, in J. Martin, J. Sugarman, and K. Slaney (eds), The Wiley Handbook of Theoretical and Philosophical Psychology: Methods, Approaches and New Directions for Social Sciences (West Sussex: John Wiley and Sons Ltd, 2015), p. 168 Google Scholar.

57 Birmingham, P., ‘Local theory’, in A. Dallery and C. Scott (eds), The Question of the Other: Essays in Contemporary Continental Philosophy (Albany: State University of New York Press, 1989), p. 211 Google Scholar. Second quote from Foucault, , ‘What is enlightenment’, p. 49 Google Scholar.

58 Dean, M., ‘Risk, calculable and incalculable’, in D. Lupton (ed.), Risk and Sociocultural Theory: New Directions and Perspectives (Cambridge: Cambridge University Press, 1999), p. 193 Google Scholar.

59 Foucault, The Order Of Things.

60 Zebrowski, C., The Value of Resilience: Securing Life in the Twenty-First Century (London: Routledge, 2016), p. 88 Google Scholar.

61 O’Malley, , Risk, Uncertainty and Government, p. 13 Google Scholar.

62 Ewald, , ‘The return of the crafty genius’, p. 561 Google Scholar.

63 Ibid.

64 Jarvis, D., ‘Theorising risk and uncertainty in International Relations: the contributions of Frank Knight’, International Relations, 25:3 (2011), p. 308 Google Scholar.

65 Aradau, C. and Van Munster, R., ‘Governing terrorism through risk: Taking precautions, (un)knowing the future’, European Journal of International Relations, 13:9 (2007), p. 100 CrossRefGoogle Scholar.

66 Evans, B. and Reid, J., ‘Dangerously exposed: the life and death of the resilient subject’, Resilience, 1:2 (2013), p. 92 CrossRefGoogle Scholar.

67 Evans, and Reid, , ‘Dangerously exposed’, p. 85 Google Scholar.

68 Joseph, , ‘Resilience as embedded neoliberalism’, p. 42 Google Scholar.

69 Ibid., p. 43.

70 See, for example, Masys, A. (ed.), Disaster Management: Enabling Resilience (Ottawa: Springer, 2015)Google Scholar.

71 Evans, and Reid, , ‘Dangerously exposed’, p. 85 Google Scholar.

72 See International Labour Organisation, World Employment Social Outlook, Trends 2016 (Geneva: International Labour Organisation, 2016)Google Scholar. On the unevenly distributed social costs of the crisis, see the collection of essays in Ramazzotti, P., Frigato, P., and Elsner, W. (eds), Social Costs Today: Institutional Analyses of the Present Crises (London and New York: Routledge, 2012)Google Scholar.

73 Kapp, K. W., The Social Costs of Private Enterprise (New York: Schocken books), p. 14 Google Scholar.

74 Chandler, , Resilience: The Governance of Complexity, p. 14 Google Scholar.

75 Sayer, A., ‘Looking forward to new realist debates’, Dialogues in Human Geography, 3:1 (2013), p. 22 Google Scholar.

76 Chandler, , Resilience: The Governance of Complexity, p. 198 Google Scholar.

77 Ibid., p. 39.

78 Ibid., p. 87.

79 Ibid., pp. 139–40.

80 Ibid., p. 196.

81 Ibid., p. 191.

82 Ibid., p. 221.

83 Ibid., p. 56.

84 Ibid., p. 198.

85 Foucault, M., ‘The subject and power’, Critical Inquiry, 8:4 (1982), p. 781 CrossRefGoogle Scholar.

86 Duffield, M., ‘From protection to disaster resilience’, in R. McGinty and J. H. Peterson (eds), Routledge Companion to Humanitarian Action (Abingdon, UK; New York, NY, 2015), p. 31 Google Scholar.

87 Ibid.

88 Evans and Reid, ‘Dangerously exposed’; K. Thompson, ‘Resiliency and Freedom: Response to Pat O’Malley’s “From Risk to Resilience”’, available at: {www.chrome-extension:// ecnphlgnajanjnkcmbpancdjoidceilk/content/web/viewer.html?file=http%3A%2F%2Fwww.thecarceral.org%2Fcn7_Thompson.pdf}.

89 Thompson, ‘Resiliency and freedom’.

90 Dean, M., ‘Governing the unemployed self in an active society’, International Journal of Human Resource Management, 24:4 (1995), p. 563 Google Scholar.

91 Harvey, D., Seventeen Contradictions and the End of Capitalism (London: Profile Books Ltd, 2014), p. 219 Google Scholar.

92 Harvey, D., A Brief History of Neoliberalism (Oxford: Oxford University Press, 2005), p. 68 Google Scholar.

93 Evans, J., ‘Resilience, ecology and adaptation in the experimental city’, Transactions of the Institute of British Geographers, 36:2 (2011), p. 234 Google Scholar, quoted in MacKinnon, D. and Derickson, K. Driscoll, ‘From resilience to resourcefulness: a critique of resilience policy and activism’, Progress in Human Geography, 37:2 (2013), p. 259 Google Scholar.

94 For a clear statement of this, refer to Foucault, M., ‘The subject and power’, in H. L. Dreyfus and P. Rabinow, Michel Foucault: Beyond Structuralism and Hermeneutics: Second Edition With an Afterword by and an Interview with Michel Foucault (Chicago: The University of Chicago Press, 1983), pp. 223224 Google Scholar.

95 Foucault, M., ‘The order of discourse’, in R. Young (ed.), Untying The Text: A Post-Structuralist Reader (London: Routledge, Kegan Paul, 1981), p. 52 Google Scholar.

96 Ibid., p. 55.

97 Ibid., p. 58.

98 Ibid., p. 61.

99 Ibid., p. 62.

100 Foucault, M., History of Sexuality, Volume I: Translated by Robert Hurley (New York: Pantheon books, 1978), p. 94 Google Scholar.

101 Foucault, M., ‘The subject and power’, Critical Inquiry, 8:4 (1982), p. 786 Google Scholar.

102 Foucault, , History of Sexuality I, p. 94 Google Scholar.

103 Albo, G., ‘The old and new economics of imperialism’, Socialist Register, 40 (2009), p. 94 Google Scholar.

104 Patton, P., ‘Foucault’s subject of power’, Political Theory Newsletter, 6 (1994), p. 71 Google Scholar. See also Ashenden, S. and Owen, D., ‘Introduction: Foucault, Habermas and the politics of critique’, in S. Ashenden and D. Owen (eds), Foucault Contra Habermas: Recasting the Dialogue between Genealogy and Critical Theory (London: Sage Publications, 1999), pp. 120 Google Scholar.

105 Foucault, , History of Sexuality I, pp. 9293 Google Scholar.

106 Ibid., p. 96.

107 Gordon, C., Power/Knowledge: Selected Interviews and Other Writings 1972–1977 (New York: Pantheon Books, 1980), p. 39 Google Scholar.

108 Foucault, , ‘The subject and power’, p. 792 Google Scholar.

109 Foucault, M., ‘Power, moral values and the intellectual’, History of the Present, 4 (1988), p. 11 Google Scholar. Interview originally conducted 3 November 1980 by Michael Bess. On structurally inscribed biases, refer to Bob Jessop’s work. Spanning several decades, Jessop’s work has attempted to marry the insights of Poulantzas and Foucault’s analyses. For an ‘easy’ introduction, refer to Jessop, B., ‘The strategic selectivity of the state: Reflections on a theme of Poulantzas’, Journal of the Hellenic Diaspora, 25:1–2 (1999), pp. 137 Google Scholar.

110 Foucault, , History of Sexuality I, p. 87 Google Scholar. See also, his work in Gordon, C., Power/Knowledge: Selected Interviews and Other, p. 77 Google Scholar.

111 M. Foucault, ‘Omnes et Singulatim: Towards a Criticism of “Political Reason”’, Tanner Lectures on Human Values (1979), available at: {http://tannerlectures.utah.edu/_documents/a-to-z/f/foucault81.pdf }, p. 254.

112 Cooper, M., ‘Complexity theory after the financial crisis: the death of neoliberalism or the triumph of Hayek?’, Journal of Cultural Economy, 4:4 (November 2011), pp. 371372 Google Scholar.

113 Ibid., p. 381. See also Jarvis, Darryl, ‘Theorising risk and uncertainty in International Relations: the contributions of Frank Knight’, International Relations, 25:3 (2011), p. 308 Google Scholar.

114 First quote is from Zebrowski, C., ‘Governing the network society: a bio-political critique of resilience’, Political Perspectives, 3:1 (2009), p. 9 Google Scholar and second is from Zebrowski, C., The Value of Resilience, p. 4 Google Scholar.

115 Haldane, A. and May, T., ‘Systemic risk in banking ecosystems’, Nature, 46 (2011), p. 354 Google Scholar. See also Haldane, A., ‘Why Banks Failed the Stress Test’, Marcus-Evans Conference on Stress-Testing (12 February 2009), pp. 123 Google Scholar and Gai, P., Haldane, A., and Kapadia, S., ‘Complexity, concentration and contagion’, Journal of Monetary Economics, 58:5 (2011), pp. 415536 Google Scholar.

116 Haldane, and May, , ‘Systemic risk in banking ecosystems’, p. 354 Google Scholar.

117 Vestergaard, J., Discipline in the Global Economy?: International Finance and the End of Liberalism New Political Economy (New York: Routledge, 2009)Google Scholar.

118 Foucault, , The Order of Things, p. 245 Google Scholar. On regulatory capture, refer to Underhill, G., Blom, J., and Mügge, D., Global Financial Integration Thirty Years On: From Reform to Crisis (New York: Cambridge University Press, 2010)Google Scholar; Porter, T., Globalization and Finance (Cambridge: Polity Press, 2005)Google Scholar; and Porter, T. and Ronit, K., ‘Self-regulation as policy process: the multiple and criss-crossing stages of private rule-making’, Policy Sciences, 39 (2006), pp. 4172 CrossRefGoogle Scholar. With regard to possible policies to address these issues, refer to Stefano Pagliari (ed.), The Making of Good Financial Regulation Towards a Policy Response to Regulatory Capture (June 2012), available at: {http://www.icffr.org/assets/pdfs/June-2012/ICFR-Regulatory-Capture-Book-25-June---The-Making-.aspx} accessed 12 August 2012.

119 Foucault, M., Security, Territory, Population: Lectures at the College de France 1977–78 (Basingstoke: Palgrave Macmillan, 2007), p. 21 Google Scholar.

120 Ibid., p. 20.

121 As Minsky pointed out, financial markets exhibit a repetitive cycle beginning with hedge or ‘normal’ financing in which the cash flow is ‘more than sufficient to meet contractual payment commitments’. However, the low profit yield associated with this type of lending leads to more speculative forms of financing in which income flows are enough to pay off the interest but not the principal leading to a ‘rolling over of maturing debt’. The assumption is that the financial asset will increase in value sufficiently to eventually cover the missed payments. The Ponzi form of finance is where the cash flow neither covers the interest or payment of principal due so that the actual ‘face amount of outstanding debt increases’. Minsky, H., Stabilizing an Unstable Economy (New York: McGraw and Hill, 2008), pp. 230231 Google Scholar. See also H. Minsky, ‘The Financial Instability Hypothesis’, Levy Economics Institute, Working Paper No. 74 (May 1992), pp. 1–10.

122 Konings, M., ‘Governing the system: Risk, finance and neoliberal reason’, European Journal of International Relations, 22:2 (2016), p. 273 Google Scholar.

123 Rose, N., ‘Government, authority and expertise in advanced liberalism’, Economy and Society, 22:3 (1993), p. 294 Google Scholar. See also O’Malley, Risk, Uncertainty and Government.

124 Burchell, G., ‘Peculiar interests: Civil society and governing “the system of natural liberty”’, in Burchell, Gordon, and Miller (eds), The Foucault Effect, pp. 145146 Google Scholar.

125 Miller, P. and Rose, N., ‘Governing economic life’, Economy and Society, 19:1 (1990), p. 24 Google Scholar.

126 Ibid., p. 9.

127 Froud, J., Johal, S., Montgomerie, J., and Williams, K., ‘Escaping the tyranny of earned income? The failure of finance as social innovation’, New Political Economy, 15:1 (2010), pp. 147164 Google Scholar and O’Malley, , Risk, Uncertainty and Government, p. 23 Google Scholar.

128 Ibid.

129 Langley, P., The Everyday Life of Global Finance: Saving and Borrowing in Anglo-America (Oxford: Oxford University Press, 2008), p. 52 Google Scholar.

130 Ibid., p. 55.

131 Ibid., p. 186. See also O’Malley, P., ‘Risk and responsibility’, in Barry, Osborne, and Rose (eds), Foucault And Political Reason (London: UCL Press, 1996), pp. 189208 Google Scholar.

132 O’Malley, P., ‘Resilient subjects: Uncertainty, warfare and liberalism’, Economy and Society, 39:4 (2010), p. 499 Google Scholar.

133 O’Malley, , ‘Uncertain governance’, p. 192 Google Scholar.

134 Directive 2014/59/Eu Of The European Parliament And Of The Council, 15 May 2014, Point 67 of the Preamble.

135 Ibid., p. 505.

136 Shamir, R., ‘The age of responsibilisation: on market embedded morality’, Economy and Society, 37:1 (2008), p. 8 Google Scholar.

137 OECD, ‘What Makes Labour Markets Resilient During Recessions’, available at: {http://www.oecd-ilibrary.org/employment/oecd-employment-outlook-2012/what-makes-labour-markets-resilient-during-recessions_empl_outlook-2012-3-en }, p. 57.

138 Davies, , ‘The limits of neoliberalism’, p. 154 Google Scholar.

139 Lazzarato, M., The Making of the Indebted Man: An Essay on the Neoliberal Condition (Los Angeles, California, Semiotext(e), 2011), p. 7 Google Scholar

140 Foucault, , Security, Territory, Population, p. 138 Google Scholar.

141 A. Sánchez, M. Rasmussen, and O. Röhn, ‘Economic Resilience: What Role for Policies?’, OECD Economics Department Working Papers, No. 1251 (Paris: OECD Publishing, 2015), doi: {http://dx.doi.org/10.1787/5jrxhgf61q5j-en }, p. 23.

142 This is very clear from the various memoranda of understanding that the Troika have signed with various national governments setting out bail-out conditions. See, for example, the Greek MOU: ‘Greece: Memorandum of Understanding for a Three-year ESM Programme’ (11 August 2015), available at: {http://online.wsj.com/public/resources/documents/ greecedoc.pdf}; the Portugese MOU: ‘Memorandum of Understanding on Specific Economic Policy Conditionality’ (17 May 2011), available at: {http://ec.europa.eu/economy_finance/eu_borrower/mou/2011-05-18-mou-portugal_en.pdf}. For an overview of the various policies, see J. Sapir, Pisani-Ferry, A., and Wolff, G., EU-IMF Assistance to Euro-Area Countries: An Early Assessment (Belgium: Bruegel Blueprint Series, 2013)Google Scholar.

143 Foucault in Gordon, C., Power/Knowledge: Selected Interviews and Other, p. 77 Google Scholar.

144 Laclau, E. and Mouffe, C., Hegemony and Socialist Strategy: Towards a Radical Democratic Politics (London: Verso, 2001), p. 178 Google Scholar.

145 Ibid., p. 168.

146 Fraser, N. and Nicholson, L, Social Criticism without Philosophy: An Encounter between Feminism and Post-Modernism (Duke University Press, 1989), p. 378 Google Scholar.

147 Foucault, , ‘What is enlightenment’, p. 46 Google Scholar.

148 M. Foucault, The Order of Things, chs 6 and 7.

149 It should be noted that Chandler suggests that the postmodern form of resilience thinking involves relational adaptability which differs from post hoc adaptability – ‘the subject survives and thrives on the basis of its ability to adapt or dynamically relate to its socioecological environment … Both subject and object are immersed in and are products of complex adaptive processes.’ Refer to Chandler, , Resilience: The Governance of Complexity, p. 8 Google Scholar.