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Italian municipalities and the politics of financial derivatives: rethinking the Foucauldian perspective

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journal contribution
posted on 20.09.2016, 13:57 by Andrea LagnaAndrea Lagna
© The Author(s) 2015.This study examines the use of interest rate swaps by Italian municipalities during the 2000-2014 period. Through a constructive critique of Foucauldian political economy, it argues that local administrators did not enter the swaps market to perform and depoliticize the disciplinary power of financialized discourses. The evidence suggests many more layers of historical complexity underlie the municipalities' actions than a Foucauldian approach can grasp. Local governments used swaps to circumvent the budget constraints imposed by the European Stability and Growth Pact. In this sense, municipalities acted more for political-strategic than for performative and depoliticized purposes. Rethinking the dimensions of performativity and disciplinary power - through an approach that is more sensitive than Foucauldian analysis to historical agency and asymmetrical power relations - is crucial to address the differential and politically shaped contours of financialization across the globe.

Funding

COST Action IS0902 provided financial support to this research (ECOST-STSM-IS0902-060812- 019528).

History

School

  • Business and Economics

Department

  • Business

Published in

Competition and Change

Volume

19

Issue

4

Pages

283 - 300

Citation

LAGNA, A., 2015. Italian municipalities and the politics of financial derivatives: rethinking the Foucauldian perspective. Competition and Change, 19(4), pp.283-300.

Publisher

Sage (© The Authors)

Version

AM (Accepted Manuscript)

Publisher statement

This work is made available according to the conditions of the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0) licence. Full details of this licence are available at: https://creativecommons.org/licenses/by-nc-nd/4.0/

Publication date

2015

Notes

This paper was accepted for publication in the journal Competition and Change and the definitive published version is available at http://dx.doi.org/10.1177/1024529415581969

ISSN

1024-5294

eISSN

1477-2221

Language

en