By Christian Marazzi
An enormous theorist within the Italian postfordist move deals an intensive new figuring out of the present overseas financial state of affairs.
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Additional info for Capital and Language: From the New Economy to the War Economy (Semiotext(e) Foreign Agents)
A historical reconstruction of financial globalization over the last twenty years, as we have seen, allows us to characterize disinfla tion (the progressive reduction of the rate of inflation) as a structural process initiated before the Asian crisis, before, that is, the crisis that is generally considered as the primary cause of the drop in prices in internationally traded goods. This fact is extremely important, in the first place because it locates the beginning of the disinflationary process at the apex of the international economy, namely in the United States, with Volker's monetarist reversal in October 1 979.
This by way of saying, moreover, that if we believe it is right to fight for the reduc tion of work time it is because reducing work time is above all an objective tied to the quality of life, and not to the need to create new jobs. The reduction of work hours is a project for the future; it is not the current state of affairs. The ethical dimension, if you will, of the reduction of working hours shows itself in the struggle to improve the quality of life, not in the desire to free up j obs. And the same goes, furthermore, for the history of the labor movement's fight to reduce working hours, from Marx onwards.
In the second place, the disinfationary process finds its overall trans formative strength in the contradiction between the tradition of monetary language and the innovation of capital enhancement processes. It is the resistance of the traditional Fordist-inflationist languages (both workers' resistance and the resistance of Keynesian rationality: the top-down rigidity of the salary variable) in the face of the attack by capital against the working class that is at the origin of one of the most spectacular leaps forward in technology and processes of financialization in the history of capitalism.
Capital and Language: From the New Economy to the War Economy (Semiotext(e) Foreign Agents) by Christian Marazzi