Gotowa bibliografia na temat „Crises and panics, 1929-1932”

Stock market panics involve major psychological elements, and fear appears in the form of a reference to past events that seem to have analogies. Not only was 1929 an example of this process, in that the participants thought in terms of previous crises, but 1929 has also become the standard against which subsequent events are judged.

The First Insouciant Spell "The First Insouciant Spell" is one of the key chapters from Joan Reardon's Poet of the Appetites: The Lives and Loves of M.F.K. Fisher in which the newly-married Mary Frances Kennedy sails from California with her husband Alfred Fisher to study in France. They enroll at the University of Dijon, where she learns the language and literature of the country and is initiated into the gastronomy of Burgundy, one of the famous wine-growing regions of France. Living in a pension in the midst of family celebrations and crises gave Fisher an intimate knowledge of the closed circle of French family life, and it supplied her with a cast of characters she would introduce into her books over the years. It was in Dijon also that she developed her special fondness for waiters, shopkeepers, and taxi drivers, and the experience inspired her earliest writings about food and wine.

Financial crises have regularly afflicted economies throughout history and the United States has been no exception. This paper examines the Panic of 1907, the Crash of 1929 and the Great Depression and the Great Recession of 2007-08 and discusses the responses of the government and regulators. The short version of the story is that the while the government response has varied in terms of monetary and fiscal policy, the regulatory response has remained essentially the same. The typical reactive regulation sounds good and gives the appearance of accomplishing something but, in fact, only serves to sow the seeds of future crises. The ineffective implementation of existing regulation has had a similar result. Indeed, several authors note that most financial innovation in recent years has its origins in circumventing new regulations. Likewise, government monetary and fiscal responses may or may not help the economy and often give the appearance of great arbitrariness. Our conclusion is that there will be unforeseen financial crises in the future, sweeping regulation and promises of recent politicians notwithstanding. Serious study of the unanticipated consequences of this regulation and the development of more robust risk management systems will help us mitigate the effects of future crises but will be of little assistance when it comes to avoiding them. Developing the analyses and risk management systems requires a detailed study of financial history keep both successes and failures fresh in our collective memory.

Na de Eerste Wereldoorlog en de invoering van het enkelvoudig stemrecht voor mannen werd de socialistische partij bijna even groot als de katholieke. De verkiezingen verscherpten de regionale en ideologische asymmetrie. De katholieke partij behield de absolute meerderheid in Vlaanderen, de socialistische verwierf een gelijkaardige positie in Wallonië. Nationaal werden coalitieregeringen noodzakelijk. In de Kamer veroverden zowel de socialisten als de christendemocratische vleugel een machtsbasis, maar tot de regering doordringen bleek veel moeilijker. Die bleven gedomineerd door de conservatieve katholieke vleugel en de liberale partij, met steun van de koning en van de haute finance. Eenmaal het socialistische minimumprogramma uit angst voor een sociale revolutie aanvaard (1918-1921), werden de socialisten nog slechts getolereerd tijdens crisissituaties of als het niet anders kon (1925-1927, 1935-1940). Het verklaart een toenemende frustratie bij Waalse socialisten. Tevens bemoeilijkte hun antiklerikalisme de samenwerking van Vlaamse socialisten met christendemocraten en Vlaamsgezinden, zoals in Antwerpen, en dat gold ook voor de vorming van regeringen. In de BWP waren de verhoudingen veranderd. De macht lag nu gespreid over vier actoren: de federaties, het partijbestuur, de parlementsfractie en eventueel de ministers. De eenheid was bij momenten ver zoek. In 1919 was het Vlaamse socialisme veel sterker geworden. In Vlaanderen behaalde het 24 zetels (18 meer dan in 1914) en werd het met 25,5% de tweede grootste partij. Bovendien was de dominantie van Gent verschoven naar Antwerpen, dat met zes zetels de vierde grootste federatie van de BWP werd. Het aantrekken van Camille Huysmans als boegbeeld versterkte haar Vlaamsgezind profiel. In een eerste fase moest Huysmans nog de Vlaamse kwestie als een vrije kwestie verdedigen. Zelfs tegen de Gentse en de Kortrijkse federatie in, die de vooroorlogse Vlaamsgezinde hoofdeis – de vernederland-sing van de Gentse universiteit – hadden losgelaten. Naar 1930 toe, de viering van honderd jaar België, was de Vlaamse beweging opnieuw sterker geworden en werd gevreesd voor de electorale doorbraak van een Vlaams-nationalistische partij. Een globale oplossing voor het Vlaamse probleem begon zich op te dringen. Dat gold ook voor de BWP. Interne tegenstellingen moesten overbrugd worden zodat, gezien de financiële crisis, de sociaaleconomische thema’s alle aandacht konden krijgen. Daarbij stonden de eenheid van België en van de partij voorop. In maart 1929 leidde dit tot het ‘Compromis des Belges’ en een paar maanden later tot het minder bekende en radicalere partijstandpunt, het ‘Compromis des socialistes belges’. Voortbouwend op de vooroorlogse visie van het bestaan van twee volken binnen België, werd dit doorgetrokken tot het recht op culturele autonomie van elk volk, gebaseerd op het principe van regionale eentaligheid, ten koste van de taalminderheden. Voor de Vlaamse socialisten kwam dit neer op een volledige vernederlandsing van Vlaanderen, te beginnen met het onderwijs en de Gentse universiteit. Niet zonder enige tegenzin ging een meerderheid van Waalse socialisten daarmee akkoord. In ruil eisten zij dat in België werd afgezien van elke vorm van verplichte tweetaligheid, gezien als een vorm van Vlaams kolonialisme. Eentalige Walen hadden in Wallonië en in nationale instellingen (leger, centrale besturen) recht op aanwerving en carrière zonder kennis van het Nederlands, zoals ook de kennis ervan als tweede landstaal in Wallonië niet mocht worden opgelegd. De betekenis van dit interne compromis kreeg in de historiografie onvoldoende aandacht. Dat geldt ook voor de vaststelling dat beide nationale arbeidersbewegingen, de BWP vanuit de oppositie, in 1930-1932 mee de invoering van het territorialiteitsbeginsel hebben geforceerd. Een tussentijdse fase C uit het model van Miroslav Hroch.________‘Frenemies’? 2Communitarian tensions in the Socialist Party 1919-1940. Division, Compromise. Crisis. Part One: 1918-1935After the First World War and the introduction of simple universal male suffrage, the Socialist Party was almost as large as the Catholic Party. Elections sharpened the regional and ideological asymmetry. The Catholic Party maintained an absolute majority in Flanders; the Socialists acquired a similar position in Wallonia. Coalition gov-ernments were a necessity at the national level. In the Chamber, both the Socialists and the Christian Democratic wing of the Catholics had a strong base of power, but entering in the government turned out to be much more difficult. Governments remained dominated by the conservative wing of the Catholic Party and by the Liberal Party, with support from the king and high finance. Once the Socialist minimum program had been accepted out of fear of a social revolution in the years 1918-1921, the Socialists were only tolerated in government during crises or in case there was no other possibility (1925-1927, 1935-1940). This explains an increasing frustration among Walloon Socialists. At the same time, Flemish Socialists’ anticlericalism hindered their cooperation with Christian Democrats and members of the Flemish Movement, as in Antwerp, and that also held true for the forming of national governments.In the Belgian Workers’ Party (BWP), balance had changed. Power now lay spread among four actors: the federations, the party administration, the parliamentary faction, and sometimes, government ministers. Unity was sometimes hard to find. In 1919 Flemish socialism became much stronger. In Flanders it took 25 seats (18 more than in 1914) and, with 25.5% of the vote, was the second-largest party. In addition, the centre of gravity moved from Ghent to Antwerp, which with six seats became the fourth-largest federation in the BWP. Camille Huysmans’s appeal as the figurehead strengthened its profile with regard to the Flemish Movement. At first, Huysmans had to defend the treatment of the Flemish Question as a matter of individual conscience for party members, even against the Ghent and Kortrijk federations, which had abandoned the foremost pre-war demand of the Flemish Movement, the transformation of the University of Ghent into a Dutch-language institution. As 1930, the centenary of Belgium, approached, the Flemish Movement became stronger once again and an electoral breakthrough by a Flemish nationalist party was feared. An overall solution to the Flemish problem was pressing, also in the BWP. Internal divisions needed to be bridged in order to give full attention to socioeconomic questions, in light of the financial crisis. The unity of Belgium and of the party came first and foremost. In 1929 this led to the ‘Compromis des Belges’ (Compromise of the Belgians) and a few months later to the lesser-known but more radical position of the party, the ‘Compromise of the Belgian Socialists’. Building on the pre-war vision of the existence of two peoples within Belgium, this point of view was imbued with the right of each people to cultural autonomy, based on the principle of regional monolingualism, at the expense of linguistic minorities. For Flemish socialists this came down to a full transformation of Flanders into a Dutch-speaking society, beginning with education and the University of Ghent. The majority of Walloon socialists went along with this, though not without some reluctance. In return, they demanded the elimination of any form of required bilingualism in Belgium, which they saw as a form of Flemish colonialism. In Wallonia and in national institutions (the army, the central administration), monolingual Walloons had a right to be recruited and have a career without a knowledge of Dutch, just as knowledge of Dutch as a second national language was not supposed to be imposed in Wallonia. The significance of this internal compromise has received insufficient attention in the historiography. The same observation applies to the finding that both national workers’ movements – the BWP from the ranks of the opposition – forced the introduction of the principle of territoriality in 1930-1932: an interim phase C of Miroslav Hroch’s model.

O objetivo dessa pesquisa foi estudar qual das grandes crises financeiras do século XX (crash de 29 e crise dos subprimes de 2008) foi mais danosa ao Banco do Brasil, a maior instituição financeira do país. Para isso, analisamos os Relatórios Anuais dos períodos de 1926 a 1932 e de 2005 a 2011, focando em sete pontos fundamentais: totais de ativos e passivos; operações de crédito; funding; patrimônio líquido contábil; rentabilidade, valores de bolsa e dividendos pagos. Verificamos que a crise de 1929 foi muito mais dura que aquela de 2008. Isso é explicado fundamentalmente pela função de financiador do governo na crise da produção cafeeira dos anos de 1920 e de 1930 e pelo impacto “positivo” causado pela crise dos subprimes, que elevou a captação do Banco do Brasil, por ser considerado safe harbor pelos investidores.

Tasikmalaya Regency, under the government of Raden Adipati Aria Wiratanuningrat, experienced significant developments in batik, woven and cloth, factory construction, market development, transportation, economic centers, and the development of cooperation. This development was also followed by challenges that must be passed because, at that time, Tasikmalaya Regency faced a situation due to the world depression from 1929-1937. The purpose of this study was to describe the economic crisis of Tasikmalaya Regency during the reign of Raden Adipati Aria Wiratanuningrat. The method used is the historical method, a systematic set of principles and rules intended to assist in collecting historical sources, assessing them critically, and presenting a synthesis of the results achieved. The results found in this study include that Raden Adipati Aria Wiratanuningrat was able to make the people of Tasikmalaya Regency not panic when facing the impact of the world depression from 1929-1937. He can also provide solutions so that the economic situation continues to develop in a world depression. One solution is to build cooperation so that the business followed by the community continues. Economic developments that can be seen are the industrial centers of batik, woven cloth, hats, and umbrellas. There is also an increase in the number of factories, a wholesale market, and means of transportation that can facilitate the mobilization of the community and entrepreneurs.Keywords: Sukapura Regency, Tasikmalaya Regency, Raden Adipati Aria Wiratanuningrat, Priangan RegentKabupaten Tasikmalaya di bawah pemerintahan Raden Adipati Aria Wiratanuningrat mengalami perkembangan yang cukup signifikan di bidang kerajinan batik, anyaman dan kain, pembangunan pabrik, pembangunan pasar, transportasi, sentra ekonomi, dan berkembangnya cooperation. Adapun perkembangan ini juga diikuti dengan tantangan yang harus dilaluinya karena pada masa itu Kabupaten Tasikmalaya menghadapi situasi akibat depresi dunia pada tahun 1929-1937. Tujuan dari penelitian ini adalah untuk mengetahui gambaran situasi perekonomian Kabupaten Tasikmalaya pada masa pemerintahan Raden Adipati Aria Wiratanuningrat. Metode yang digunakan adalah metode sejarah, yaitu seperangkat prinsip dan aturan yang sistematis yang dimaksudkan untuk membantu dalam pengumpulan sumber-sumber sejarah, menilainya secara kritis, dan menyajikan suatu sintesis hasil yang dicapai. Hasil yang ditemukan pada penelitian ini di antaranya adalah Raden Adipati Aria Wiratanuningrat mampu membuat masyarakat Kabupaten Tasikmalaya untuk tidak panik saat menghadapi dampak depresi dunia pada tahun 1929-1937. Dia juga mampu memberikan solusi agar situasi perekonomian tetap berkembang dalam keadaan depresi dunia. Salah satu solusinya adalah mengembangkan cooperation agar usaha yang diikuti oleh masyarakatnya tetap berjalan. Perkembangan perekonomian yang terlihat yaitu adanya sentra industri kerajinan batik, anyaman dan kain, topi, dan payung. Terdapat juga peningkatan jumlah pabrik, adanya pasar induk, alat transportasi yang dapat memfasilitasi mobilisasi masyarakat dan pengusaha.Kata Kunci: Kabupaten Sukapura, Kabupaten Tasikmalaya, Raden Adipati Aria Wiratanuningrat, Bupati Priangan

This is a global comparative analysis of the social, political and economic experiences, effects and consequences of the COVID-19 pandemic. Part of it was written during an early stage of the pandemic and captures some of the initial reactions of competitive international panic. It demonstrates the new class structuration resulting from the management of the viral onslaught. It distinguishes coping and failing states of the pandemic world, and discusses the reasons for them. It highlights the widespread and rapid abandonment of neoliberal economic policies, a change spearheaded by the former vanguard of neoliberalism, the USA and the UK. The end of neoliberalism is also related to the change of the political economy of the world, from capitalist globalization to imperial and national geopolitics. The decisive reason for the turn was the realization by the US elite in the 2010s that China was winning the game of competitive market globalization. In the new game of geopolitics state interests, state security and state power are paramount. This process had started earlier but was accentuated during the pandemic, and accelerated with the Ukraine war, which also has clarified that the new geopolitical era may be the beginning of the endgame of the semi-millennial western domination of the world. The western powers draw closer together, after the early pandemic free-for-all, while the rest of world increasingly asserts its independence. The article ends with a discussion of the post-pandemic near future in terms of historical post-crisis parallels from European history. Finding ‘1945’ and ‘1932’ inappropriate, in contrast to early hopes and assessments, the conclusion is that the current world of the North most resembles a before- rather than an after-moment, the summer of 1914, when the world ‘sleepwalked’ into the mass slaughter of the First World War.

Diaspora This article looks at diaspora through the transformations of an established public service broadcaster, the BBC World Service, by considering some of the findings of the AHRC-funded Tuning In: Contact Zones at the BBC World Service, which is part of the Diasporas, Migration and Identities program. Tuning In has six themes, each of which focuses upon the role of the BBC WS: The Politics of Translation, Diasporic Nationhood, Religious Transnationalism, Sport across Diasporas, Migrating Music and Drama for Development. The World Service, which was until 2011 funded by the Foreign Office, was set up to cater for the British diaspora and had the specific remit of transmitting ideas about Britishness to its audiences overseas. Tuning In demonstrates interrelationships between the global and the local in the diasporic contact zone of the BBC World Service, which has provided a mediated home for the worldwide British diaspora since its inception in 1932. The local and the global have merged, elided, and separated at different times and in different spaces in the changing story of the BBC (Briggs). The BBC WS is both local and global with activities that present Britishness both at home and abroad. The service has, however, come a long way since its early days as the Empire Service. Audiences for the World Service’s 31 foreign language services, radio, television, and Internet facilities include substantive non-British/English-speaking constituencies, rendering it a contact zone for the exploration of ideas and political opportunities on a truly transnational scale. This heterogeneous body of exilic, refugee intellectuals, writers, and artists now operates alongside an ongoing expression of Britishness in all its diverse reconfiguration. This includes the residual voice of empire and its patriarchal paternalism, the embrace of more recent expressions of neoliberalism as well as traditional values of impartiality and objectivism and, in the case of the arts, elements of bohemianism and creative innovation. The World Service might have begun as a communication system for the British ex-pat diaspora, but its role has changed along with the changing relationship between Britain and its colonial past. In the terrain of sport, for example, cricket, the “game of empire,” has shifted from Britain to the Indian subcontinent (Guha) with the rise of “Twenty 20” and the Indian Premier League (IPL); summed up in Ashis Nandy’s claim that “cricket is an Indian game accidentally discovered by the English” (Nandy viii). English county cricket dominated the airways of the World Service well into the latter half of the twentieth century, but the audiences of the service have demanded a response to social and cultural change and the service has responded. Sport can thus be seen to have offered a democratic space in which new diasporic relations can be forged as well as one in which colonial and patriarchal values are maintained. The BBC WS today is part of a network through which non-British diasporic peoples can reconnect with their home countries via the service, as well as an online forum for debate across the globe. In many regions of the world, it continues to be the single most trusted source of information at times of crisis and disaster because of its traditions of impartiality and objectivity, even though (as noted in the article on Al-Jazeera in this special issue) this view is hotly contested. The principles of objectivity and impartiality are central to the BBC WS, which may seem paradoxical since it is funded by the Commonwealth and Foreign office, and its origins lie in empire and colonial discourse. Archive material researched by our project demonstrates the specifically ideological role of what was first called the Empire Service. The language of empire was deployed in this early programming, and there is an explicit expression of an ideological purpose (Hill). For example, at the Imperial Conference in 1930, the service was supported in terms of its political powers of “strengthening ties” between parts of the empire. This view comes from a speech by John Reith, the BBC’s first Director General, which was broadcast when the service opened. In this speech, broadcasting is identified as having come to involve a “connecting and co-ordinating link between the scattered parts of the British Empire” (Reith). Local British values are transmitted across the globe. Through the service, empire and nation are reinstated through the routine broadcasting of cyclical events, the importance of which Scannell and Cardiff describe as follows: Nothing so well illustrates the noiseless manner in which the BBC became perhaps the central agent of national culture as its cyclical role; the cyclical production year in year out, of an orderly, regular progression of festivities, rituals and celebrations—major and minor, civic and sacred—that mark the unfolding of the broadcast year. (278; italics in the original) State occasions and big moments, including those directly concerned with governance and affairs of state, and those which focused upon sport and religion, were a big part in these “noiseless” cycles, and became key elements in the making of Britishness across the globe. The BBC is “noiseless” because the timetable is assumed and taken for granted as not only what is but what should be. However, the BBC WS has been and has had to be responsive to major shifts in global and local—and, indeed, glocal—power geometries that have led to spatial transformations, notably in the reconfiguration of the service in the era of postcolonialism. Some of these massive changes have involved the large-scale movement of people and a concomitant rethinking of diaspora as a concept. Empire, like nation, operates as an “imagined community,” too big to be grasped by individuals (Anderson), as well as a material actuality. The dynamics of identification are rarely linear and there are inconsistencies and disruptions: even when the voice is officially that of empire, the practice of the World Service is much more diverse, nuanced, and dialogical. The BBC WS challenges boundaries through the connectivities of communication and through different ways of belonging and, similarly, through a problematisation of concepts like attachment and detachment; this is most notable in the way in which programming has adapted to new diasporic audiences and in the reworkings of spatiality in the shift from empire to diversity via multiculturalism. There are tensions between diaspora and multiculturalism that are apparent in a discussion of broadcasting and communication networks. Diaspora has been distinguished by mobility and hybridity (Clifford, Hall, Bhaba, Gilroy) and it has been argued that the adjectival use of diasporic offers more opportunity for fluidity and transformation (Clifford). The concept of diaspora, as it has been used to explain the fluidity and mobility of diasporic identifications, can challenge more stabilised, “classic” understandings of diaspora (Chivallon). A hybrid version of diaspora might sit uneasily with a strong sense of belonging and with the idea that the broadcast media offer a multicultural space in which each voice can be heard and a wide range of cultures are present. Tuning In engaged with ways of rethinking the BBC’s relationship to diaspora in the twenty-first century in a number of ways: for example, in the intersection of discursive regimes of representation; in the status of public service broadcasting; vis-à-vis the consequences of diverse diasporic audiences; through the role of cultural intermediaries such as journalists and writers; and via global economic and political materialities (Gillespie, Webb and Baumann). Tuning In thus provided a multi-themed and methodologically diverse exploration of how the BBC WS is itself a series of spaces which are constitutive of the transformation of diasporic identifications. Exploring the part played by the BBC WS in changing and continuing social flows and networks involves, first, reconfiguring what is understood by transnationalism, diaspora, and postcolonial relationalities: in particular, attending to how these transform as well as sometimes reinstate colonial and patriarchal discourses and practices, thus bringing together different dimensions of the local and the global. Tuning In ranges across different fields, embracing cultural, social, and political areas of experience as represented in broadcasting coverage. These fields illustrate the educative role of the BBC and the World Service that is also linked to its particular version of impartiality; just as The Archers was set up to provide information and guidance through a narrative of everyday life to rural communities and farmers after the Second World War, so the Afghan version plays an “edutainment” role (Skuse) where entertainment also serves an educational, public service information role. Indeed, the use of soap opera genre such as The Archers as a vehicle for humanitarian and health information has been very successful over the past decade, with the “edutainment” genre becoming a feature of the World Service’s broadcasting in places such as Rwanda, Somalia, Nigeria, India, Nepal, Burma, Afghanistan, and Cambodia. In a genre that has been promoted by the World Service Trust, the charitable arm of the BBC WS uses drama formats to build transnational production relationships with media professionals and to strengthen creative capacities to undertake behaviour change through communication work. Such programming, which is in the tradition of the BBC WS, draws upon the service’s expertise and exhibits both an ideological commitment to progressive social intervention and a paternalist approach drawing upon colonialist legacies. Nowadays, however, the BBC WS can be considered a diasporic contact zone, providing sites of transnational intra-diasporic contact as well as cross-cultural encounters, spaces for cross-diasporic creativity and representation, and a forum for cross-cultural dialogue and potentially cosmopolitan translations (Pratt, Clifford). These activities are, however, still marked by historically forged asymmetric power relations, notably of colonialism, imperialism, and globalisation, as well as still being dominated by hegemonic masculinity in many parts of the service, which thus represent sites of contestation, conflict, and transgression. Conversely, diasporic identities are themselves co-shaped by media representations (Sreberny). The diasporic contact zone is a relational space in which diasporic identities are made and remade and contested. Tuning In employed a diverse range of methods to analyse the part played by the BBC WS in changing and continuing social and cultural flows, networks, and reconfigurations of transnationalisms and diaspora, as well as reinstating colonial, patriarchal practices. The research deconstructed some assumptions and conditions of class-based elitism, colonialism, and patriarchy through a range of strategies. Texts are, of course, central to this work, with the BBC Archives at Caversham (near Reading) representing the starting point for many researchers. The archive is a rich source of material for researchers which carries a vast range of data including fragile memos written on scraps of paper: a very local source of global communications. Other textual material occupies the less locatable cyberspace, for example in the case of Have Your Say exchanges on the Web. People also featured in the project, through the media, in cyberspace, and physical encounters, all of which demonstrate the diverse modes of connection that have been established. Researchers worked with the BBC WS in a variety of ways, not only through interviews and ethnographic approaches, such as participant observation and witness seminars, but also through exchanges between the service, its practitioners, and the researchers (for example, through broadcasts where the project provided the content and the ideas and researchers have been part of programs that have gone out on the BBC WS (Goldblatt, Webb), bringing together people who work for the BBC and Tuning In researchers). On this point, it should be remembered that Bush House is, itself, a diasporic space which, from its geographical location in the Strand in London, has brought together diasporic people from around the globe to establish international communication networks, and has thus become the focus and locus of some of our research. What we have understood by the term “diasporic space” in this context includes both the materialities of architecture and cyberspace which is the site of digital diasporas (Anderssen) and, indeed, the virtual exchanges featured on “Have Your Say,” the online feedback site (Tuning In). Living the Glocal The BBC WS offers a mode of communication and a series of networks that are spatially located both in the UK, through the material presence of Bush House, and abroad, through the diasporic communities constituting contemporary audiences. The service may have been set up to provide news and entertainment for the British diaspora abroad, but the transformation of the UK into a multi-ethnic society “at home,” alongside its commitment to, and the servicing of, no less than 32 countries abroad, demonstrates a new mission and a new balance of power. Different diasporic communities, such as multi-ethnic Londoners, and local and British Muslims in the north of England, demonstrate the dynamics and ambivalences of what is meant by “diaspora” today. For example, the BBC and the WS play an ambiguous role in the lives of UK Muslim communities with Pakistani connections, where consumers of the international news can feel that the BBC is complicit in the conflation of Muslims with terrorists. Engaging Diaspora Audiences demonstrated the diversity of audience reception in a climate of marginalisation, often bordering on moral panic, and showed how diasporic audiences often use Al-Jazeera or Pakistani and Urdu channels, which are seen to take up more sympathetic political positions. It seems, however, that more egalitarian conversations are becoming possible through the channels of the WS. The participation of local people in the BBC WS global project is seen, for example, as in the popular “Witness Seminars” that have both a current focus and one that is projected into the future, as in the case of the “2012 Generation” (that is, the young people who come of age in 2012, the year of the London Olympics). The Witness Seminars demonstrate the recuperation of past political and social events such as “Bangladesh in 1971” (Tuning In), “The Cold War seminar” (Tuning In) and “Diasporic Nationhood” (the cultural movements reiterated and recovered in the “Literary Lives” project (Gillespie, Baumann and Zinik). Indeed, the WS’s current focus on the “2012 Generation,” including an event in which 27 young people (each of whom speaks one of the WS languages) were invited to an open day at Bush House in 2009, vividly illustrates how things have changed. Whereas in 1948 (the last occasion when the Olympic Games were held in London), the world came to London, it is arguable that, in 2012, in contemporary multi-ethnic Britain, the world is already here (Webb). This enterprise has the advantage of giving voice to the present rather than filtering the present through the legacies of colonialism that remain a problem for the Witness Seminars more generally. The democratising possibilities of sport, as well as the restrictions of its globalising elements, are well represented by Tuning In (Woodward). Sport has, of course become more globalised, especially through the development of Internet and satellite technologies (Giulianotti) but it retains powerful local affiliations and identifications. At all levels and in diverse places, there are strong attachments to local and national teams that are constitutive of communities, including diasporic and multi-ethnic communities. Sport is both typical and distinctive of the BBC World Service; something that is part of a wider picture but also an area of experience with a life of its own. Our “Sport across Diasporas” project has thus explored some of the routes the World Service has travelled in its engagement with sport in order to provide some understanding of the legacy of empire and patriarchy, as well as engaging with the multiplicities of change in the reconstruction of Britishness. Here, it is important to recognise that what began as “BBC Sport” evolved into “World Service Sport.” Coverage of the world’s biggest sporting events was established through the 1930s to the 1960s in the development of the BBC WS. However, it is not only the global dimensions of sporting events that have been assumed; so too are national identifications. There is no question that the superiority of British/English sport is naturalised through its dominance of the BBC WS airways, but the possibilities of reinterpretation and re-accommodation have also been made possible. There has, indeed, been a changing place of sport in the BBC WS, which can only be understood with reference to wider changes in the relationship between broadcasting and sport, and demonstrates the powerful synchronies between social, political, technological, economic, and cultural factors, notably those that make up the media–sport–commerce nexus that drives so much of the trajectory of contemporary sport. Diasporic audiences shape the schedule as much as what is broadcast. There is no single voice of the BBC in sport. The BBC archive demonstrates a variety of narratives through the development and transformation of the World Service’s sports broadcasting. There are, however, silences: notably those involving women. Sport is still a patriarchal field. However, the imperial genealogies of sport are inextricably entwined with the social, political, and cultural changes taking place in the wider world. There is no detectable linear narrative but rather a series of tensions and contradictions that are reflected and reconfigured in the texts in which deliberations are made. In sport broadcasting, the relationship of the BBC WS with its listeners is, in many instances, genuinely dialogic: for example, through “Have Your Say” websites and internet forums, and some of the actors in these dialogic exchanges are the broadcasters themselves. The history of the BBC and the World Service is one which manifests a degree of autonomy and some spontaneity on the part of journalists and broadcasters. For example, in the case of the BBC WS African sports program, Fast Track (2009), many of the broadcasters interviewed report being able to cover material not technically within their brief; news journalists are able to engage with sporting events and sports journalists have covered social and political news (Woodward). Sometimes this is a matter of taking the initiative or simply of being in the right place at the right time, although this affords an agency to journalists which is increasingly unlikely in the twenty-first century. The Politics of Translation: Words and Music The World Service has played a key role as a cultural broker in the political arena through what could be construed as “educational broadcasting” via the wider terrain of the arts: for example, literature, drama, poetry, and music. Over the years, Bush House has been a home-from-home for poets: internationalists, translators from classical and modern languages, and bohemians; a constituency that, for all its cosmopolitanism, was predominantly white and male in the early days. For example, in the 1930s and 1940s, Louis MacNeice was commissioning editor and surrounded by a friendship network of salaried poets, such as W. H. Auden, Dylan Thomas, C. Day Lewis, and Stephen Spender, who wrote and performed their work for the WS. The foreign language departments of the BBC WS, meanwhile, hired émigrés and exiles from their countries’ educated elites to do similar work. The biannual, book-format journal Modern Poetry in Translation (MPT), which was founded in 1965 by Daniel Weissbort and Ted Hughes, included a dedication in Weissbort’s final issue (MPT 22, 2003) to “Poets at Bush House.” This volume amounts to a celebration of the BBC WS and its creative culture, which extended beyond the confines of broadcasting spaces. The reminiscences in “Poets at Bush House” suggest an institutional culture of informal connections and a fluidity of local exchanges that is resonant of the fluidity of the flows and networks of diaspora (Cheesman). Music, too, has distinctive characteristics that mark out this terrain on the broadcast schedule and in the culture of the BBC WS. Music is differentiated from language-centred genres, making it a particularly powerful medium of cross-cultural exchange. Music is portable and yet is marked by a cultural rootedness that may impede translation and interpretation. Music also carries ambiguities as a marker of status across borders, and it combines aesthetic intensity and diffuseness. The Migrating Music project demonstrated BBC WS mediation of music and identity flows (Toynbee). In the production and scheduling notes, issues of migration and diaspora are often addressed directly in the programming of music, while the movement of peoples is a leitmotif in all programs in which music is played and discussed. Music genres are mobile, diasporic, and can be constitutive of Paul Gilroy’s “Black Atlantic” (Gilroy), which foregrounds the itinerary of West African music to the Caribbean via the Middle Passage, cross-fertilising with European traditions in the Americas to produce blues and other hybrid forms, and the journey of these forms to Europe. The Migrating Music project focused upon the role of the BBC WS as narrator of the Black Atlantic story and of South Asian cross-over music, from bhangra to filmi, which can be situated among the South Asian diaspora in east and south Africa as well as the Caribbean where they now interact with reggae, calypso, Rapso, and Popso. The transversal flows of music and lyrics encompasses the lived experience of the different diasporas that are accommodated in the BBC WS schedules: for example, they keep alive the connection between the Irish “at home” and in the diaspora through programs featuring traditional music, further demonstrating the interconnections between local and global attachments as well as points of disconnection and contradiction. Textual analysis—including discourse analysis of presenters’ speech, program trailers and dialogue and the BBC’s own construction of “world music”—has revealed that the BBC WS itself performs a constitutive role in keeping alive these traditions. Music, too, has a range of emotional affects which are manifest in the semiotic analyses that have been conducted of recordings and performances. Further, the creative personnel who are involved in music programming, including musicians, play their own role in this ongoing process of musical migration. Once again, the networks of people involved as practitioners become central to the processes and systems through which diasporic audiences are re-produced and engaged. Conclusion The BBC WS can claim to be a global and local cultural intermediary not only because the service was set up to engage with the British diaspora in an international context but because the service, today, is demonstrably a voice that is continually negotiating multi-ethnic audiences both in the UK and across the world. At best, the World Service is a dynamic facilitator of conversations within and across diasporas: ideas are relocated, translated, and travel in different directions. The “local” of a British broadcasting service, established to promote British values across the globe, has been transformed, both through its engagements with an increasingly diverse set of diasporic audiences and through the transformations in how diasporas themselves self-define and operate. On the BBC WS, demographic, social, and cultural changes mean that the global is now to be found in the local of the UK and any simplistic separation of local and global is no longer tenable. The educative role once adopted by the BBC, and then the World Service, nevertheless still persists in other contexts (“from Ambridge to Afghanistan”), and clearly the WS still treads a dangerous path between the paternalism and patriarchy of its colonial past and its responsiveness to change. In spite of competition from television, satellite, and Internet technologies which challenge the BBC’s former hegemony, the BBC World Service continues to be a dynamic space for (re)creating and (re)instating diasporic audiences: audiences, texts, and broadcasters intersect with social, economic, political, and cultural forces. The monologic “voice of empire” has been countered and translated into the language of diversity and while, at times, the relationship between continuity and change may be seen to exist in awkward tension, it is clear that the Corporation is adapting to the needs of its twenty-first century audience. ReferencesAnderson, Benedict. Imagined Communities, Reflections of the Origin and Spread of Nationalism. London: Verso, 1983. Anderssen, Matilda. “Digital Diasporas.” 2010. 30 Nov. 2010 ‹http://www8.open.ac.uk/researchprojects/diasporas/cross-research/digital-diasporas›. Bhabha, Homi. The Location of Culture. London: Routledge, 1994. Briggs, Asa. A History of Broadcasting in the United Kingdom, Volume II: The Golden Age of Wireless. Oxford: Oxford UP, 1995. Cheesman, Tom. “Poetries On and Off Air.” 2010. 30 Nov. 2010 ‹http://www8.open.ac.uk/researchprojects/diasporas/cross-research/bush-house-cultures›. Chivallon, Christine. “Beyond Gilroy’s Black Atlantic: The Experience of the African Diaspora.” Diaspora 11.3 (2002): 359–82. Clifford, James. Routes: Travel and Translation in the Late Twentieth Century. Cambridge: Cambridge UP, 1997. Fast Track. BBC, 2009. 30 Nov. 2010 ‹http://www.bbc.co.uk/worldservice/sport/2009/03/000000_fast_track.shtml›. Gillespie, Marie, Alban Webb, and Gerd Baumann (eds.). “The BBC World Service 1932–2007: Broadcasting Britishness Abroad.” Special Issue. The Historical Journal of Film, Radio and Television 28.4 (Oct. 2008). Gillespie, Marie, Gerd Baumann, and Zinovy Zinik. “Poets at Bush House.” 2010. 30 Nov. 2010 ‹http://www8.open.ac.uk/researchprojects/diasporas/about›. Gilroy, Paul. Black Atlantic. MA: Harvard UP, 1993. Giulianotti, Richard. Sport: A Critical Sociology. Cambridge: Polity, 2005. Goldblatt, David. “The Cricket Revolution.” 2009. 30 Nov. 2010 ‹http://www.bbc.co.uk/programmes/p0036ww9›. Guha, Ramachandra. A Corner of a Foreign Field: The Indian History of an English Game. London: Picador, 2002. Hall, Stuart. “Cultural Identity and Diaspora.” Identity: Community, Culture, Difference. Ed. Jonathan Rutherford. London: Lawrence and Wishart, 1990, 223–37. Hill, Andrew. “The BBC Empire Service: The Voice, the Discourse of the Master and Ventriloquism.” South Asian Diaspora 2.1 (2010): 25–38. Hollis, Robert, Norma Rinsler, and Daniel Weissbort. “Poets at Bush House: The BBC World Service.” Modern Poetry in Translation 22 (2003). Nandy, Ashis. The Tao of Cricket: On Games of Destiny and the Destiny of Games. New Delhi: Oxford UP, 1989. Pratt, Mary Louise. Imperial Eyes: Travel Writing and Transculturation. London: Routledge, 1992. Reith, John. “Opening of the Empire Service.” In “Empire Service Policy 1932-1933”, E4/6: 19 Dec. 1932. 30 Nov. 2010 ‹http://www.open.ac.uk/socialsciences/diasporas/research.htm›. Scannell, Paddy, and David Cardiff. A Social History of British Broadcasting, 1922-1938. Oxford: Basil Blackwell, 1991. Skuse, Andrew. “Drama for Development.” 2010. 30 Nov. 2010 ‹http://www8.open.ac.uk/researchprojects/diasporas/core-research/drama-for-development›. Sreberny, Annabelle. “The BBC World Service and the Greater Middle East: Comparisons, Contrasts, Conflicts.” Guest ed. Annabelle Sreberny, Marie Gillespie, Gerd Baumann. Middle East Journal of Culture and Communication 3.2 (2010). Toynbee, Jason. “Migrating Music.” 2010. 30 Nov. 2010 ‹http://www8.open.ac.uk/researchprojects/diasporas/core-research/migrating-music›. Tuning In. 30 Nov. 2010 ‹http://www.open.ac.uk/socialsciences/diasporas/index.htm›. Webb, Alban. “Cold War Diplomacy.” 2010. 30 Nov. 2010 ‹http://www8.open.ac.uk/researchprojects/diasporas/projects/cold-war-politics-and-bbc-world-service›. Woodward, Kath. Embodied Sporting Practices. Regulating and Regulatory Bodies. Basingstoke, Palgrave Macmillan, 2009.

In the heady expansion of capital’s productive capacity during the post-war period, E.P. Thompson wondered optimistically at potentials accruing to humanity by accelerating automation. He asked, “If we are to have enlarged leisure, in an automated future, the problem is not ‘how are men going to be able to consume all these additional time-units of leisure?’ but ‘what will be the capacity for experience of the men who have this undirected time to live?’” (Thompson 36). Indeed, linear and economistic variants of Marxian materialism have long emphasised that the socialisation of production by the use of machinery will eventually free us from work. At the very least, the underemployment produced by the automation of pivotal labour roles is supposed to create a political subject capable of agitating successfully against bourgeois and capitalist hegemony. But contrary to these prognostications, the worker of 2019 is caught up in a process of generalising work far beyond what is considered necessary by tradition, or at least the convention of what David Harvey calls “embedded liberalism” (11). As Anne Helen Peterson wrote in a recent Buzzfeed article,even the trends millennials have popularized — like athleisure — speak to our self-optimization. Yoga pants might look sloppy to your mom, but they’re efficient: you can transition seamlessly from an exercise class to a Skype meeting to child pickup. We use Fresh Direct and Amazon because the time they save allows us to do more work. (Peterson)For the work-martyr, activity in its broadest Aristotelian sense is evaluated by and subordinated to the question of efficiency and productivity. Occupations of time that were once considered external to “work” as matters of “life” (to use Kathi Weeks’s vocabulary) are reconceived as waste when not deployed in the service of value-generation (Weeks 15).The point here, then, is to provide some answers for why the decrease in socially-necessary labour time in an age of automation has not coincided with the Thompsonian expansion of free time. The current dilemma of the neoliberal “work-martyr” is traceable to the political responses generated by crises in production during the depression and the stagflationary disaccumulation of the 1960s-70s, and the major victory in the “battle for ideas” was the transformation of the political subject into human capital. This “intensely constructed and governed” suite of possible values is tasked, according to Wendy Brown, “with improving and leveraging its competitive positioning and with enhancing its (monetary and nonmonetary) portfolio value across all of its endeavours and ventures” (Brown 10). Connecting the creation of this subject in relation to personal or free time is important partly because of time’s longstanding importance to philosophies of subjectivity. But more to the point, the focus on time is important because it serves to demonstrate the economic foundations of the incursion of capitalist governance into the most private domains of existence. Against the criticism of Marx’s ‘abstract’ theory of value, one can see that the laws of capitalist accumulation make their mark in all parts of contemporary human being, including temporality. By tracing the emergence of afterwork as the unpaid continuation of the accumulation of value, one can show how each subject increasingly ‘lives’ capital. This marks a turning point in political economy. When work spills over a temporal limit, its relationship to reproduction is finally blurred to the point of indistinction. What this means for value-creation in 2019 is something in urgent need of critique.State ReproductionAccording to the Marxian theory, labour’s minimum cost is abstractly determined by the price of the labourer’s necessities. Once they have produced enough objects of value to cover these costs, the rest of their work is surplus value in the hands of the capitalist. The capitalist’s aim, then, is to extend the overall working-day for as long beyond the minimum as possible. Theoretically, the full 24 hours of the day may be used. The rise of machine production in the 19th century allowed the owners to make this theory a reality. The only thing that governed the extension of work-time was the physical minimum of labour-power’s reproduction (Marx 161). But this was on the provision that all the labourer’s “free” time was to be spent regrouping their energies. Anything in excess of this was a privilege: time wasted that could have been spent in the factory. “If the labourer consumes his disposable time for himself”, says Marx, “he robs the capitalist” (162).This began to change with the socialisation of the work process and the increase in technical proficiency that labour demanded in early 20th-century industry. With the changes in the sophistication of the manufacture process, the labourer came to be factored in the production process less as an “appendage of the machine” and more as a collection of decisive skills. Fordism based itself around the recognition that capital itself was “dependent on a family-based reproduction” (Weeks 27). In Ford’s America, the sense that work’s intensity might supplant losses in the working day propelled owners of production to recognise the economic need of ensuring a robust culture of social reproduction. In capital’s original New Deal, Ford provided an increase in wages (the Five Dollar Day) in exchange for a rise in productivity (Dalla Costa v). To preserve the increased rhythm of industrial production required more than a robust wage, however. It required “the formation of a physically efficient and psychologically disciplined working class” (Dalla Costa 2). Companies began to hire sociologists to investigate how workers spent their spare time (Dalla Costa 8). They led the charge in a what we might call the first “anthropological revolution” of the American 20th century, whereby the improved wage of the worker was underpinned by the economisation of their reproduction. This was enabled by the cheapening of social necessities (and thus a reduction in socially-necessary labour time) in profound connection to the development of household economy on the backs of unpaid female labour (Weeks 25).This arrangement between capital and labour persisted until 1929. When the inevitable crisis came, however, wages faltered, and many workers joined the ranks of the unemployed. Unable to afford even the basics of their own reproduction, the working-class looked to the state. They created political and social pressure through marches, demonstrations, attacks on shops and the looting of supply trucks (Dalla Costa 40). The state held out against them, but the crisis in production eventually reached such a point of intensity that the government was forced to intervene. Hoover instituted the Emergency Relief Act and Financial Reconstruction Corporation in 1932. This was expanded the following year by FDR’s New Deal, transforming Emergency Relief into a federal institution and creating the Civil Works Association to stimulate the job market (Dalla Costa 63). The security of the working class was decisively linked to the state through the wage guarantees, welfare measures and even the legal guarantee of collective bargaining.For the most part, the state’s intervention in social reproduction took the pressure off industry by ensuring that the workforce would remain able to handle its burdens and that the unemployed would remain employable. It guaranteed a minimum wage for the employed to ensure that demand didn’t collapse, and provided care outside the workforce to women, children and the elderly.Once the state took responsibility for reproduction, however, it immediately became interested in how free time could be made efficient and cost effective. Abroad, they noted the example of European statist and corporativist approaches. Roosevelt sent a delegation to Europe to study the various measures taken by fascist and United Front governments to curb the effects of economic crisis (Dogliani 247). Among these was Mussolini’s OND (Opera Nazionale Dopolavoro) which sought to accumulate the free time of workers to the ends of production. Part of this required the responsibilisation of the broader community not only for regeneration of labour-power but the formation of a truly fascist political subject.FDR’s social reform program was able to reproduce this at home by following the example of workers’ community organisation during the depression years. Throughout the early ‘30s, self-help cooperatives, complete with “their own systems of payment in goods or currency” emerged among the unemployed (Dalla Costa 61). Black markets in consumer goods and informal labour structures developed in all major cities (Dalla Costa 34). Subsistence goods were self-produced in a cottage industry of unpaid domestic labour by both men and women (Dalla Costa 71). The paragon of self-reproducing communities was urbanised black Americans, whose internal solidarity had saved lives throughout the depression. The state took notice of these informal economies of production and reproduction, and started to incorporate the possibility of community engineering into their national plan. Roosevelt convened the Civilian Conservation Corps to absorb underemployed elements of the American workforce and recover consumer demand through direct state sponsorship (wages) (Dogliani, 247). The Committee of Industrial Organisation was transformed into a “congress” linking workers directly to the state (Dalla Costa 74). Minium wages were secured in the supreme court in 1937, then hiked in 1938 (78). In all, the state emerged at this time as a truly corporativist entity- the guarantor of employment and of class stability. From Social Reproduction to Human Capital InvestmentSo how do we get from New Deal social engineering to yoga pants? The answer is deceptively simple. The state transformed social reproduction into a necessary part of the production process. But this also meant that it was instrumentalised. The state only had to fund its workforce’s reproduction so long as this guaranteed productivity. After the war, this was maintained by a form of “embedded liberalism” which sought to provide full employment, economic growth and welfare for its citizens while anchoring the international economy in the Dollar’s gold-value. However, by providing stable increases in “relative value” (wages), this form of state investment incentivised capital flight and its spectacular consequent: deindustrialisation. The “embedded liberalism” of the state-capital-labour compromise began to breakdown with a new crisis of accumulation (Harvey 11-12). The relocation of production to non-union states and decolonised globally-southern sites of hyper-exploitation led to an ‘urban crisis’ in the job market. But as capitalist expansion carried on abroad, inflation kept dangerous pace with the rate of unemployment. This “stagflation” put irresistible pressure on the post-war order. The Bretton-Woods policy of maintaining fixed interest rates while pinning the dollar to gold was abandoned in 1971 and exchange rates were floated all over the world (Harvey 12). The spectre of a new crisis loomed, but one which couldn’t be resolved by the simple state sponsorship of production and reproduction.While many solutions were offered in place of this, one political vision singled out the state’s intervention into reproduction as the cause of the crisis. The ‘neoliberal’ political revolution began at the level of individual groups of capitalist agitants seeking governmental influence in a crusade against communism. It was given its first run on the historical pitch in Chile as part of the CIA-sponsored Pinochet revanchism, and then imported to NYC to deal with the worsening urban crisis of the 1970s. Instead of focusing on production (which required state intervention to proceed without crisis), neoliberal theory promulgated a turn to monetisation and financialisation. The rule of the New York banks after they forced the City into near-bankruptcy in 1975 prescribed total austerity in order to make good on its debts. The government was forced by capital itself to withdraw from investment in the reproduction of its citizens and workers. This was generalised to a federal policy as Reagan sought to address the decades-long deficit during the early years of his presidential term. Facilitating the global flow of finance and the hegemony of supranational institutions like the IMF, the domestic labour force now became beholden to an international minimum of socially-necessary labour time. At the level of domestic labour, the reduction of labour’s possible cost to this minimum had dramatic consequences. International competition allowed the physical limitations of labour to, once again, vanish from sight. Removed from the discourse of reproduction rights, the capitalist edifice was able to focus on changing the ratio of socially necessary labour to surplus. The mechanism that enabled them to do so was competition among the workforce. With the opening of the world market, capital no longer had to worry about the maintenance of domestic demand.But competition was not sufficient to pull off so grand a feat. What was required was a broader “battle of ideas”; the second anthropological revolution of the American century. The protections that workers had relied upon since the Fordist compromise and the corporativist solution eroded as the new “class-power” of the bourgeoisie levelled neoliberal assaults against associated labour (Harvey 23). While unions were gradually disempowered to fight the inevitable tide of deindustrialisation and capital flight, individual workers were coddled by a stream of neoliberal propaganda promising “Freedom” to those who would leave the stifling atmosphere of collective association. The success of this double enervation crippled union power, and the capitalist could rely increasingly on internal workplace wage stratification to regulate labour at an enterprise level (Dalla Costa 25). Incentive structures transformed labour rights into privileges; imagining old entitlements as concessions from above. In the last thirty years, the foundation of worker protections at large has, according to Brown, become illegible (Brown 38).Time and ValueThe reduction of time needed to produce has not coincided with an expansion of free time. The neoliberal anthropological revolution has wormed its way into the depth of the individual subject’s temporalising through a dual assault on labour conditions and propaganda. The privatisation of reproduction means that its necessary minimum is once again the subject of class struggle. Time spent unproductively outside the workplace now not only robs the capitalist, but the worker. If an activity isn’t a means to increase one’s “experience” (the vector of employability), it is time poorly spent. The likelihood of being hired for a job, in professional industries especially, is dependent on your ability to outperform others not only in your talents and skills, but in your own exploitability. Brown points out that the groups traditionally defined by the “middle strata … works more hours for less pay, fewer benefits, less security, and less promise of retirement or upward mobility than at any time in the past century” (Brown 28-29).This is what is meant by the transformation of workers into ‘human capital’. As far as the worker is concerned, the capitalist no longer purchases their labour-power: they purchase the sum of their experiences and behaviours. A competitive market has emerged for these personality markers. As a piece of human capital, one must expend one’s time not only in reproduction, but the production of their own surplus value. Going to a play adds culture points to your brand; speaking a second language gives you a competitive edge; a robust Instagram following is the difference between getting or missing out on a job. For Jess Whyte, this means that the market is now able to govern in place of the state. It exercises a command over people’s lives in and out of the workplace “which many an old tyrannical state would have envied” (Whyte 20).There is a question here of change and continuity. A survey of the 20th century shows that the reduction of ‘socially necessary labour time’ does not necessarily mean a reduction in time spent at work. In fact, the minimum around which capitalist production circulates is not worktime but wages. It is only at the political level that the working class prevented capital from pursuing this minimum. With the political victory of neoliberalism as a “restoration of class power” to the bourgeoisie, however, this minimum becomes a factor at the heart of all negotiations between capital and labour. The individual labourer lying at the heart of the productive process is reduced to his most naked form: human capital. This capital must spend all its time productively for its own benefit. Mundane tasks are avoidable, as stipulated by the piece of human capital sometimes known as Anne Helen Peterson, if they “wouldn’t make my job easier or my work better”. People are never really after-work under neoliberalism; their spare time is structurally adjusted into auxiliary labour. Competition has achieved what the state could never have dreamed of: a total governance of spare hours. This governance unites journalists tweeting from bed with Amazon workers living where they work, not to mention early-career academics working over a weekend to publish an article in an online journal that is not even paying them. These are all ways in which the privatisation of social reproduction transforms afterwork into unpaid overtime.ReferencesBrown, Wendy. Undoing the Demos: Neoliberalism’s Stealth Revolution. New York: Zone Books, 2015.Dalla Costa, Maria. Family, Welfare, and the State: Between Progressivism and the New Deal. Brooklyn: Common Notions, 2015.Harvey, David. A Brief History of Neoliberalism. Oxford: Oxford UP, 2005.Engels, Friedrich, and Karl Marx. The Marx-Engels Reader. Ed. R.C. Tucker. New York: Norton, 1978.Marx, Karl. Capital: A Critical Analysis of Capitalist Production. Vol. 1 and 2. Trans. E. Aveling and E. Untermann. Hertfordshire: Wordsworth Classics of World Literature, 2013.Peterson, Anne Helen. “How Millennials Became the Burnout Generation.” Buzzfeed. 10 Oct. 2019 <https://www.buzzfeednews.com/article/annehelenpetersen/millennials-burnout-generation-debt-work>.Postone, Moishe. Time, Labour and Social Domination. Cambridge: Cambridge UP, 1993.Thompson, E.P. “Time, Work-Discipline, and Industrial Capitalism.” In Stanley Aronowitz and Michael J. Roberts, eds., Class: The Anthology. Hoboken: Wiley, 2018.Wang, Jackie. Carceral Capitalism. Los Angeles: Semiotext(e), 2018.Weeks, Kathi. The Problem with Work: Feminism, Marxism, Antiwork Politics, and Postwork Imaginaries. Durham: Duke UP, 2011.Whyte, Jessica. “The Invisible Hand of Friedrich Hayek: Submission and Spontaneous Order.” Political Theory (2017): 1-29.

This chapter sketches out a broad overview of economic panics and workers' responses to them in the United States from Jacksonian times to the Great Depression. Since the founding of the Republic, working men and women have been all too familiar with alternating periods of boom times and hard times, with seasonal unemployment, with marked differences in availability of jobs among various parts of the country, and with general depressions abruptly precipitated by overproduction of wares or by bank panics. Not all downturns struck with the same severity. The crisis of the early 1840s pitched nine state governments into default (primarily in the rapidly expanding cotton kingdom), while the depression that began in 1873 sent ten state governments into default over the ensuing eleven years. The sharp collapse between the spring of 1907 and the spring of 1908 so crippled the economy that for many months more immigrants left the United States for their homelands or other countries than disembarked here. The depressions of 1873–79, 1893–98, and 1929–40 set the stage for fundamental restructuring of industrial, agricultural, and political life.

Banking crises occurred on both sides of the Atlantic during the Great Depression. Troubled universal banks were at the center of each crisis. The first U.S. banking crisis in late 1930 was caused by the failures of two large financial conglomerates. In May 1931, the collapse of Austria’s biggest universal bank triggered a series of crises that swept through Europe. Austria, Germany, Belgium, and Italy took extraordinary measures to rescue their largest universal banks. In the U.S., the Reconstruction Finance Corporation provided loans that prevented the failures of two large universal banks in 1932. However, the RFC allowed the two biggest banks in Detroit to fail in February 1933, thereby precipitating a nationwide banking panic. In contrast, Great Britain and Canada did not experience systemic banking crises despite serious economic downturns. The separation between commercial banks and securities markets in those two nations prevented financial contagion that could have undermined their entire financial systems.

Abstract Chapter 3 examines works that emerge from the midst of the Great Crash of 1929. It begins by considering William Faulkner’s desire to connect his drafting of As I Lay Dying (1930) to the financial crisis with which it coincided, and how the novel’s portrayals of disastrously rising waters mirror descriptions of a deluged stock market. It next examines the crash’s most iconic depiction by a visual artist, James N. Rosenberg’s lithograph Dies Irae (Oct 29) (1929), and shows how—for Rosenberg—the work was both an immediate inscription of the “day of wrath” he had witnessed on Wall Street, and a harbinger of the still greater global catastrophes that the financial collapse portended. Turning to the hallucinatory depictions of a panic-stricken Wall Street in the Spanish poet Federico García Lorca’s Poet in New York (1940), the chapter indicates how a poetic persona that is at once eyewitness to the crash and prophesier of its devastating future repercussions casts the event in surrealist form. The following section considers press photographs of crowds massing on Wall Street: it offers an innovative analysis of “panic crowd” images, arguing not only that such images constitute a distinct (and previously untheorized) visual genre, but also that the panic crowd should itself be understood as shaped by the iterative and mimetic logic of genre. Finally, the chapter reflects on a very different set of images—by the photographer Margaret Bourke-White—which are simultaneously among the least dramatic and most evocative documents of the Great Crash.

Abstract Chapter 1 provides much of the historical and conceptual framing and groundwork for the book as a whole by showing how the temporal rhythms of Wall Street speculation—the recurrent oscillations between boom and bust, exuberance and panic, accumulation and crisis—became popular obsessions in the early decades of the twentieth century. The chapter begins by considering the Wall Street seer William D. Gann’s work of speculative fiction The Tunnel Thru the Air (1927) as the starting point for an exploration of the growing public fascination with the future movements of the financial markets, which became a central element of a wider American “culture of prediction” around the turn of the century. It goes on to explain how the 1920s stock market surge occurred amid heated debates over whether a familiar pattern of boom and bust would repeat itself, or whether the business cycle had been superseded in the movement into a “New Era” of perpetual industrial and financial growth. It then traces how the Great Crash and ensuing Great Depression put paid to such visions of limitless prosperity and lent unprecedented force and credibility to visions of terminal capitalist crisis emanating from the radical left. Building on the foregoing discussion, the chapter shows how a conception of speculative or financial futurity shaped wider understandings of temporality in the period, the figure of the stock market speculator or the oracular output of the ticker machine emerging as powerful models for future-thinking in ways that are repeatedly evident across subsequent chapters.

Abstract This chapter looks at how the architectural profession, and indeed the wider construction industry, began to mobilize techniques of publicity and public relations explicitly for their own interests. The overwhelming factor in catalysing these public relations strategies, however, was the Great Slump and resulting financial crisis which struck in 1929. The construction industry was affected acutely; not only was unemployment particularly high in the sector, capital expenditure on public works was also curtailed. To counter these adverse circumstances, the profession formed the Building Industries National Council (BINC) to devise effective public relations campaigns. The second part of the chapter traces the emergence of a public relations function at the RIBA in 1933. The Public Relations Committee catalysed a series of ambitious projects in the mid-1930s, including professional services, publicity, film and radio broadcast, housing design and design review panels. The work of the Public Relations Committee permeated the administration of the RIBA, holding significant control over important areas of policy which had previously been treated as ad hoc and assuming significant status within the Institute hierarchy. The emergence of the RIBA’s public relations function was a significant episode in the development of the Institute, and in professional practice more widely.