Incentive Models between Financial Network and Critical Theory

Tuesday, 17 July 2018: 16:30
Oral Presentation
Gilles VERPRAET, University Paris OUest Nanterre, France
The paradigms of the new economy (Stiglitz, Lordon) displace the classical dialectic of the system and the actor (motivation, discipline) formulated by Weber and Giddens. They proceed by extensive implication of the network and the subject constituting the efficient market. So result some deep reformulations of subjectivities at work (suffering, contempt, autonomy and negotiation of trajectory, discipline and bio power). The libidinal economy are reactivated by the theory of affects.

The notion of incentive is a central category sustaining the financialization, in the construction of market (Stiglitz, 2008), in the construction of consumption and labor (Lordon, 2008), in the construction of financial policies (Tirole, 2006), in the construction of fiscal politics (Piketty, 2001, 2014). The motivations for work have been modified by the praxeology of incentives (subprime, added value) in the last 20 years (Fligstein, 2009, Aglietta, 1995) so to reinforce the upper middle classes as super richs (Piketty 2013).

Our analysis intends to specify the social structure of incentives, mobilized by different economic frameworks (financial networks, governance system). The classic discussion leads on the role of market as differentiation ( Simmel), as communication and medium (Habermas) positioning the subject on the limits of market (Sandel), on the cultural recognition (Honneth). The new conjecture of transnational financial economy specified by the incentive structures and incentive models, moves the discussion on the alignment of the ethical formulations inside the extended capitalism between moral communication and communication networks. This disembedding underlines the ethical and political disjunctions inside the new capitalism between ethic of work, civil ethic, religious ethic (Kalberg, 2014).