aftermath of a crisis (doc)


Broadly speaking, financial crises are protracted affairs. More often than not, the aftermath of severe financial crises share three characteristics.

First, asset market collapses are deep and prolonged. Real housing price declines average 35 percent stretched out over six years, while equity price collapses average 55 percent over a downturn of about three and a half years.

Second, the aftermath of banking crises is associated with profound declines in output and employment. The unemployment rate rises an average of 7 percentage points over the down phase of the cycle, which lasts on average over four years.

Output falls (from peak to trough) an average of over 9 percent, although the duration of the downturn, averaging roughly two years, is considerably shorter than for unemployment.

Third, the real value of government debt tends to explode, rising an average of 86 percent in the major post–World War II episodes. Interestingly, the main cause of debt explosions is not the widely cited costs of bailing out and recapitalizing the banking system.

Right after the financial crisis happened in 2008, sociologist Manuel Castells convenes the Aftermath Network, an international group of intellectuals who will analyze the crisis as it is unfolding. They think it is not just a financial crisis, but a social crisis as well, bringing about a fundamental transformation of societies at large.

For three consecutive years, the group meets in Lisbon to discuss the crisis. While banks are back in business, societies are struggling with anger, lack of trust and a budget crisis, bringing about rising unemployment and instability, leading in their turn to social protests and a widespread lack of trust in politcial parties and financial institutions.

In this documentary, thinkers involved in the project present original perspectives on the aftermath of the crisis to recognize its multiple faces. With Sarah Banet-Weiser, Craig Calhoun, Joao Caraca, Gustavo Cardoso, Manuel Castells, Pekka Himanen, Terhi Rantanen, John Thompson, Michel Wieviorka and Rosalind Williams.


manuel castells (

The Information Age trilogy is his précis: “Our societies are increasingly structured around the bipolar opposition of the Net and the Self”; the “Net” denotes the network organisations replacing vertically integrated hierarchies as the dominant form of social organization, the Self denotes the practices a person uses in reaffirming social identity and meaning in a continually changing cultural landscape.

i invited people who were outstanding.. very independent.. not paid by bankers/govt.. tried to innovate

the after math of carpe diem.. of living on debt

3 min –

rosalind williams (

What are the consequences now that human life, both individually and collectively, unfolds in surroundings that are primarily human-made? In particular, what are the consequences of this new human condition for our experience of history? Such are the questions that inspire my work as a writer and teacher. To answer them, I turn to the cultural record of the past, and especially to writers of imaginative literature, as sources of evidence and insight.

at that time it seemed such a relief to have people to talk to/with

craig calhoun (@craigjcalhoun) (

What are the consequences now that human life, both individually and collectively, unfolds in surroundings that are primarily human-made? In particular, what are the consequences of this new human condition for our experience of history? Such are the questions that inspire my work as a writer and teacher. To answer them, I turn to the cultural record of the past, and especially to writers of imaginative literature, as sources of evidence and insight.

gustavo cardoso (

Cardoso is a researcher at CIES-IUL. He also develops international work with the University of Milan, the Lisbon School of Media (ESCS), the Internet Interdisciplinary Institute (IN3), the World Internet Project (WIP) at USC Annenberg, and others. He was the adviser on Information Society and telecommunications policies to the Presidency of the Portuguese Republic between the years of 1996 and 2006. He was chosen as a Young Global Leader in 2008 by the World Economic Forum.

following the rules of the game.. won’t be enough to solve the crisis..

pekka himanen (

Pekka Himanen defines himself as a philosopher and a public intellectual. He studied philosophy (and computer scienceas a minor) at the University of Helsinki. In 1994, with his thesis on the philosophy of religion, The challenge of Bertrand Russell, he received his Ph.D. in philosophy from the same university, thus becoming the youngest Ph.D. in Finland.

He has done research work in Finland (University of Helsinki), the United Kingdom, and the United States (Stanford University, University of California, Berkeley) and has done field work in India, China and Japan. At UC Berkeley, Himanen directed the Berkeley Center for the Information Society, a research group under Berkeley’s International Computer Science Institute. The Center was active from September 2002 until 2005

Himanen has also been a counselor to the president of Finland, Finnish government (including the Ministry of Education) and Finnish parliament, in the field of information society

the medicine they are giving for the disease.. is actually killing the patient more

5 min

john thompson (

John Brookshire Thompson is a Sociology professor at the University of Cambridge and a fellow of Jesus College. He gained his first degree in philosophy, sociology and social anthropology at Keele University in 1975. He has studied the influence of the media in the formation of modern societies, a subject on which he is one of the few social theorists to focus. One of the key themes of his work is the role of the media in the transformation of space and time in social life, and the creation of new forms of action and interaction beyond temporal and spatial frameworks. Influenced strongly by hermeneutics, he studies communication and its uses, and links it closely with social context. Other key concepts are the transformation of visibility, the media and tradition, and identity and the symbolic project.

His book Ideology and Mass Culture is a study of what the theory of ideology entails in modern society. William Outhwaite of the University of Sussex dubs it “a pathbreaking work which will undoubtedly become one of the fundamental texts in the theory of ideology.” Thompson’s essay “The New Visibility” is employed as the basis for the study of media at Rhodes University, while his tome Political Scandal: Power and Visibility in the Media Age has been described by Amy Binder of Clemson University as “excellent”.His work stands out for its recognition of the importance of the nature and development of mass communication.

now .. it impinges on their lives.. and now.. they understand what the crisis means… the middle of a crisis.. where beginning can be named.. but end cannot.. assumptions called into crisis..

9 min – to some extent..?

11 min – craig: biggest thing now.. worry that states are responding to global financial institutions.. banks.. rating agencies.. but not to the needs of ordinary citizens. so much distrust

12 min

michel wieviorka (@michelwieviorka) (

Michel Wieviorka (born 23 August 1946, Paris) is a French sociologist, noted for his work on violence, terrorism, racism, social movements and the theory of social change.

Michel Wieviorka is the son of a Jewish family of Holocaust survivors. His siblings are psychiatrist Sylvie Wieviorka, historian Annette Wieviorka and historian Olivier Wieviorka.

A former student of Alain Touraine, he is now one of the most renowned sociologists and public intellectuals in France and abroad. A number of his books have been translated into different languages. Wieviorka received some international media attention as an expert following the 2005 civil unrest in France, and was elected in Durban as the 2006-2010 President of the International Sociological Association.

Together with Touraine and François Dubet, Wieviorka developed the method of intervention sociologique and employed it to the study of militant social movements, in particular French anti-nuclear activism and student leagues, but also the famous trade unions Solidarnosc in Poland. Following Max Weber’s classic concept of interpretative sociology (verstehende Soziologie), intervention sociologique aims at understanding the subjective rationale of actors in the context of larger social conflicts. This concept was opposed to Raymond Boudon’s failed attempt to establish a strict rational choice approach in French sociology.

Wieviorka is the director of the Centre d’Analyses et d’Interventions Sociologique (CADIS) at the École des Hautes Études en Sciences Sociales, which was established by Alain Touraine in 1981.

Wieviorka is the founder and editor of the sociological journal Le Monde des Debats and was, with Georges Balandier, co-edited the Cahiers internationaux de sociologie until its publication was stopped at the end of 2010 (Avant-propos, Cahiers Internationaux de Sociologie, Vol. 128-129, 2010).

In 1989, he was the first scholar to receive the Bulzoni Editore Special Award of the European Amalfi Prize for Sociology and Social Sciences, for his book Société et terrorisme (1988, English edition The Making of Terrorism 1993).

at first appears to be a global crisis.. it is global but not global.. this is fascinating.. what is clear.. many people today have the feeling that they don’t know where they are going to.. i don’t like that we don’t know the system.. we don’t know the actors.. we should transfer the image of a system to the image of actors.. find out more about bankers et al.. earlier said.. we will bounce right back

14 min – when there is no vision.. the people parish

michel: of course we see nationalized movements.. of course we see new deal.. but what’s interesting.. we have new actors.. who say.. we want different answers..

ie of small city in austria.. city not become violent.. became unable to do anything.. then..some became nazi.. surveillance can come..but not necessary.. you don’t have tie between crisis and violence.. today we don’t know.. many believe their children will live in worse conditions.. what happens when losing all elements that give meaning to life.. many answers.. when many people feel something is ending..

17 min – rosalind: in our work here in lisbon.. we decipher our time as we live it.. while all too aware that end is all around us.. so why should we pay special attention to the crisis.. i suspect.. that we thought this crisis was not routine..if i think of myself historically.. i lived through end of ww2.. richest situation in world.. as a parent.. i’m fully aware that’s not what my kids will go thru.. not going to be so favorable..


10 min – rosalind: that image of history.. co existing with another vision of history.. and they don’t get better..  that’s a veiw of history almost as a network of crises.. all the time some set of problems..  a rolling apocalypse

? was it really better before..

joáo caraca (

Director of the Science Department of the Calouste Gulbenkian Foundation and Visiting Professor of the School of Economics and Management, Technical University of Lisbon (ISEG), where he coordinates the Master in Economics and Science and Technology Management.

Consultant for Science, the still President Jorge Sampaio, and Commander of the Order of Saint James of the Sword.

President of the Nuclear Energy Board Management Committee (JEN) (1975-1977).

Governor of the International Atomic Energy Agency (1976-1977).

Author of more than a hundred scientific papers, and their interests are focused in the areas of Science and Technology Policy and Forecasting, and History of Thought and Culture.

these people..?

22 min – joáo: we became afraid of the future.. tomorrow worse than today.. this fear of harming ourself.. so we are in fact losing this idea of the future.. yes.. i’m a nuclear physicist..


joáo: no.. the role of science has not declined.. even more important.. but what sort of science.. when science starts to be so important for econ.. the science that’s curiosity driven starts to be pushed aside.. rather.. sci w ultimate aim.. to produce tech

23 min – rosalind: people call it age of the anthroprocene.. i call it human empire.. we dominate this age like never before

24 min

sarah banet-weiser (@sbanetweiser) (“Thinking Critically About Brand Cultures: An Interview with Sarah Banet-Weiser” by Henry Jenkins.): i’m interested in how ad-in works to brand the crisis as a an inevitable obstacle in march of that individuals are ask as moral/national obligation to overcome.. what better way for us to establish trust than to position the crisis as a brand… what brands do.. more than ad-ing.. establish fact that crisis was inevitable.. just a moment in great progress of capitalism… brands use crisis as moment of opp

25 mi – sarah: levi  in pa.. braddick.. lost 90% of population since 2008.. american sinking.. opening shot.. end.. america sign out of water.. fixed.. tap into .. what we do.. we seize the world.. child voice: ‘maybe the world works on purpose.. so we have work to do’.. abstracts crisis out of any institutional/state blame.. recoop message is directed at individual worker.. not at institutional/state reform.. but at individual..

30 min – sarah: chrysler commercial.. rebranding capitalism.. irony: on detroit… 9 mill on ad after asking for 15 bn in bailout money..

32 min – manuel: politics today is played out thru the minds of the people thru the media.. the one the that de legitimizes any action is violence.. that’s why govts always try to provoke violence.. europe is in a process.. if not development of hope.. will be development of hate.. this is probably most important trick in aftermath of crisis.. it is a crisis.. but crisis has been used to improve power/profits of financial groups..

35 min – manuel: i don’t think it’s a conspiracy.. but it is happening.. so in the perception of people.. obviously a trick

36 min

terhi rantanen ( econ globalization has progressed w tremendous speed but politics/media have remained primary national…so we have this global capital.. national orgs trying to respond.. trust is in question.. people distrust these orgs.. they see orgs are unable to solve the crisis.. politicians/govts offer national solutions to global problems.. what people remember… something connected to nationalism.. politicians are very clever..they play with ideas of nationalism.. and so do media.. so get… one nation state against the other.. always somebody else’s fault.. the rhetoric is really nasty.. always playing the other.. this is why nationalism is so popular.. even if national institutions are not..

39 min – terhi: the question is really that the orgs are really behind.. both national and international.. they are trying to solve issues that are so complicated.. and the people are lost.. feel like no org reps them at the moment

41 min – manuel: in spain.. most important thing.. movement of indignants.. blaming each other.. no solutions..  may 15 – at end of movement.. a few people come in main square (20-30).. ok we protest.. then wait.. then started to tweet to friends.. et al.. then thousands…

43 min – manuel: movement started with.. change institutions that don’t rep us.. we are powerless because our reps don’t rep us..

gustavo: in portugal.. movement.. but before taking streets.. took social networks..  ‘how stupid i am’.. with a lot of hopes but without real means to achieve their hopes… song: what stupid world is this.. where to be a slave.. you have to study first..

44 min – gustavo: sm allowed for song.. to be heard.. then several on streets..

45 min – manuel: ‘big banner said: we are slow because we go far’ – and that’s the feeling. this is a new beginning.. that’s aftermath.. not just the desolation.. this also.. reconnection between society and political system..  long transition.. many bad things can happen.. so people saying.. so in the mean time.. let’s be together.. we don’t need institutions to save our lives.. ie: rather than creating new party in same system

46 min – craig: big question is about the state.. whether it’s a source of solidarity.. or support for global capital system..

47 min – manuel: what we have are two diff reactions.. people trying to go back.. and people trying to discover what future could be.. what doesn’t work anymore.. is the present.. for anybody..


aftermath site:

In this crisis, some people are trying to go back and other people are trying to discover what the future could be. What doesn’t work anymore is the present, for anyone. That’s why it’s Aftermath Time.”
Manuel Castells

The Aftermath Project is an expanding database for ideas, texts, videos and images relating to the aftermath of the 2008 economic crisis. It invites people to provide their perspective on life beyond the crisis and brings together four video documentaries and twelve audio interviews produced in the framework of Aftermath Network, a research program on the social consequences of the crisis.

really..? or just saying that..?