Governing economic life

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Abstract
This paper proposes some new ways of analysing the exercise of political power in advanced liberal democratic societies. These are developed from Michel Foucault's conception of ‘governmentality’ and addresses political power in terms of ‘political rationalities’ and ‘technologies of government’. It draws attention to the diversity of regulatory mechanisms which seek to give effect to government, and to the particular importance of indirect mechanisms that link the conduct of individuals and organizations to political objectives through ‘action at a distance’. The paper argues for the importance of an analysis of language in understanding the constitution of the objects of politics, not simply in terms of meaning or rhetoric, but as ‘intellectual technologies’ that render aspects of existence amenable to inscription and calculation. It suggests that governmentality has a characteristically ‘programmatic’ form, and that it is inextricably bound to the invention and evaluation of technologies that seek to give it effect. It draws attention to the complex processes of negotiation and persuasion involved in the assemblage of loose and mobile networks that can bring persons, organizations and objectives into alignment. The argument is exemplified through considering various aspects of the regulation of economic life: attempts at national economic planning in post-war France and England; the role ascribed to changing accounting practices in the UK in the 1960s; techniques of managing the internal world of the workplace that have come to lay special emphasis upon the psychological features of the producing subjects. The paper contends that ‘governmentality’ has come to depend in crucial respects upon the intellectual technologies, practical activities and social authority associated with expertise. It argues that the self-regulating capacities of subjects, shaped and normalized through expertise, are key resources for governing in a liberal-democratic way.

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