Financial engineering is promoted as outsourcing social problems to entrepreneurs
Evidence
But, just as with geoengineering, the nitty-gritty specifics are secondary: what really matters is that we learn to outsource our biggest social problems to entrepreneurs, who are the only people capable of using the market to discover really big solutions. In this respect, the promotion of financial engineering is a willfully ideological project. — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 963
Categorization
- XREF: Directly serves the reader’s ‘thought collective’ goal — links financial innovation rhetoric to the entrepreneurial-discovery ideology of the neoliberal network. — connects to: Venture capital logic migrated into philanthropy through venture philanthropy and social entrepreneurship — Ève Chiapello, Financialisation of Valuation, 73; Financial engineering naturalizes crisis to justify yet more markets — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 958; Financialization lets capital extract value from social life without destroying its creative source ecosystems — Max Haiven, Cultures of Financialization, 572 (+5 more)
- ADDENDUM: The outsourcing-of-social-problems-to-market logic parallels how the sacrificial-logic article frames institutionalized displacement of responsibility; could serve as a follow-up.
Broader Connections
- Industries outsource research to shift moral accountability to proxy agents
#expands(0.90) — Albert Bandura, Moral Disengagement, 1829 - The ideal neoliberal subject is a self-sufficient entrepreneurial risk-taker
#complicates(0.85) — Alice E. Marwick, Status Update, 36 - Lean platforms outsource non-tradable jobs globally and shift capital costs onto workers
#exemplifies(0.85) — Nick Srnicek, Platform Capitalism, 72 - Tech entrepreneurs disguise wealth-seeking as idealism to claim status
#corroborates(0.82) — Alice E. Marwick, Status Update, 676 - Financialization lets capital extract value from social life without destroying its creative source ecosystems
#qualifies(0.80) — Max Haiven, Cultures of Financialization, 572 - Outsourcing trade receivables shifts interest income out of nonfinancial firms into the financial sector
#exemplifies(0.78) — Greta R. Krippner, The Financialization of the American…, 84