Financial crisis, Social pathologies and 'generalised perversion' : questioning Zizek's diagnosis of the times

Slavoj Zizek's work has been highly influential in the formulation of an emerging consensus among Lacanian social researchers, that we live in a society of generalised perversion whose initial fruits are the corrosion of democracy and the recent financial crisis. This position rests upon a notion of modern subjectivity that connects ‘commodity fetishism’ with clinical perversion in a pathological configuration, so that social theoretical identification of crisis tendencies, evaluative language about moral problems and diagnostic categories from the Lacanian clinic can be combined in a single figure. In this article, we question the series of conceptual links that constitute this position, tracing them from Zizek’s critique in his short work on the global financial crisis and his broader restatement of this analysis in the recent Living in the End Times, through the moment of his announcement of the notion of ‘generalised perversion’ in The Ticklish Subject, all the way back to fundamental propositions outlined in his earliest work. Our argument progresses through three claims. First, we show in the evolution of this position that it leads Zizek to equivocate in his diagnosis of contemporary society between two mutually exclusive categories (‘psychosis’ and ‘perversion’), indicating an antinomy in his work that is resolved in favour of ‘generalised perversion’ on empirical, not logical, grounds. Secondly, we offer a critical resolution of the antinomy through a critique of what we argue is Zizek’s mistaken over-extension of psychoanalytic reason beyond its legitimate scope of application. Finally, we point to some of the political implications of the way that Zizek speculatively resolves his logical difficulties, by analysing the consequences of his claim that generalised social perversion - the problem to be solved - involves a dethroning of the communal ego ideal. A communitarian streak, implicit in the potential conflation of moral denunciation with psychoanalytic diagnosis that the rhetoric of ‘perversion’ invokes, runs through Zizek’s work on capitalism, we propose in conclusion.

Privatization and performance : the case of four Australian financial institutions

This paper investigates the performance after privatization of institutions in Australian banking and insurance. Privatization was anticipated to improve firm performance in Australia and elsewhere, yet findings are mixed. A comparative institutional approach is taken to analyzing firm performance in the longer term which allows for further structural change. A CAMEL analysis of performance before and after privatization events is undertaken for four privatized institutions, two each from banking and insurance sectors. These are matched with private peer institutions. Privatized institutions are found to perform quite similarly to private peer institutions both before and after privatization.

Aligning anti-money laundering, combating of financing of terror and financial inclusion : Questions to consider when FATF standards are clarified

Purpose – The purpose of this paper is to identify key questions that should be addressed to enable the Financial Action Task Force (FATF) to provide guidance regarding the alignment of anti-money laundering, combating of financing of terror and financial inclusion objectives.
Design/methodology/approach – The paper draws on relevant research and documents of the FATF to identify questions that are relevant to consider when it formulates guidance regarding the alignment between financial integrity and financial inclusion objectives.
Findings – The FATF advises that its risk-based approach enables countries and institutions to further financial inclusion. It is, however, not clear what the FATF means when its uses the terms “risk” and “low risk”. It is also unclear whether current proposals for financial inclusion regulatory models will necessarily limit money laundering (ML) aswell as terror financing risks to levels that can be described as “low”. The FATF will need to clarify its own thinking regarding low money laundering and low terror financing risk before it will be able to provide clear guidance to national regulators and financial institutions.
Originality/value – This paper was drafted to inform current FATF discussions regarding guidance on financial inclusion. The questions are relevant to all stakeholders in financial regulation.