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⁴ UK Government, ‘Chancellor George Osborne’s Budget 2014 Speech’ (19 March 2014), available at: {https://www.gov.uk/government/speeches/chancellor-george-osbornes-budget-2014-speech].

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⁸ Postmodernism is most often associated with deconstructivism, intertextuality, ontological complexity, and the challenges to knowledge of the world that these present. Chandler essentially argues that a postmodernist episteme is emerging as a result of our evolving recognition that the world is so complex that it renders it impossible to predict and control. As a result, top-down ‘modernist’ conceptions of social dynamics no longer work and that governance should shift to the grassroots level relying on situated ‘local’ knowledge.

⁹ It should be noted that Chandler may not necessarily be advocating resilience thinking himself. See, for example, Chandler, D. and Reid, J., The Neoliberal Subject: Resilience, Adaptation and Vulnerability (London: Rowman & Littlefield International, 2016)Google Scholar.

¹⁰ Chandler, D., Resilience: The Governance of Complexity (London: Routledge, 2014), p. 47 CrossRefGoogle Scholar.

¹¹ Ibid., p. 42.

¹² Ibid., pp. 139–40.

¹³ As Jonathan Joseph contends, ‘resilience is best understood in the context of rolling-out neoliberal governmentality. Its meaning varies depending on the place and the level where this occurs and the aims and objects of governance.’ In other words, the exact form neoliberalism takes will be context and time dependent – yet there are certain commonalities. Joseph, J., ‘Resilience as embedded neoliberalism: a governmentality approach’, Resilience, 1:1 (2013), pp. 38 Google Scholar, 51–2. See also Macartney, H., Variegated Neoliberalism: EU Varieties of Capitalism and International Political Economy (London: Routledge, 2010)Google Scholar; Peck, J. and Theodore, N., ‘Variegated capitalism’, Progress in Human Geography, 31:6 (2007), pp. 731–772 Google Scholar; Brenner, N., Peck, J., and Theodore, N., ‘Variegated neo-liberalization: Geographies, modalities, pathways’, Global Networks, 10:2 (2010), pp. 182–222 Google Scholar; Jessop, B., ‘The world market, variegated capitalism, and the crisis of European integration’, in P. Nousios, H. Overbeek, and A. Tsolakis (eds), Globalisation and European Integration: Critical Approaches to Regional Order and International Relations (London: Routledge, 2012), pp. 91–111 Google Scholar.

For example, writers have traditionally distinguished German ordoliberalism, with its emphasis on the importance of the state in establishing the ‘institutional parameters for economic competition in order to serve the larger interests of society’, from the Anglo-American version of neoliberalism that emphasises the rolling back of the state, self-regulation of the market, and the marketisation of hitherto decommodified spheres of activity. Young, B., ‘Introduction: the hijacking of German ordoliberalism’, European Review of International Studies, 2:3 (2015), p. 11 Google Scholar. But, in practice, these dominant forms were never as neatly divided as their approaches would suggest and may even be co-evolving towards what one author has called post-ordoliberalism. Cerny, P., ‘In the shadow of ordoliberalism: the paradox of neoliberalism in the 21st century’, European Review of International Studies, 2:3 (2016), pp. 78–91 Google Scholar. Neoliberalism has always required regulatory reform that strengthens the state in some areas (trade union laws for example) and rolls it back in other areas (for example, business deregulation). Cerny, P., ‘Paradoxes of the competition State: the dynamics of political globalization’, Government and Opposition, 32:2 (1997), pp. 251–274 CrossRefGoogle Scholar. Equally, in practice, Germany has engaged in Keynesian economics, monetarism and, very recently, agreed to the direct intervention in markets through the European Stability Mechanism. Both tendencies have always sought to promote efficient market competition and recently, at the European level, there has been little to distinguish the two in terms of pursuing the re-regulation of the financial spheres; reductions in welfare provision; the further marketisation of hitherto decommodified spheres; labour market deregulation and attendant wage reductions; and wholesale privatisations. Young, ‘Introduction’, pp. 7–15.

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¹⁸ Cavelty, , Kaufmann, , and Kristensen, , ‘Resilience and (in)security’, p. 7 Google Scholar.

¹⁹ Governmentality refers to the ‘reflexive rationalisation of governmental practice that provides a discursive field of power/knowledge through which governmental problems are articulated and techniques of governance are rendered “thinkable and practicable both to its practitioners and those upon whom {they are] practiced”’. Zebrowski, C., ‘Governing the network society: a bio-political critique of resilience’, Political Perspectives, 3:1 (2009), pp. 1–36 Google Scholar. See also, Tudor Vilcan, ‘Contested Governmentality: Power, Resistance and Subjectivity in the Deployment of Resilience’, available at: {http://www.eisa-net.org/be-bruga/eisa/files/events/warsaw2013/Vilcan_Contested%20governmentality%20power,%20resistance%20and%20subjectivity%20in%20the%20deployment%20of%20resilience%20.pdf}. The embedded quote is from Burchell, G., Gordon, C., and Miller, P. (eds), The Foucault Effect: Studies in Governmentality (Chicago: Chicago University Press, 1991), p. 3 Google Scholar.

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³⁶ Ibid., p. 62.

³⁷ Chandler, , Resilience: The Governance of Complexity, p. 27 Google Scholar.

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⁷² See International Labour Organisation, World Employment Social Outlook, Trends 2016 (Geneva: International Labour Organisation, 2016)Google Scholar. On the unevenly distributed social costs of the crisis, see the collection of essays in Ramazzotti, P., Frigato, P., and Elsner, W. (eds), Social Costs Today: Institutional Analyses of the Present Crises (London and New York: Routledge, 2012)Google Scholar.

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⁷⁹ Ibid., pp. 139–40.

⁸⁰ Ibid., p. 196.

⁸¹ Ibid., p. 191.

⁸² Ibid., p. 221.

⁸³ Ibid., p. 56.

⁸⁴ Ibid., p. 198.

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¹⁰⁷ Gordon, C., Power/Knowledge: Selected Interviews and Other Writings 1972–1977 (New York: Pantheon Books, 1980), p. 39 Google Scholar.

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¹⁰⁹ Foucault, M., ‘Power, moral values and the intellectual’, History of the Present, 4 (1988), p. 11 Google Scholar. Interview originally conducted 3 November 1980 by Michael Bess. On structurally inscribed biases, refer to Bob Jessop’s work. Spanning several decades, Jessop’s work has attempted to marry the insights of Poulantzas and Foucault’s analyses. For an ‘easy’ introduction, refer to Jessop, B., ‘The strategic selectivity of the state: Reflections on a theme of Poulantzas’, Journal of the Hellenic Diaspora, 25:1–2 (1999), pp. 1–37 Google Scholar.

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¹¹² Cooper, M., ‘Complexity theory after the financial crisis: the death of neoliberalism or the triumph of Hayek?’, Journal of Cultural Economy, 4:4 (November 2011), pp. 371–372 Google Scholar.

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¹¹⁵ Haldane, A. and May, T., ‘Systemic risk in banking ecosystems’, Nature, 46 (2011), p. 354 Google Scholar. See also Haldane, A., ‘Why Banks Failed the Stress Test’, Marcus-Evans Conference on Stress-Testing (12 February 2009), pp. 1–23 Google Scholar and Gai, P., Haldane, A., and Kapadia, S., ‘Complexity, concentration and contagion’, Journal of Monetary Economics, 58:5 (2011), pp. 415–536 Google Scholar.

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¹¹⁹ Foucault, M., Security, Territory, Population: Lectures at the College de France 1977–78 (Basingstoke: Palgrave Macmillan, 2007), p. 21 Google Scholar.

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¹²¹ As Minsky pointed out, financial markets exhibit a repetitive cycle beginning with hedge or ‘normal’ financing in which the cash flow is ‘more than sufficient to meet contractual payment commitments’. However, the low profit yield associated with this type of lending leads to more speculative forms of financing in which income flows are enough to pay off the interest but not the principal leading to a ‘rolling over of maturing debt’. The assumption is that the financial asset will increase in value sufficiently to eventually cover the missed payments. The Ponzi form of finance is where the cash flow neither covers the interest or payment of principal due so that the actual ‘face amount of outstanding debt increases’. Minsky, H., Stabilizing an Unstable Economy (New York: McGraw and Hill, 2008), pp. 230–231 Google Scholar. See also H. Minsky, ‘The Financial Instability Hypothesis’, Levy Economics Institute, Working Paper No. 74 (May 1992), pp. 1–10.

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¹²⁹ Langley, P., The Everyday Life of Global Finance: Saving and Borrowing in Anglo-America (Oxford: Oxford University Press, 2008), p. 52 Google Scholar.

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¹³⁴ Directive 2014/59/Eu Of The European Parliament And Of The Council, 15 May 2014, Point 67 of the Preamble.

¹³⁵ Ibid., p. 505.

¹³⁶ Shamir, R., ‘The age of responsibilisation: on market embedded morality’, Economy and Society, 37:1 (2008), p. 8 Google Scholar.

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¹⁴² This is very clear from the various memoranda of understanding that the Troika have signed with various national governments setting out bail-out conditions. See, for example, the Greek MOU: ‘Greece: Memorandum of Understanding for a Three-year ESM Programme’ (11 August 2015), available at: {http://online.wsj.com/public/resources/documents/ greecedoc.pdf}; the Portugese MOU: ‘Memorandum of Understanding on Specific Economic Policy Conditionality’ (17 May 2011), available at: {http://ec.europa.eu/economy_finance/eu_borrower/mou/2011-05-18-mou-portugal_en.pdf}. For an overview of the various policies, see J. Sapir, Pisani-Ferry, A., and Wolff, G., EU-IMF Assistance to Euro-Area Countries: An Early Assessment (Belgium: Bruegel Blueprint Series, 2013)Google Scholar.

¹⁴³ Foucault in Gordon, C., Power/Knowledge: Selected Interviews and Other, p. 77 Google Scholar.

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