PhD preview : situational analysis
I. SITUATIONAL ANALYSIS : what is at stake nowadays ?
The financial crisis, during which the balance between the financial and economic arenas was shaken, is the starting point of our analysis focusing on political and economic as well as normative, ethical and philosophical issues. Such crisis raises the questions of the management of financial “information”, especially with regards to its lack of transparency on financial markets. The relation between “public” action and its own modalities is also at stake. For this purpose, what is the responsibility of the political sphere? How can we, de facto, apprehend the different causal links implied within the legal, political and financial spheres? Isn’t up to politics to be in line with the reality? If it is, what is the role that the State ought to play? Public authorities could appear at first sight powerless towards the financial sphere that is constantly moving in time: the issue of political governance as a resolute, rational and efficient action is very acute.
After a multiplication of various economical interdepend logical frameworks, a new power balance between the financial and political sphere emerges. Hence, finance is now in a position of strength based on a singular actors’ approach. From past economic crisis, we are able to rethink the role of political leaders towards finance. In this research, we ought to understand and analyse mechanisms through which the power of markets towards public mechanisms are internalised.
From an economic and political situational analysis, to what extent could we consider a hegemony of finance? The financial sphere is challenged by a rather small number of actors in a time-space frame, whose customary codes they master. Those actors influence de facto entire sectors of the economy, including the real economy. Within that power relationship, States have gone through two setbacks: they have all had to overcome the insolvency of their economy, and they have been forced to act as guarantor of the solvability and legitimacy of the financial sphere during the 2007-2008 crisis. After that, critics have been virulent on their lack of prompt response.
However, since the 1980s, financial operations have led to an increasing interdependence of the different actors within the political and financial spheres. The duties and the role of the State have been subject to evaluation, notably through a study of the different aspects of its action on the financial sphere. It turns out the issue of security has become central as much for the public sphere as for the financial sphere. Security remains a crucial stake for the common good of nations, specifically with regards to the emergence of challenges related to new information technologies.