More than Anarchy in the UK: ‘Social Unrest’ and its Resurgence in the Madoffized Society

Sudden explosions of street violence and disorder tend to evoke simplistic responses. Echoing Victorian moralising and condemnation of urban street fighting at the end of the nineteenth century, politicians depicted England's August 2011 riots as ‘mindless criminality’. Critical of such rhetoric, we maintain that the recent riots should not be misrecognised through the class politics of the advantaged. Instead, we locate this unrest in a larger historical, social, economic and political context. This context includes the progressive predominance of finance capital in the post-1970s era and related neoliberal policy agendas and ideological forms. We posit that neoliberal transformations in the economy and society have undermined many young people's capacity to lead useful and meaningful lives, and that the potential for hopelessness, resentment, frustration and outbursts of anger has significantly increased as a consequence. We argue that the alienation of young people today cannot be separated from forms of accumulation that depend on massive debt-expansion. Neither can it be separated from the proliferation of related practices and institutional supports that enable this expansion, further accelerating the deterioration of already disaffected young people's prospects and futures. We refer to the enabling elements of this process as ‘Madoffization’ at a time when ponzi finance has made economic collapse and ongoing social unrest inevitable.