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Part of the uniqueness of the present crisis is therefore its abstract mode of destruction. The scope of what is possible in the future (and increasingly in the present) is narrowing in a way that isn’t immediately apparent in our daily actions. So while the welfare state plays an important role in moderating the phenomenological experience of crisis, the abstract structures of contemporary existence are shifting in just as significant ways. The objective forces of economic crisis require an outlet for their effects, and while government programs have managed to disperse some of this force, the remainders are winding their way through our global economy. In the words of James Galbraith, the current crisis may be significant not for its overt destruction but instead for “the pall it casts over life.”

On the Abstraction of Contemporary Crisis | The Disorder Of Things - 2011-09-12

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