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Agamben and Radical Politics
Series Editors
Ian Buchanan, University of Wollongong
James Williams, Deakin University
Nick Hewlett
Gregg Lambert
Todd May
John Mullarkey
Paul Patton
Marc Rölli
Alison Ross
Kathrin Thiele
Frédéric Worms
Forthcoming titles
Balibar and the Citizen/Subject, edited by Warren Montag and
Hanan Elsayed
A CIP record for this book is available from the British Library
The right of Daniel McLoughlin to be identified as the editor of this work has
been asserted in accordance with the Copyright, Designs and Patents Act 1988,
and the Copyright and Related Rights Regulations 2003 (SI No. 2498).
Contents
Acknowledgements vii
Isn’t this what has happened in the political space of Western nation-
states? The homes – the ‘fatherlands’ – that these states endeavoured
to build revealed themselves in the end to be only lethal traps for the
very “peoples” that were supposed to inhabit them.3
Notes
1. Franz Kafka, ‘The Burrow’, in Metamorphosis and Other Stories
(Harmondsworth: Penguin, 1949), p. 127.
2. Giorgio Agamben, Means without End: Notes on Politics, trans.
Vincenzo Binetti and Cesare Casarino (Minneapolis: University of
Minnesota Press, 2000), pp. 139–40.
3. Agamben, Means without End, p. 139.
4. Giorgio Agamben, Homo Sacer: Sovereign Power and Bare Life,
trans. Daniel Heller-Roazen (Stanford: Stanford University Press,
1998), p. 12.
5. For a comprehensive description of the expansion of drone strikes
under the Obama administration, see Jeremy Scahill, Dirty Wars:
The World Is a Battlefield (New York: Nation Books, 2013). One
of the focal points of the book is the recent assassination, by drone
strike, of two Americans on foreign soil: Anwar Awlahki and his
sixteen-year-old son, Abdulrahman al-Awlahki.
6. Michael Hardt and Antonio Negri, Commonwealth (Cambridge,
MA, and London: Harvard University Press, 2009), p. 4. For similar
criticisms of Agamben’s focus on sovereignty, law and state from a
Marxist perspective, see Steven Colatrella, ‘Nothing Exceptional:
Against Agamben’, Journal for Critical Education Policy Studies,
vol. 9, no. 1 (2011), p. 97; Alberto Toscano, ‘Divine Management:
Critical Remarks on Giorgio Agamben’s The Kingdom and the
Agamben and Radical Politics 13
Capitalism as Religion
Giorgio Agamben
Translated by Nicholas Heron
1
There are signs of the times (Mt. 16: 2–4), which, despite their
obviousness, those who examine the signs in the heavens do not
succeed in perceiving. They are crystallised in events that herald
and define the coming epoch, events that can pass unobserved
and almost in no way alter the reality to which they are added;
yet which, precisely because of this, count as signs, as historical
indices, sēmeia ton kairōn. One of these events took place on 15
August 1971, when the American government, under the presi-
dency of Richard Nixon, declared that the convertibility of the
dollar into gold had been suspended. Although this declaration
signalled the end of a system that had always bound monetary
value to the gold standard, the news, which arrived at the height
of the summer holidays, elicited far less discussion than one would
have expected. Yet, from that moment on, the inscription that
we still read on many banknotes (for example, on the pound
sterling and the rupiah, but not on the euro) – ‘I promise to pay
the bearer the sum of . . .’, countersigned by the governor of the
central bank – had definitively lost its meaning. This sentence
now meant that, in exchange for the note, the central bank could
have provided to whomever requested it (conceding that someone
would have been so foolish as to do so), not a particular amount of
gold (for the dollar, a thirty-fifth of an ounce), but a note exactly
the same. Money was emptied of every value that was not purely
self-referential. This makes the ease with which the American sov-
ereign’s gesture was accepted, which amounted to liquidating the
gold assets of money owners all the more stupefying. And if, as has
been suggested, the exercise of monetary sovereignty on the part
of a state consists in its capacity to lead market actors to spend its
15
16 Agamben and Radical Politics
debts like money, even that debt had now lost any real consist-
ency: it had become pure paper.
The process of dematerialisation of money had begun many
centuries earlier when market demands led to the issuing of letters
of exchange, banknotes, juros, goldsmiths’ notes and so on, along-
side the necessarily scarce and cumbersome metal currency. All
these paper currencies are actually instruments of credit, which
is why they are called finance currencies. Metal currency, by
contrast, was worth (or could have been worth) its content of
precious metal; a content that, moreover, as is well known, was
uncertain (the limit case being that of the silver money minted by
Frederick II, which, as soon as used, allowed the red of copper to
be made out below). Nonetheless, Joseph Schumpeter – who, it is
true, lived in an epoch in which paper currency had not yet pre-
vailed over metal currency – could with good reason assert that in
the final analysis all money is only credit. After 15 August 1971,
one would have to add that money is a form of credit which is
grounded on itself alone and which corresponds to nothing other
than itself.
2
‘Capitalism as Religion’ is the title of one of the most penetrat-
ing posthumous fragments of Walter Benjamin. That socialism
might be something like a religion has been observed many times
(among others, by Carl Schmitt: ‘Socialism purports to create a
new modern religion, which would have the same meaning for the
people of the 19th and 20th centuries as Christianity did for the
people of two millennia ago’1). According to Benjamin, capitalism
represents not only a secularisation of the Protestant faith (as it
does in Weber), but is itself an essentially religious phenomenon,
which develops parasitically off Christianity. As such, as the reli-
gion of modernity, it is defined by three characteristics:
Precisely because it strives with all its might not toward redemp-
tion but toward guilt, not toward hope but toward despair, capi-
talism as religion aims not at the transformation of the world but
at its destruction. And its dominion in our time is so complete that,
according to Benjamin, even the three great prophets of moder-
nity (Nietzsche, Marx and Freud) conspire with it; even they are
somehow in solidarity with this religion of despair.
This passage of the planet ‘man’ through the house of despair in the
absolute loneliness of his trajectory is the ethos that Nietzsche defined.
This man is the superman, the first to recognise the capitalist religion
and bring it to fulfilment.4
3
Let us take Benjamin’s hypothesis seriously and attempt to develop
it. If capitalism is a religion, how can we define it in terms of faith?
In what does capitalism believe? And what does Nixon’s decision
entail with respect to this faith?
David Flusser, a great scholar of the science of religions (there
even exists a discipline with this strange name), was working on
the word pistis, which is the Greek term that Jesus and the apostles
used for ‘faith’. One day he was by chance in an Athenian square
18 Agamben and Radical Politics
and, at a certain point, he raised his eyes and saw written in large
letters before him: trapeza tēs pisteos. Surprised by the coinci-
dence, he looked more closely and after a few seconds realised
that he was simply outside a bank: in Greek, trapeza tēs pisteos
means ‘credit bank’. This was the sense of the word pistis, which
he had been seeking for months to understand: pistis, ‘faith’, is
simply the credit that we enjoy with God and that the word of
God enjoys with us – once we believe. This is why, in a famous
definition, Paul can say that ‘faith is the substance of things hoped
for’ (Heb. 11: 1): it is what gives reality and credit to what does
not yet exist, but in which we believe and have faith, in which we
stake our credit and our word. Creditum is the past participle of
the Latin verb credere: it is that in which we believe, in which we
place our faith, at the moment we establish a fiduciary relationship
with someone by taking them under our protection or by lending
them money, by entrusting ourselves to their protection or by bor-
rowing money from them. In the Pauline pistis, that is to say, the
ancient Indo-European institution of ‘personal loyalty’ (fides) that
Émile Benveniste has reconstructed is revived:
he who holds the fides placed in him by a man holds this man at his
mercy. [. . .] In its primitive form this relation implied a certain reci-
procity, placing one’s fides in somebody in turn secured in return his
guarantee and his support.7
4
What does the decision to suspend the convertibility into gold
mean for this religion? Certainly something like a clarification of
its own theological content, which is comparable to the mosaic
destruction of the golden calf or the establishment of a conciliar
dogma; in any case, a decisive step toward the purification and
crystallisation of its own faith. In the form of money and credit,
the latter now liberates itself from any external referent, revokes
its idolatrous nexus with gold and asserts itself in its absoluteness.
Credit is a purely immaterial being, the most perfect parody of
that pistis which is but the ‘substance of things hoped for’. Faith –
so runs the celebrated definition from the Letter to the Hebrews
– is the substance (ousia, the technical term par excellence of
Greek ontology) of things hoped for. What Paul means is that
the one who has faith, who has placed their pistis in Christ, takes
Christ’s word as if it were the being, the substance. But it is pre-
cisely this ‘as if’ that the parody of the capitalist religion repeals.
Money, the new pistis, is now immediately and without remainder
substance. The destructive character of the capitalist religion of
which Benjamin spoke appears here on full display. The ‘thing
hoped for’ is no longer there; it has been nullified, and necessarily
so, because money is the very essence of the thing, its ousia in the
technical sense. And in this way, the final obstacle to the creation
of the money market, to the integral transformation of money into
a commodity, is removed.
5
A society whose religion is credit, which believes only in credit,
is condemned to live on credit. Robert Kurz has illustrated the
transformation of nineteenth-century capitalism, which was still
grounded on solvency and on mistrust regarding credit, into con-
temporary finance capitalism:
Thomas Mann even made it a subject for the Nobel Prize. The pro-
ductive capital of interests was of course from the very beginning
indispensable for the system that was then forming, but it did not yet
play a decisive role in the total capitalist reproduction. The affairs of
‘fictitious’ capital were considered typical of a milieu of swindlers and
dishonest people at the margins of genuine capitalism. Even Henry
Ford for quite some time refused recourse to bank credit, stubbornly
wanting to finance his investments only with his own capital.8
6
Four years prior to Nixon’s declaration, Guy Debord published
The Society of the Spectacle. The book’s central thesis was that
capitalism, in its extreme phase, appears as an immense accumu-
lation of images, in which everything that was once directly used
and experienced is distanced in a representation. At the point in
which commodification reaches its apex, not only does all use-
value disappear, but the very nature of money is transformed. It is
no longer simply ‘the abstract general equivalent of all commodi-
Capitalism as Religion 21