"The global financial crisis has shattered the illusion that all was well with capitalism and forced us to confront the great challenges we face today with a new sense of urgency. Few are better placed to do this than Zygmunt Bauman, a social thinker whose writings on liquid modernity have pioneered a new way of seeing the world in which we live at the dawn of the 21st Century." "Our liquid modern world is characterized by the transition from a society of producers to a society of consumers, the natural extension of which is the society of perpetual debtors. The ruling idea of the society of consumers is to prevent needs from being satisfied and to create demand; its natural extension is to enable consumers to consume more by borrowing. Debt was transformed into a crucial profit-earning asset of capitalism in liquid modern times. The present-day 'credit crunch' is not the outcome of the banks' failure but rather the fruit of their success in transforming the majority of men and women, young and old, into a race of debtors. They got what they were looking for: a society of debtors whose condition of being in debt was made self-perpetuating, with more debts being offered, and more undertaken, as the only way of escaping from the debts already incurred." "Starting from this reflection on the current global financial crisis and prompted by the probing questions of his interlocutor, Citlali Rovirosa-Madrazo, Bauman examines in an historical perspective some of the most pressing moral and political issues of our time, from international terrorism and the rise of religious and secular fundamentalism to the decline of the nation-state and the threats posed by global warming, issues whose seriousness and urgency attest to the fact that we are living today not only on borrowed money but also on borrowed time"--Book jacket

"Today we hear much talk of crisis and comparisons are often made with the Great Depression of the 1930s, but there is a crucial difference that sets our current malaise apart from the 1930s: today we no longer trust in the capacity of the state to resolve the crisis and to chart a new way forward. In our increasingly globalized world, states have been stripped of much of their power to shape the course of events. Many of our problems are globally produced but the volume of power at the disposal of individual nation-states is simply not sufficient to cope with the problems they face. This divorce between power and politics produces a new kind of paralysis. It undermines the political agency that is needed to tackle the crisis and it saps citizens' belief that governments can deliver on their promises. The impotence of governments goes hand in hand with the growing cynicism and distrust of citizens. Hence the current crisis is at once a crisis of agency, a crisis of representative democracy and a crisis of the sovereignty of the state. In this book Zygmunt Bauman and Carlo Bordoni explore the social and political dimensions of the current malaise. While this problems have been greatly exacerbated by the turmoil following the financial collapse of 2007-8, Bauman and Bordoni argue that the crisis facing Western societies is rooted in a much more profound series of transformations that stretch back further in time and are producing long-lasting effects. This highly original analysis of our current predicament by two of the world's leading social thinkers will be of interest to a wide readership."--Page 4 of cover.