Combined Shapeclose Created with Sketch.
Spring 2018


Combined Shape Created with Sketch.
Group 2 Created with Sketch.


Rated Agency: Investee Politics in a Speculative Age

Michel Feher


192 pp

Published: September 2018

6 x 8


$25.95, £20.00

ISBN: 9781942130123

The hegemony of finance compels a new orientation for everyone and everything: companies care more about the moods of their shareholders than about longstanding commercial success; governments subordinate citizen welfare to appeasing creditors; and individuals are concerned less with immediate income from labor than appreciation of their capital goods, skills, connections, and reputations.

That firms, states, and people depend more on their ratings than on the product of their activities also changes how capitalism is resisted. For activists, the focus of grievances shifts from the extraction of profit to the conditions under which financial institutions allocate credit. While the exploitation of employees by their employers has hardly been curbed, the power of investors to select investees — to decide who and what is deemed creditworthy — has become a new site of social struggle.

In clear and compelling prose, Michel Feher explains the extraordinary shift in conduct and orientation generated by financialization. Above all, he articulates the new political resistances and aspirations that investees draw from their rated agency.

Rated Agency is the most astute analysis of financialized capitalism I have ever read. While so many, even on the left, long to rewind history, Feher has reckoned with the past, and imaginatively charted a path forward into the future.” — Jonathan Levy, Professor of History at the University of Chicago

“This is a remarkable and timely contribution to current radical thinking on those various displacements brought about by the now long haul of neoliberalism: from workforce to ‘de-proletarianized’ debtors, from salary to gig, from labour to rent, from welfare society to neo-nationalist movements.” — Angela McRobbie, Professor of Communications at Goldsmiths, University of London