RATING AGENCIES, SYMBOLIC CAPITAL AND THE EVALUATION OF NATION-STATES. A PRELIMINARY EXPLORATION

Abstract

By drawing on Bourdieu’s concept of symbolic capital as the power of constructing social reality and naturalising domination, the article offers a preliminary exploration of the role of rating agencies in terms of monopoly of symbolic power within the contemporary ‘financialised’ world. The paper, therefore, critically examines the power and role of rating agencies, while also framing the practice of rating in terms of a highly political process - despite it being veiled as a technical exercise made by experts - aimed to preserve neoliberal orthodoxy globally. Eventually, the paper analyses the downgrade of Italy’s ratings in October 2018, that is, after the establishment of the new ‘Yellow-green’ government. In this case, I show that rating agencies acted in a pre-emptive way to foster the preservation of neoliberal agenda and fiscal austerity. The concluding remarks, finally, lay emphasis on limits and future potential of the research.

Keywords:
State, Financialization, Symbolic capital, Rating agencies, Neoliberalism