The Sovereignty of Finance? Distress and the Financialization of Sovereign Debt
Bibliographic record
Abstract
Abstract This article argues that the relationship between finance and state sovereignty is neither automatic nor understandable in some generalized manner. To develop this argument, I pay particular attention to the financialization of distressed sovereign debt, especially sovereign debt defaults in the Global South with particular reference to Argentina’s default in 2001 and the string of legal cases it triggered. These legal processes breathed a strange after-life into Argentina’s defaulted debt by converting that debt into fully commodified financial contracts. I argue that the financialization of sovereign debt is enabled by a long and complex evolution in the application of the doctrine of restrictive sovereign immunity. This financialization, moreover, is indicative of ways in which forms of financial distress are reworked as renewed sources of financial value. This provokes questions about the very relationship between waste and value in our global political economy.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.006 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.001 | 0.002 |
| Science and technology studies | 0.001 | 0.011 |
| Scholarly communication | 0.004 | 0.005 |
| Open science | 0.000 | 0.002 |
| Research integrity | 0.001 | 0.002 |
| Insufficient payload (model declined to judge) | 0.005 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".