A word that is bandied about – recently by Boris Johnson among many others – yet rarely examined closely. I have tried to unravel its connotations in two different contexts, once fairly flippantly, once a little more seriously…
Once used to describe the weakness of tiny, mutually hostile nations with changing borders, this invocation of the troubled Balkan region is now fashionably applied to the banking sector. Balkanisation refers to, in the words of the FT‘s Patrick Jenkins, “the breakdown of cross-border banking as nervous lenders retreat… from the more troubled parts of the Eurozone.”
It is part of the trend towards deglobalisation, financial fragmentation, renationalisation and domestication of debt caused primarily by economic turbulence, prompting banks to introduce more effective safeguards against cyclical changes, aka buffering (another buzzword du jour), but increasingly also due to tighter official regulation. National regulators may now stop banks using deposits in one area to fund debts in another (the ability to shift capital or asset-swap from country to country is known as fungibility), and regulatory intervention can result in the breaking up, or Balkanisation, of the big, diversified financial entities themselves.
I wrote this in 2006 but it still seems apposite (- this is not a pro-Brexit post!)…
When writing about language, there’s a word I constantly invoke – it’s a useful shorthand version of the cumbersome “areas where English is the dominant language”. But this expression (apparently first used in writing by science-fiction writer Neal Stephenson in 1995) may yet turn out to be the defining term of the 21st century’s global order. The word is Anglosphere, denoting not just a group of English-speaking nations, but a sphere – or set of interconnected spheres – of influence.
According to US businessman and technologist James C Bennett, it “implies far more than merely the sum of all persons who employ English as a first or second language. To be part of the Anglosphere requires adherence to the fundamental customs and values that form the core of English-speaking cultures.”
Primary among these are individualism, openness and the honouring of contracts. Just doing business in English doesn’t qualify you. You have to have internalised the hidden system of behaviours and assumptions that Anglos implicitly embrace, thereby gaining membership in what Bennett calls a network civilisation or network commonwealth. Other fashionable buzzwords associated with the phenomenon are collectivity, commonality and commensurability.
At the rarefied level of international politics, Anglosphere can mean a geopolitical conversation for insiders only. In terms of innovation in technology, law and commerce, it encourages pathfinder cultures to cooperate seamlessly. To some anti-globalisers and multiculturalists this smacks of ethnocentrism, cultural imperialism and linguicism (language-based racism), or at the very least a shared superiority complex on the part of largely rightwing commentators. Part of the potency of the idea is certainly that it offers Brits, and Canadians, Australians and New Zealanders, too, the prospect of world domination, alongside the US, and despite the looming presence of China and India. Others protest that this is all simply stating the obvious – that English speakers communicate easily with one another. But perhaps they are missing the essential point: the real potential of the Anglosphere lies not just in instantaneous information-sharing but in the millions of informal, often unnoticed relationships and collaborations that amount to a much more unified power-bloc than any artificially created entity – the EU springs to mind.
Send your favourite buzzwords, jargon or new and exotic usages to firstname.lastname@example.org