UVA Grad Student’s Research Reframes Economic Emergencies as Tools of Governance

A new study co-authored by University of Virginia sociology Ph.D. student Egor Makarov offers a timely look at how governments exploit economic emergencies — real or imagined — as tools for shaping policy and strengthening power. 

Published in the Journal of Cultural Economy, the article, “Economic Emergencies: Exception, Government and the Management of the Economy,” argues that economic emergency measures have become a permanent feature of governance, influencing decisions long after disaster headlines fade. The paper was co-authored with Professor Simone Polillo, chair of the Department of Sociology in UVA’s College and Graduate School of Arts & Sciences. 

“We’re living in a time of ongoing crises — from 9/11 to pandemics, military conflicts and climate change — and society is searching for ways to govern these critical events,” Makarov said. “One common response is the declaration of a state of emergency.”  

How Emergencies Shape Everyday Policy 

The paper identifies two distinct but overlapping approaches to how governments manage economic emergencies. One is legal and highly visible, such as a formal declaration of a national emergency that activates special powers. The second is institutional and is often invisible to the public, relying on expert-driven interventions like stress tests and insurance models to manage risk, which allows them to redirect resources or impose new rules without legal scrutiny. 

The second approach, said Makarov, is one he calls the “economization of emergency,” where crises become a matter of economic governance focused on efficiency and restoring normality.  

“We try to understand what the state of emergency actually is, and we explore its different dimensions using philosophical and sociological works and case studies,” Makarov said.  

Makarov and Polillo argue that as emergency tools become embedded in everyday governance, questions of democratic accountability grow more urgent – questions like Who defines a crisis? How do those decisions get made? And what happens when exceptional measures become standard practice? 

“The strategy is, unfortunately, very relevant today,” Makarov said. “We need to pay more attention to this mode of power to understand its implications.”  

In their paper, the authors call for the development of a new interdisciplinary field — economic emergency studies — which will improve our understanding of how societies manage uncertainty and who benefits from how those emergencies are defined and governed. 

Polillo said the research fills a critical gap. 

“Egor’s work pushes us to think differently about economic governance. We’re used to studying emergencies as temporary disruptions, but this research shows that emergency logic now structures everyday policymaking. That insight opens new paths for scholars across the social sciences.” 

A Growing Research Strength at UVA 

Makarov credits UVA with providing the ideal setting for developing this research. 

“The department hired at least two professors who work in this economic sociology perspective,” he said. “The intersection between culture and things like political economy or institutionalism is what attracted me specifically. Bringing these dimensions together is really useful, and UVA is quite good at this.”  

Christa Acampora, Buckner W. Clay Professor of Philosophy and dean of Arts & Sciences, highlights how Egor’s work embodies the graduate school’s commitment to supporting breakthrough student research with real-world impact. 

“This publication exemplifies the bold and collaborative scholarship we seek to cultivate in Arts & Sciences. Egor’s publication demonstrates how graduate students at UVA are both advancing academic debates and helping society understand the urgent challenges shaping our world.” 

Currently conducting field work in Central Asia for his dissertation, Makarov plans to expand this research by examining how insurance markets, governments and global institutions manage economic risk. 

“This work lays a foundation for future research on how economic governance changes in times of crisis,” he said.