"The Sovereignty Effect" by Joseph Vogl offers an in-depth analysis of the interactions between state and market in the context of economic crises. Vogl argues that crises not only present challenges but also provide opportunities to implement politically uncomfortable measures. In his work, he sheds light on the historical development of financial economics and the role of expert committees and improvised bodies that gain influence during times of crisis. By examining the co-evolution of states and markets, it becomes clear how mutual dependencies within the capitalist system are intensified. This academic book is an essential contribution to the discussion on the dynamics of modern governance and the challenges arising from the financial crisis.