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1.
In recent years, significant studies of finance have explored, on the one hand, the ways in which a specific financial theory might act as a ‘performative utterance’ which through its use makes itself true and, on the other hand, the ways in which discourses and practices of finance might act as continuous performatives that constitute key categories of finance and the financial subject. On first glance, the idea of self-actualising financial theory might seem closer to J. L. Austin's original conception of the performative utterance. However, in this article, I argue for the need to reclaim the Austinian heritage for the broader and more generic understanding of performative finance as well. In this sense, I suggest, a return to Austin reveals the importance of maintaining a focus not only on the potential performance of financial theory, but also those discourses and practices of finance that make up the deeper layers of performativity. I use questions about the role of financial engineering in the sub-prime crisis to illustrate that it is only through a conception of performative finance as self-actualising theories and as discourses and practices that the often obscured layers of financial engineering in society can be fully understood.  相似文献   

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3.
This article uses the 2015 film, The Big Short, to explore the limits of representing and critiquing Wall Street culture on film. Critics have praised the film, suggesting that it offers an account of the 2007–2008 financial crisis that both critiques Wall Street culture and democratizes financial knowledge. I argue that the film is an early representative example of a public narrative based on behavioral economics. A popular movie informed by this discipline has a good deal of political potential for challenging injustices produced by neoliberal approaches to the financial services industry. However, I also argue that despite this political potential, The Big Short is unable to fundamentally challenge the belief in efficient markets that justify many of Wall Street’s practices. I also argue that the film uses unexamined and problematic understandings of both class and gender in characterizing the film’s protagonists.  相似文献   

4.
The sociologist Bruno Latour has often expressed aversion to immanent critique, framing actor-network theory in terms of focus on visible phenomena. In spite of this, research on financial performativity inspired by Latour’s perspective can still be interpreted in terms of immanent critique and related to Political Economy (a critical discipline), through Kant’s critique of metaphysics as a ‘regulative axiom’. Research on financial performativity has uncovered evidence of the existence of constructive processes that show how an idea (like a financial model) can become something like an ‘object’. This ‘objectivity’ appears to contradict Kant’s critique of metaphysics – that there always remains a gap between our ideas and the world itself. This paper therefore explores financial performativity as a ‘contradiction’, historicizing it to argue that ‘Barnesian performativity’ and ‘financial liquidity’ are ‘immanent’ to one another in the events of recent financial crises. The paper conducts this interpretation to provide a new conceptualization of ‘financial liquidity’ that is more empirically apparent, helping to overcome some of the limits in the discussion of ‘liquidity’ in Political Economy (that Latour might want to highlight), where discussion occurs in metaphysical terms difficult to connect to actual events.  相似文献   

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7.
HALDANE'S GAMBIT     
This article considers the body of work which Andrew Haldane has published since the onset of financial crisis. It draws a distinction between two kinds of criticism in that work: Haldane's interference through political arithmetic on the costs of finance and Haldane's big concept of the financial network using metaphors drawn from the life sciences. His readers have mainly focused on Haldane's innovation through concept and network metaphor while neglecting his political arithmetic and empirics on the costs of finance. But this article argues that Haldane's political arithmetic on costs is an important radical intervention when the finance sector is deflecting reform with a trade narrative about the social benefits of finance.  相似文献   

8.
ABSTRACT

A crucial component of the neoliberal regime is the shift of responsibility for individuals’ financial well-being and security from the state and other public bodies to the individuals themselves, who are required to take responsibility for their own financial decisions and their current and future economic situation. This project of responsibilization presumes a world in which calculative subjects can estimate and manage future risks. Nonetheless, compelled to engage with the financial sphere as a key means of assuring their economic security, individuals are exposed in fact to the fundamental uncertainty of financial markets. In this article, we examine conventions formulated and communicated by financial education programs as cognitive devices geared to prompt individuals to imagine and engage with finance as a site of knowable, calculable and manageable risks, rather than as a site of fundamental uncertainty. Aiming to instill among the general public a particular cognitive frame based on the idea that possible futures are assessable and the risks that they carry can be managed through engagement with financial products and services, these conventions contribute to the normalization of financial logics in everyday life and the incorporation of the general population into the process of financialization.  相似文献   

9.
This article confronts the question of what a revitalized financial sector might look like if this were to be reconfigured so as to reproduce first an artisanal-like persona for the financial analyst and craft-like organizational structure for financial businesses, and second if this were to be re-territorialized so that it acted like a partisan rather than, as at present, like a disembedded footloose structure of ‘global finance’. Initially the analysis is pitched at a rather abstract and theoretical level – pulling together artisans, nomads and partisans and tracing their intellectual lineages. But the chapter ends with three very concrete illustrations of actual financial relations in practice that meet some of the criteria for being both artisanal and partisanal.  相似文献   

10.
ABSTRACT

As financial transactions are increasingly digitized, old and new kinds of intermediaries are only expanding in importance. Intermediaries, mediators and brokers sit at critical junctures and operate between diverse financial arenas and pathways. We argue that mapping the intermediate entails identifying how different kinds of actors—human and non-human, objects and interfaces, institutions and practices—delimit or reify but also stitch together and overcome spatial and temporal differences in people's financial lives, while taking on varying burdens of risk. Mapping the intermediate is both an empirical and methodological exercise. Empirically, it requires following the agents and traders, brokers and material objects that facilitate transactions and add, extract, or re-work different kinds of value. Methodologically, intermediaries and the intermediate are not only the objects of analysis but act as analytical tools in their own right, making the process and politics of transactions visible and tangible. Attending to the intermediate in our inquiries around money, currency and new digital financial technologies, thereby, offers new directions for grounding finance in politics and history and better connecting micro and macro and local and global economic processes.  相似文献   

11.
Drawing on empirical data, this article identifies the emergence of the ‘PR University’ as an assemblage. Using a case study of university press officers’ work, I analyse how this form of media relations PR stages competition between UK universities through the media. A key form of this competition centres on the accumulation and circulation of what I term ‘reputational capital’. I focus on one core element of reputational capital – media stories about HE research and the circulation of research metrics. I argue that the assemblage of the public relations (PR) University pulls the HE sector into dialogue with PR principles and practices in the context of recent shifts towards market rationalities. But this relationship is not a simple cause and effect model in which increasing HE ‘marketisation’ creates a boom in universities’ PR practices, or intensifying investment in PR by universities merely amplifies or legitimises existing market tendencies in the sector. I argue that the PR University as assemblage starts generating its own logics around which actors in the field must orient themselves. More broadly, the PR University operates not only to promote an individual university’s market position, but also acts upon public debates about the social role, legitimacy and financing of UK Higher Education.  相似文献   

12.
This article examines the politics of calculative devices in one of the most successful areas of finance, the life insurance business. By empirically tracing an insurance applicant's risk trajectory, it analyses how calculative devices perform insurance underwriting through acting on insurance risk decisions. This allows one to document what calculative devices exactly do, and to point out the political effects of what they do. First, it highlights the fact that, contrary to thinking in terms of ‘the insurance logic’, there are multiple ways of calcuting life insurance risks. Second, it underscores the crucial role of calculative devices in that process by demonstrating how they align considerations as divergent as economics and medicine to perform a life insurance market. It then demonstrates the political effects of these calculative devices by making explicit how the latter contribute to the production of inequalities in calculative power in life insurance. In this way, the article links up insights from the performativity approach in the sociology of markets with the broader question of governing economic life. Such an approach, it is argued, provides the opportunity to open up the organization of economic markets and to put classic questions of justice and power struggles in economic markets on the agenda again.  相似文献   

13.
In its emphasis on the legal technicalities this article is concerned with materiality of financial markets – a key theme in social studies of finance. The paper insists on the importance of local legal culture by articulating this concept in distinction to politics. Focusing on the Amendment to Article 1062 of the Russian Civil Code concerning an important class of financial products – cash-settled currency derivatives – it synthesises the insights of actor-network theory and finitism, and argues that local legal culture is a composite of both distributed agencies and interpretative acts.  相似文献   

14.
This article explores the wide-ranging influence of the yield curve – a diagrammatic device for representing the term structure of effective interest rates on market-traded debt instruments – in contemporary monetary, financial and economic life. Drawing on the expanding literature on financial performativity, including within the field of cultural economy, the article submits that by virtue of its centrality to multiple, closely interconnected and often highly recursive sets of relations between economies, financial markets and central banks, the yield curve is performative at a range of different levels; and, parsing various different extant understandings of performativity, the article theorizes the particular nature of such performativity in the yield curve context. Against the grain of the bulk of the literature on financial performativity, however, the article also endeavors to connect the yield curve’s performativity explicitly to questions of privilege (the privileges of representation) and power (the power to perform) and their unequal distribution. That is to say, the article argues that to understand the multidimensional performativity of the yield curve, we need to draw out its political as well as cultural economy.  相似文献   

15.
Judith Butler's work on performativity takes an explicitly Foucauldian approach to politics. The economic performativity literature, in comparison, has been criticised for failing to foreground power. This paper uses a case study of market creation in UK marine fisheries to suggest, after Butler, ways in which a Foucauldian analysis of the exercise of power can inform our understanding of economic performativity.  相似文献   

16.
This paper offers a cultural approach to technology as an alternative to what we see as a prevailing treatment of technology in social studies of finance. This latter treatment, which we refer to as the ‘tools of coordination’ approach, sees technologies as mediators of market behavior that promote standardization and coordination. While this may be one important function of some technologies, taking a cultural approach to studying financial technologies highlights other important aspects of financial activity – in particular profit making. Instead of focusing primarily on how technologies coordinate market behavior, we focus on how technologies enable profit-making practices, in particular arbitrage. In two different case studies, one examining arbitrage between stock exchanges during the late nineteenth century and the other focusing on contemporary high-frequency trading, we employ the cultural approach to technology. We find that while new technologies do eventually promote greater coordination in financial markets, they are initially deployed for the opposite purpose, to produce what we call network differentials that allow some to profit at the expense of others.  相似文献   

17.
ABSTRACT

Catherine Malabou's opinion of non-essentialist models of gender identity and art is unambiguous: in her words, they are ‘catastrophic’ to women and to artists (Malabou [2014]. ‘Sujet: Femme'. de(s)générations des féminismes 21, 29-38: 135). What, then, are the implications of Malabou's hallmark concept of ‘plasticity’ on theories of performativity? Has plasticity come to supplant performativity, just as Malabou believes that it has come to supplant Derridean writing? Or if, as Malabou suggests, philosophical concepts are inherently plastic, may we maintain that performativity was always already plastic? In the following article, I read Malabou's work on writing alongside her work on the feminine in order to question how plasticity and performativity might be examined together to theorise the ways in which the discursive and the material interact in the production of subjectivities. By highlighting the performativity at play within Malabou's own writing about the end of writing, I propose that her work challenges her claim that literature cannot deconstruct philosophy. In response to Malabou's anti-essentialist plastic theory of the essence of woman, I underline the parallels between performativity and plasticity and suggest that the two concepts overlap in their mutual configuration of identity and form as mutable and transformable.  相似文献   

18.
This paper contributes to the increasing research on how experts within financial institutions co-produce and organize financial markets, and in particular how equity analysts enact stock markets characterized by high volume and volatility. The 20 equity analysts studied give qualitatively different accounts of what, from an outsider's perspective, appear to be very similar work. The analysts understand investment objects, equity markets, and what constitutes good analytical work in qualitatively different ways. This heterogeneity, or multiplicity, could be one source of the, unexplained by orthodox financial theory, ‘excess’ volatility and ‘excess’ trading volume on financial markets. Therefore, the paper complements accounts within heterodox finance theory and sociology-based studies of financial market activities.  相似文献   

19.
This paper delineates how stockbrokers in Mumbai negotiate (contest, reconcile and appropriate) global finance. In recent years, the social studies of finance have grown profoundly, enhancing our understanding of finance across disciplinary boundaries. However, the way in which global finance is practised by local stockbrokers in non-western financial markets has received minor attention. Even though the Mumbai financial market is comparatively small, it is an instructive case due to a transition of financial practices over the previous two decades. Despite these rapid changes, the Bombay Stock Exchange (BSE), the oldest exchange in India, and its ‘traditional’ brokers remain active and relatively influential. Drawing on present-day experiences as well as historical recollections of BSE stockbrokers, this article shows that global finance is not an unambiguous or predictable force, but instead negotiated and thus actively shaped by local stockbrokers.  相似文献   

20.
From corporations to occupied factories, a growing number of widely accessible books and documentary films have emerged to represent an array of economic concerns and the groups gathered around them. Viewed as a new form of political association, these representations offer a lens to contemporary social change. This article draws on theories of performativity to explore the ways in which such diversely constituted assemblies might transform the economy. Representation has a number of different meanings; it relates to how economic concerns are discursively represented and thereby made real while also referring to the political representation of different groups gathered around that concern. Putting these two senses of representation together, this article examines the temporal and spatial composition of two alternative economic representations, the documentary films The Take and Les Glaneurs et la Glaneuse [The Gleaners and I]. Through The Take I explore the way in which alternative economies are performatively brought into being. I argue that The Gleaners and I illustrates how one might go about representing and reassembling the geography of economy through the idea of the periperformative. Together these films offer a way of broadening economy that has implications for the performative potential of research more generally.  相似文献   

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