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1.
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2.
WAGES OF SIN?     
The ‘global credit crunch’ is only the latest and most virulent among a series of financial crises stretching back to the 1970s and beyond. Yet, more than any of its predecessors, the current crisis is being presented in apocalyptical libidinal terms. Accounts of the crisis and its aftermath tend to be predicated on a sharp contrast drawn between prudent, conservative, risk averse, sober financial practice and a more exuberant, greedy, hedonistic, risky counterpart.

This kind psychosexual analysis is neither new, nor does it represent an accurate depiction of the dilemmas and challenges posed by modern finance. It tacitly suggests, for example, that a return to ‘traditional financial values’ (akin to repeated calls for returns to ‘family values’) would restore calm and normality to a system undermined by the excesses of the perverse few.

This paper argues that although a return to ‘traditional values’ is unlikely to solve any of the current problems, the representation of the crisis and its aftermath is significant. The crisis and its aftermath are embroiled in a wider fundamentalist and puritanical backlash against ‘hedonistic’ capitalism. It represents not a crisis of capitalism as a whole, but a schism within (predominantly) financial communities over the morality and acceptability of ‘risk’. As such, a strongly libidinal language already common within the markets is being adapted and redeployed to create new divisions and exceptions in the context of crisis.  相似文献   

3.
This essay argues for the shortcomings of the circulation-perspectives of critical economics in the discursive formation of contemporary finance-led global capitalism on grounds that it implies the same neoclassical efficiency-equilibrium assumption it was meant to counter. A new theoretical apparatus, of asymmetrical flow, predicated on the asymmetries of time-space and information, is offered. The necessity of a new theory is illustrated with reference to the global financial crisis beginning in 2008 and the S.E.C. suit of Goldman Sachs and, using the question ‘where did all the money go?’ as a touchstone of inquiry, concluding that the question is largely unanswerable due to communicative asymmetries arising from the act of speculation.  相似文献   

4.
This article investigates the sources of sociability in modern financial systems as a prelude to assessing the prospects for financial regulation. Three sources are identified: sociality dependent upon contract, upon relational interdependency, and upon the operation of will and passion. Each of these would provide its own rationale for regulation but it is the third that is stressed here as a radical conception, one that needs to be more fully addressed than has so far proved possible in an analytical context. And it is this conception that connects most closely to a second overall theme of the article which is to explore further the nature of ‘irrationality’ as manifest in financial crises. When the contours of both these aspects of financial calculation have been elaborated, the article moves on to consider how they might shape regulatory responses to the seeming inevitability of financial crises in modern capitalist economies.  相似文献   

5.
This essay explores the relations between T. S. Eliot's concept of tradition and the ‘modern materialism’ of Walter Benjamin, Jacques Lacan and Louis Althusser, and considers the implications of this resonance for both Eliot's critical legacy and the Marxist tradition. Initially surveying the critical controversy surrounding the canonical figure of Eliot and recent attempts to reconcile his avant-garde poetics with his reactionary social thought, the essay traces the roots of Eliot's tradition in a Nietzschean critique of historicism and its development into a theory of culture. Eliot's persistent drive towards impersonality echoes (and problematises) the efforts of Benjamin, Lacan and Althusser to construct a model of the social process that incorporates the unconscious. Rather than ultimately determining a set of political positions, the ‘missed encounter’ between Eliot's tradition and ‘modern materialism’ draws to light the Hegelian historicisms that haunt materialist theories of culture.  相似文献   

6.
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   

7.
The post-2008 financial crisis era has seen an upsurge in popular cultural narratives that implicitly challenge principles of economic productivity, consumption and growth by lamenting a so-called ‘world of too much,’ advocating ethics of minimalism, and renouncing everyday busyness. Narratives range from lifestyle advice on simplicity and de-cluttering private homes, to quests for the reduction of individual labor, communication, social contacts and distraction. This article questions these narratives in terms of eco-politics. Using Kate Soper’s concept of ‘alternative hedonism,’ the article analyzes a selection of five self-help books and one blog that promote lifestyle minimalism in order to interrogate their potential in stimulating de-growth eco-politics through popular culture. Drawing on post-ecological theory, it argues that narratives of lifestyle minimalism are paradoxical in that they resist yet at the same time promote capitalist cultures of growth. To overcome this limitation, it is crucial to understand and transform the narrative premises of lifestyle minimalism in ways that contextualize problems of ‘excess,’ ‘clutter’ and ‘a world of too much’ as intrinsic to the current system of capital accumulation. The article concludes by reflecting on the potential of an eco-movement that joins the alternative culture of minimalist hedonism with the eco-political agenda of de-growth.  相似文献   

8.
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   

9.
Mainstream economics has consistently ignored the iconography of currency, describing money ‘just’ as a commodity. The paper is going to investigate the economic and political significance of the representations of authority and nationality in currency describing how these representation support its acceptability. The aim of the analysis is double: to decipher the visual identity of currency and its contribution to the acceptance of money in day-to-day transactions, as well as to discuss the operational principles of the monetary system as they are uncovered in the iconography of money. By answering these questions, the paper is going to trace the theoretical presuppositions and the cultural stereotypes that inform the representation of economic value and national identity as they are articulated in banknotes and coins with a specific emphasis on the European Monetary Union and the recent financial crisis that is still affecting its periphery.  相似文献   

10.
ABSTRACT

After the 2007 financial crisis central bank economists in the US produced a map of shadow banking system, a fragile interconnectedness of regulated and unregulated financial institutions, to explain why the crisis had happened. This piece of cartographic work in banking regulation had two aims: (a) to represent the economic reality, including the parts that were not in regulatory sight, with full realism and (b) to develop a regulatory surveillance regime to monitor shadow banking to prevent future crises. This paper problematises the first aim as a peculiar cognitive response to the knowledge crisis of economics which challenges the consensus on modern finance as post-modern Baudrilliardian simulacra. The paper then introduces a cultural economy perspective to explore the regulatory fear in the second aim of the shadow banking analysis with references to the theme of the Doppelgänger (the Double) in the genre of horror stories. Finally the societal consequences of the control oriented epistemological choices of the shadow banking analysis are problematised by using Michel Serres concepts of foedera natura versus foedera fati.  相似文献   

11.
The neoclassical homo economicus has escaped the narrow confines of economic theory and is today embodied countless times over in the everyday behaviour that so much of the modern economy is set up precisely to serve. Not all of the authors of leading books on economic principles have named the neoclassical homo economicus, but when they have done so it is overwhelmingly in the same way. They have given him the human form of a Robinson Crusoe figure, despite the fact that his behavioural motivations and his practical conduct owe next-to-nothing to Daniel Defoe’s original characterisation. I suggest that the route to today’s cultural familiarity with the neoclassical homo economicus instead passes through the entirely unwitting hands of Jean-Jacques Rousseau. He substituted Defoe’s account of the castaway’s continuing deference to prevailing social norms with his own idealised vision of how the individual might use solitude to escape the corrupting influences of modern society. It is altogether another desocialised individual also bearing the Crusoe name who has latterly shaped many of the economics textbooks’ renderings of the neoclassical homo economicus. However, we can get to him only by first understanding the essential features of Rousseau’s Crusoe myth.  相似文献   

12.
Why has the financial crisis not led to more radical public contestation and political reforms? In investigating the muted response to the crisis so far, the paper highlights the significance of ideological fantasy for appreciating the interpenetration of economy and society. We interpret this muted response to the crisis in terms of a ‘cooling out’ process (Goffman) underpinned by a restorative fantasmatic narrative. The ‘enjoyment’ derived from scapegoating individual bankers has narrowed the debate and stifled political imagination and mobilization. By investigating a range of media and policy responses to the meltdown, we conclude that the pre-credit crunch ideology of ‘no more boom and bust’ has been replaced by an equally ideological narrative that promises a re-normalization of processes of financialization. This allows for the preservation of key elements of neo-liberal capitalism as well as the marginalization of alternative projects. The paper shows how, exemplified by the establishment and operation of United Kingdom Financial Investments Ltd, the post-crisis ideology continues to shield financial markets from public scrutiny and intervention.  相似文献   

13.
Abstract

Though it is generally acknowledged that there is a relationship between racist discourse and the figure of the non-human animal, this relationship is almost always assumed to be analogical: oppressed groups are compared with or treated as non-human animals. But the recent dogfighting case against NFL Quarterback Michael Vick and the attendant suspicion of ‘pit bulls’ suggests that racism today has a more complex relationship with (certain types of) animals than the analogy would capture. An analysis of this discourse both calls for and revises Foucault's notion of ‘the dangerous individual’ as an explanatory concept for contemporary racism. The concomitant revulsion toward both dogfighting and ‘pit bulls’ suggests an expression of fear of a perceived threat to normative whiteness, insofar as these ‘dangerous’ dogs are figured as carriers of the contagion of racial abnormality.  相似文献   

14.
Peer lending and the subsumption of the informal   总被引：2，自引：0，他引：2  
The informal financial practices of financially ‘excluded’ groups in the United States are being enrolled in a regulatory project to make new markets and produce financially self-sufficient subjects on the edges of the financial system. Drawing on mixed-methods qualitative research working with nonprofits in the San Francisco Bay Area, this paper explores how informal rotating savings and credit associations (ROSCAs) are being repurposed and formalized to make the risks of financially excluded groups legible, tractable and priceable for ‘mainstream’ financial service providers. In so doing, the paper explores how the credit score orders practices and relations that are ‘outside’ of the ‘financial mainstream’. While others have documented how the efforts of NGOs to marketize and commodify the social networks and cultural practices of the poor result in forms of dispossession, this is not what my research finds. Instead, I show how formalized ROSCAs are redistributing calculative agency, and enabling financially underserved groups to exert strategic control over the calculation of their credit scores.  相似文献   

15.
This paper proposes and mobilizes a cultural economic framework to study the dynamic formation of digital markets for cultural goods. Adapting Hayek's theory of price to recent developments in the field of cultural sociology, it proposes the idea that an effective price system condenses information dispersed in society, and then enters into a performative process of symbolic communication that is perceived as ‘authentic’ by the consumers. After analyzing ‘artificial’ and ‘authentic’ current strategies aimed at producing digital markets for cultural goods, which are especially sensitive to the symbolic dimension of price, the article suggests the hypothesis that the digital market has been constructed as a zero- or quasi-zero-price economic space, and that it is the offline and material market of cultural products the one that collects the higher revenues derived from the ‘authentic’ generation of value taking place in the digital marketplace.  相似文献   

16.
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   

17.
Over the last two decades the field of ‘Girard studies’ – the application of René Girard's theories on mimetic desire and sacrificial violence to cultural artifacts – has tended to focus increasingly on Biblical texts and theological implications of Girard's interpretation of Christianity as a ‘theory of man.’ After summarizing Girardian theory in its current form, this essay stresses the applicability of the theory to François Furet's reading of the crisis of bourgeois culture and to Pascal Bruckner's reading of the malaise of the post Cold War world and the ethnic crises associated with the break‐up of the former Yugoslavia. This essay also demonstrates how Girardian theory illuminates the recent historical and judicial crises associated with France's efforts to come to terms with the memory and legacy of the collaborationist Vichy regime during World War II. The essay concludes with a brief assessment of the advantages as well as the pitfalls of employing Girardian theory to demystify the crises of modernity.  相似文献   

18.
This paper contributes to theorizing contemporary art collaborations in the context of the mediatory labour required of artists, and the complexity of the collaborative contexts in which aesthetic production is now enmeshed. In order to account for this complexity without reducing its analysis to ‘structured fields’ or ‘systems’, we use elements of assemblage theory in a quite specific way: drawing on DeLanda's work on social and organizational forms; and Law's ‘method assemblage’ to analyse the specificity of working interfaces that craft new boundaries and working relations. We develop a case study of C3West, an Australian initiative encompassing arts institutions, businesses, and communities. The analysis traces assemblage processes that generate dispersed working arrangements (partnerships, intersectoral, and interdisciplinary working interfaces) across apparently incommensurable domains, yet without forming overarching structures or requiring common rationales for cooperation. To demonstrate the work of assemblage, we discuss the practices of French artist Sylvie Blocher and the multidisciplinary collective, Campement Urbain, who employ aesthetic and performative means to forge new institutional practices and alliances for intervening in urban planning processes in regional Sydney.  相似文献   

19.
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   

20.
This paper investigates the underlying principle of ‘economy’ in the Greek Orthodox monastery of Vatopaidi, Mount Athos, in complementary relation to the monastic ideal of ‘virginity’ as the means of separating monastic from secular life. In this context, ‘economy’ represents an internal and external dichotomy: an economy within the spiritual self (‘economy of passions’) and the monastery (‘law of the house’), expressed in traditional practices, such as prayer, confession, psalmody, and painting; and an economy of relations between the monastery and the materialist ‘cosmopolitan’ world outside Athos, which is manifested by Vatopaidi's strong financial and political status in the Orthodox world. The material reveals the overlapping connection between the notions of the ‘self’, the ‘monastery’, and the ‘world’, in order to critically evaluate the cultural economy of Vatopaidi in relation to its historical past, and in connection to its present political and economic status within and against the Greek state.  相似文献   

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