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1.
ABSTRACT

This article investigates how cultural businesses may facilitate contentious political activity in authoritarian contexts. Existing research in Western liberal democracies has shown the widespread political activism of actors in the cultural and creative industries. Whether such activism exists in authoritarian society, how it may differ in character and form, and what implications this will have for our understanding of relations between business, politics, and culture in authoritarian countries remain to be addressed. Drawing on data collected from 55 ‘independent bookshops’ in China, I illustrate how these organisations perform ‘cultural politics,’ a type of political participation in which actors employ mainly symbolic means to express social and political concerns. The organisations’ economic relations and conditions facilitate their efforts to create spaces in which contentious questions can be raised, sensitive topics explored, and alternative ideas expressed, despite the Chinese state’s political regulation of the cultural sphere. The finding of the economic embeddedness of cultural politics sheds new light on our understanding of the political economy of cultural businesses in contemporary China.  相似文献   

2.
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   

3.
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   

4.
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   

5.
ABSTRACT

What is the role of imagination in the constitution of finance capitalism? How do the fictions, myths, and (ir)rationalities of finance shape society's ability to imagine the future in the face of mounting political instability? Well over a decade since the Global Financial Crisis of 2008, today's financialised economies are still marred by stagnation and uncertainty. Against this backdrop, the increasingly speculative nature of economic forecasting, and the accelerated trading of promises of all sorts (from algorithmic and derivative markets to contemporary electoral politics) put the role of imagination centre stage. This special issue contends that, contrary to conventional wisdom, imagining the future is not necessarily equal to ‘fantasising' or to ‘irrational exuberance' or the ‘animal spirits'. Rather, it points to something much more fundamental: the power of finance to produce new social and political morphologies under conditions of radical uncertainty. The articles of the special issue confront these issues by mapping out a novel field of investigation into different, unique types of imagination undergirding finance capitalism in the years since its most recent crisis: from the future-making practices of mineral exploration and agricultural derivative markets, to the imagined futures of financial education programmes, the financialisation of creative work, and the role of future-oriented legitimacy in today’s populist politics.  相似文献   

6.
Recently, scholars begun to urge an approach to the study of finance that interrogates the accepted wisdom of financial models and practices by examining the forces of power behind their development. Drawing from the field of cultural studies, Hardin and Rottinghaus (in their 2015 article, “Introducing a cultural approach to technology in financial markets”) advocate for a cultural studies of finance, which emphasizes the critical consideration of the co-constructive nature of financial technologies and cultures. This paper builds off that provocation using the concept of ‘rhetorical closure’ (as described by Pinch and Bijker in 2012) to explore how industry media aimed at derivatives developers, traders, and investment bankers worked to define the meanings of new financial technologies. Using critical discourse analysis, this study examines how credit default swaps (CDSs) were presented in the financial industry media in the years 1995–2007, and how this framing contributed to the politics of these artifacts. It finds that the financial industry media produced a discourse about CDSs using multiple overlapping frames that overgeneralized the success of CDSs from narrowly specific evidence and applied constant competitive pressure to adopt new financial technologies. These discourses implicitly encouraged the rapid adoption and broad application of CDSs, thus helping to (re)produce a financial culture in which self-interest and short-term gains were prioritized.  相似文献   

7.
ABSTRACT

Since the global financial crisis of 2008 the issue of corporate tax avoidance has gained considerable political salience and public attention. This article explores the frameworks of meaning available for citizen-consumers to evaluate and form views on corporate tax behaviour. Building on research on the spatiality of taxation, I argue that brands and their spatial associations afford significant resources for making sense of the taxpaying responsibilities of multinational enterprises. Through the identification and analysis of three different forms of geographical entanglement – national origination, imbrication in the public domain, and territorialization of economic activity – I draw out the responsibilities that are inferred by these spatial associations. I propose that brands’ geographical entanglements tend to support a particular ‘logic of onshoring’, or common sense explanation concerning where corporations ought to pay tax, and I discuss the implications that the dominance of this logic may hold for the global politics of taxation. In drawing attention to the relationship between geographies of brands and geographies of taxation, the article furthers critical understanding of the role of space and place in everyday taxation imaginaries, and proposes an agenda for future research.  相似文献   

8.
ABSTRACT

Issues of maintenance offer exceptional opportunities for advancing our understanding of how market-driven innovation can meet societal objectives for energy transitions. In this article, I present a case study of ongoing attempts by two spin-outs and one start-up to stabilise innovative socio-technical agencements – ‘customer journeys’ – designed to catalyse economic exchange of certain singular goods – energy retrofit products – in the Netherlands. This market-driven innovation relies on sustaining carefully crafted relationships of trust among supply-chain actants and homeowners. I mobilise the analytical lens of ‘care’ to show how the multiplicity of connections that form through socio-technical agencements – and function as a market – are tentative, contested, and unpredictable. Trust relationships are in a constant process of becoming through contestation and convergence among supply-chain actants. In doing so, I expose the precarious and arduous work involved in maintaining a market for singular public goods. This implies a knowledge politics as well: in a call to sensitise us, market scholars, to processes of maintenance integral to market-driven innovation for energy transitions I propose to advance Callon’s call to civilise markets by sharing troubled, though encouraging, care-infused market tales in an effort to counteract the storification of energy transitions as innovation fairy tales.  相似文献   

9.
ABSTRACT

The relationship between masculinity, neoliberalism, and capitalist economy is difficult to analyse. This is apparent when we consider recent studies of neoliberal capitalism, which are almost entirely books about men, and yet this feature consistently escapes critical attention. In contrast, this article brings this relation into focus, and suggests that the critique of hegemonic masculinities is an important feature of the critique of neoliberalism. The article first reviews existing literature on the intersection of masculinity and capitalism, which is increasingly being drawn towards the analysis of neoliberalism. It then briefly takes up Michel Foucault’s study of neoliberalism, especially his contention that classical liberalism’s concern with the nature of markets maintains an ambiguous persistence within the neoliberal project, in order to consider what it may have to offer to an analysis of masculinity and neoliberalism. Finally, I turn to one of the key thinkers in the intellectual development of neoliberalism – Ludwig von Mises – and provide a critical rereading of his 1944 book Bureaucracy. I argue that, beneath its veneer of economic rationality, the text mobilizes masculinity as a technology that is crucial to managing both the affective and economic insecurities generated by neoliberal conceptions of freedom in market-based societies.  相似文献   

10.
ABSTRACT

In this article, I discuss how changes in the economic infrastructure of mass consumption have changed the values and attitudes of consumer culture. By focusing on an online community of Israeli sex consumers and applying the theoretical framework of the prosumer economy, this article suggests its innovative potential for understanding the intersections of cyberspace, capitalism, and sex work consumption. Using the context of the dynamic cultural terrain of prosumerism, the article examines how commercial way of thinking is encouraged, understood, and adopted by sex consumers in the practice of purchasing sexual encounters and sharing them online. The main argument is that the online community of sex consumers has become a collaborative project in which consumers simultaneously produce and consume – that is, they become ‘prosumers’ and thus occupy positions of power within the capitalist market-place. They, therefore, not only responding to market rules but also producing them. I claim that the change in the nature of the community has impacted both the nature of online writing and the way clients perceive sex workers.  相似文献   

11.
ABSTRACT

Economic anthropology has long advocated a broader vision of savings than that proposed by economists. This article extends this redefinitional effort by examining ceremonial gifts in India and arguing that they are a specific form of savings. Rural households, including those at the bottom of the pyramid, do save, in the sense of storing, accumulating and circulating value. But this takes place via particular forms of mediation that allow savers to forge or maintain social and emotional relations, to keep control over value – what matters in people’s lives – and over spaces and their own future. We propose terming these practices relational and reproductive saving, insofar as their main objective is to sustain life across generations. By contrast, trying to encourage saving via bank mediation may dispossess populations of control over their wealth, their socialisation, their territories and their time. In an increasingly financialised world of evermore aggressive policies to push people into financial inclusion, the social, symbolic, cultural and political aspects of diverse forms of financial mediation deserve our full attention.  相似文献   

12.
Marc Bauder’s finance film, Master of the Universe (2013) won the European Documentary Film Prize in December 2014. Bauder’s film focuses on a series on interviews with a former leading investment banker, Rainer Voss, high up in one of Frankfurt’s deserted bank skyscrapers. Voss’s statements, set against the skyline of Frankfurt’s ‘Mainhattan’ financial sector, allow Bauder to constitute an aesthetic that, I argue, successfully addresses a key problem in moving image studies, namely how to find an appropriate film form to register the workings of contemporary finance. Bauder’s film offers an unusual depiction of the self-constitution and self-understanding of a banker-turned-whistleblower, focusing on Voss’s speech acts of explication and justification. Drawing on Judith Butler’s analysis of performative agency and of the separation of economics and politics through iterative perlocutionary acts, I argue that Bauder’s investigation into the performativity that establishes the autonomy of the financial sector and grants it extensive social power offers a significant aesthetic engagement with financial performativity and contributes to debates about documentary and performativity and about routes to a reconnection of economics and politics.  相似文献   

13.
14.
The central argument in this paper is that actor-network theory (ANT) does not do ‘cultural economy’ symmetrically: it has had a lot to say about economy but much less to say about culture. This rejection of culture is ontological and epistemological: culture appears in ANT largely as an artefact of modernist thought rather than as an empirical aspect of agents' performances. And yet if ‘economy’ can be critiqued and reinstated as performative, so too can ‘culture’. To explore this, we focus on objects of concern that – unlike the financial markets that have formed the core of ANT-inspired thinking about the economy – are assembled by actors in and through what they themselves understand to be cultural materials, cultural calculations, cultural processes, cultural institutions. In such examples, ‘culture’ is continuously invoked and enacted by actors in constructing their actions, whatever critical sociologists might have to say about its ontological status. It seems paradoxical that a theoretical approach that makes sacrosanct the associations constructed by agents who assemble their own world, generally discusses ‘culture’ only from the point of view of critical epistemology. Bearing all this in mind, we argue that it is time for us to ‘reassemble’ the cultural.  相似文献   

15.
ABSTRACT

The global spread of finance capitalism has ushered in a speculative nature of currency trade and has given rise to new forms of subjectivity. Narrowing the ethnographic gaze on a thirty-seven year old currency trader in Karachi, this paper advances two arguments. The first argument relates to the materiality of foreign exchange and their effects on traders’ bodies. In spot trading, the currency traders experience foreign currency as an affective quality breathing down heavily on the senses. The second argument points to an interconnected nature of foreign exchange markets. Using Knorr Cetina and Breugger's notion of ‘global microstructures,’ I demonstrate the ways in which a currency trader, operating in a post-9/11 counter-terrorist surveillance milieu in the country, negotiates the micro and global scales of economy. Grounded in ethnographic research in Pakistan, this paper explores the ways in which foreign currency, especially of the metropole, is circulated, exchanged, and imagined in a postcolonial context, and hence contributes to an emerging scholarship of anthropology of money and finance.  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.
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   

18.
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   

19.
ABSTRACT

This essay focuses on the relationship between culture and governance, exploring how the practice of government has invoked conflicts and crises in the Korean culture industries. The Park Geun-Hye regime used culture as a central engine to boost Korea's national economy by adopting the new slogan, ‘Creative Korea’, to embody the country's national values within the international community. However, the regime's constant emphasis on creative economies came under attack when it was discovered that the Ministry of Culture and Tourism abused its authority by censuring 9,473 artists who were critical of the regime. Through an analysis of journalistic interviews with artists, critics and cultural practitioners, this paper examines how the relationships of governmentality, culture and creativity have been negotiated in the process of regime change. In addition, this paper explores how the Korean Wave phenomenon – the transnational expansion of Korean popular culture – during the past two decades has reshaped the society's perception of the governor–governed relationship within the cultural sphere.  相似文献   

20.
ABSTRACT

To cure Covid-19 on a medical, political, economic, and societal level, there is a need to ‘curate’ between science and politics in such a way that decision-makers and societies can address the practical requirements at hand. This commentary introduces and discusses ‘curating’ as a socio-material practice mediating between science and decision-making. It reflects on the current Covid-19 pandemic and compares ‘curatorial’ aspects here to the field of natural catastrophe risk finance. As both areas try to manage disasters, the space between scientific knowledge and economic and/or political decision-making becomes a particularly important node. By employing a focus on catastrophe simulation modelling, this essay looks at several issues of the natural catastrophe field that may yield ways to deal with epidemic crises such as the Covid-19 pandemic. This commentary suggests putting greater emphasis on (and encourages a research focus on) the ‘curation’ between science and politics to improve decision-making for socio-material disasters.  相似文献   

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