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Circulation without Commodification: Derivatives Markets as a Critique of Publicity |
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Abstract:
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Too often, discussions over money and publicity are tied to consumers’ inability to wield power as agents of market exchange. The shifting value of money makes buying power unstable, subject to the swings of global capital: what is purchased in these market exchanges becomes not progress, but powerlessness. Although taking seriously circulation in relations of commodity-exchange, there is little attempt to chart the relative abstraction of money as an idea—an ideational value—moving through the world. Here, the overburdened concept of “global capital” ignores fundamental changes in the money-form itself, changes that displace “practices” or “agency” from issues of commodification noted by Marxists.
One crucial economic example is global derivatives trading. Following LiPuma and Lee’s influential work on these “financial ‘weapons of mass destruction,’” I argue that changing notions of risk and profit created by derivatives bring crucial lessons for thinking the relation between publicity and anti-capitalism. First, in their abstraction from exchange, derivatives markets make explicit another form of circulation—one in tension with Marxist emphases on commodification and individual disempowerment. Second, the sheer opacity of derivatives markets imply that making market practices more “public,” or “democratic” risks ignoring the derivative-form of profit, a form whose speculative model is gaining power globally. In effect, the derivatives market is exemplary of a shift in logics of objectification—a shift that does not so much commodify individual consumer-subjects, as it seems less and less to even presuppose them. |
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Association:
Name: NCA 94th Annual Convention
URL: http://www.natcom.org
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Citation:
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MLA Citation:
| Bush, Randall. "Circulation without Commodification: Derivatives Markets as a Critique of Publicity" Paper presented at the annual meeting of the NCA 94th Annual Convention, TBA, San Diego, CA, <Not Available>. 2009-10-27 <http://www.allacademic.com/meta/p256772_index.html> |
APA Citation:
| Bush, R. T. "Circulation without Commodification: Derivatives Markets as a Critique of Publicity" Paper presented at the annual meeting of the NCA 94th Annual Convention, TBA, San Diego, CA <Not Available>. 2009-10-27 from http://www.allacademic.com/meta/p256772_index.html |
Publication Type: Invited Paper
Abstract: Too often, discussions over money and publicity are tied to consumers’ inability to wield power as agents of market exchange. The shifting value of money makes buying power unstable, subject to the swings of global capital: what is purchased in these market exchanges becomes not progress, but powerlessness. Although taking seriously circulation in relations of commodity-exchange, there is little attempt to chart the relative abstraction of money as an idea—an ideational value—moving through the world. Here, the overburdened concept of “global capital” ignores fundamental changes in the money-form itself, changes that displace “practices” or “agency” from issues of commodification noted by Marxists.
One crucial economic example is global derivatives trading. Following LiPuma and Lee’s influential work on these “financial ‘weapons of mass destruction,’” I argue that changing notions of risk and profit created by derivatives bring crucial lessons for thinking the relation between publicity and anti-capitalism. First, in their abstraction from exchange, derivatives markets make explicit another form of circulation—one in tension with Marxist emphases on commodification and individual disempowerment. Second, the sheer opacity of derivatives markets imply that making market practices more “public,” or “democratic” risks ignoring the derivative-form of profit, a form whose speculative model is gaining power globally. In effect, the derivatives market is exemplary of a shift in logics of objectification—a shift that does not so much commodify individual consumer-subjects, as it seems less and less to even presuppose them. |
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