Towards a commodity theory of token money: on ‘Gold standard thinking in a fiat currency world’

ABSTRACT

Via a discussion of public debates surrounding the potential minting of a trillion dollar platinum coin in the context of the American debt ceiling crises of 2011 and 2013, this essay seeks to make sense of the popular persistence of ‘commodity’ or ‘metallist’ understandings of money's value in the face of a scholarly consensus that all currency is ‘token’ or ‘fiat’ in nature. Scholars from Knapp to Desan have elaborated token theories of commodity money, wherein both precious and non-precious currencies are treated as the products of social construction. By contrast, I suggest the need to supplement such approaches with what I term a commodity theory of token money, wherein money objects made from both precious and non-precious materials are treated as inherently valuable. Exploring the semiotic convergence between gold, Bitcoin and modern paper money, I suggest that the broadly Peircean notion of rhematization in which symbol and indexical signs are (mis)taken for iconic ones is particularly suited to unpack the continuing social salience of commodity theories of money across the gold/paper divide. Moreover attention must be paid to how we define the icon itself.     

Toward a moral economy of money? Money as a creature of democracy

ABSTRACT

This paper proposes a novel approach for understanding money users’ relation to monetary governance institutions. It first describes the stakes involved in monetary governance from a neo-chartalist/MMT perspective. In a second step, it discusses existing contributions on the relation between money issuer and money users, highlighting the literatures on central bank legitimacy and the social construction of money. It argues that neither allows for an analysis of the relation between monetary institutions and money users that takes the latter’s knowledge seriously. It then argues that the concept of moral economy can enrich scholarly analysis. Moral economies of money are defined as collective practices in which money users articulate demands as part of an understanding of money as a public good. Finally, the paper deploys the moral economy of money perspective to reconstruct the changing relation between institutions of monetary governance and money users since the Great Depression in the U.S. It shows how New Dealers silenced a moral economy of money, discusses fragmented moral economies after World War II, and the partial reemergence of such moral economies after the Great Financial Crisis. The paper concludes by discussing political implications and suggestions for further research.     

The separation of economy and sentiment: a comparison of how individuals perceive hostile worlds

ABSTRACT

Analyses of the relationship between economy and sentiment tend to focus on connection rather than separation. Scholars recognize that individuals sometimes identify moral conflicts between economy and sentiment, but primarily focus their research on the boundary or relational work performed to mitigate or disappear the conflict. Instead, I analyze how individuals talk about the relationship between economy and sentiment as separate or hostile, comparing two theoretically distinct groups: non-religious individuals and practicing evangelicals. The comparison allows me to analyze patterns of discourse and boundary-making based on access to institutionalized culture. I find that both groups articulate perceptions of hostile worlds by: (1) maintaining the taboo against talking about money, (2) recommending neutral separation, and (3) demarcating areas of life as too sacred for money. Through comparison, I find that non-religious respondents describe a less permeable vertical boundary line, whereby economy and sentiment are separated into separate spheres, as if side-by-side, while evangelicals describe a more permeable horizontal boundary line, where separation is maintained through the use of consistent hierarchical discourses that assert the moral importance of sentiment over economy. My findings underscore how unequal access to cultural schema differentially shape how individuals connect economy and sentiment, if at all.     

Nietzsche,Tragedy, and Liberal Moral Psychology

Abstract

This essay discusses Nietzsche's tragic moral psychology and its significance for liberal political philosophy. In the essay, I sketch out what I view to be the basic features of Nietzsche's tragic psychology, which is strongly opposed to the Socratic and Stoic traditions, and I show how this perspective can be distinguished from the moral psychology that informs liberalism's position on issues such as personhood and political history. I conclude with a few suggestions for viewing Nietzsche's thought as a necessary corrective to a certain dogmatism that still inhabits liberal theory, in this way enabling liberal thought to conceptualise human nature and the human good in more creative and complex ways.     

Performing Difference: Repetition in Context

Abstract

In this essay, I sketch a performative, constitutive theory of difference that avoids the major trappings of this discussion in current communication scholarship. Building from Gilles Deleuze and Judith Butler, I argue that by focusing on difference in intercultural communication scholarship we can, as a discipline, create more complex understandings of people in cultural contexts. I first examine how difference has been written in communication scholarship. Second, I offer a reading of Deleuze and Butler who, together, provide the grounding for seeing the repetition of difference as political and contingent ontology. I conclude by examining an everyday context, showing how intercultural communication scholarship can benefit from this kind of analysis.     

Trans-Rational Cash: Ghost-Money,Hong Kong and Nonmodern Networks

In this essay, I examine through Bruno Latour's concept of nonmodern networks the intersections of the hyper-modernity of Hong Kong's ‘real’ money economy with that of an economy of ghost-money that, through the act of burning, serves as an offering to the dead and the divine. The essay reconfigures Latour's ‘modern constitution’ as it relates to philosophy, myth and modernity as they are organised around the values of a currency that trespass all boundaries.     

Human Rights and States of Emergency: Humanitarians and Governmentality

Abstract

This essay diagnoses how humanitarian non-governmental organisations are filling a sovereign vacuum created ironically by governments outsourcing their governing functions; this outsourcing marks a transformation of the Westphalian order of states. The proliferation of non-state actors facilitates the politicisation of human rights around how to recognise who or what is a human being endowed with natural rights, and who is a terrorist or outlaw. By tracing the connections between human rights and governmentality, I contend that human rights advocates must acknowledge that their cosy relationship with powerful militaries has resulted in humanitarian interventions using the language of rights to justify neocolonial projects that often intensify human suffering. Humanitarianism may function as a deterritorialised form of governmentality that offers a theatrical illusion of protection and security, while undermining their possibilities structurally. Indeed, I demonstrate how powerful states not only use human rights and humanitarian legitimations for their particularist geopolitical and economic ends, but also direct humanitarian NGOs strategically by proxy for their own interests.     

Cryptocurrencies as market singularities: the strange case of Bitcoin

Since its creation in 2009, the electronic currency Bitcoin has generated volumes of online debate in the business press. While there have been plenty of economic arguments situating it as a financial bubble about to collapse including from Nobel Prize winning economists, its price value has proven to be more durable than many have predicted. To explain this durability, Karpik’s conception of market singularities is used to understand the Bitcoin phenomenon by outlining the beliefs that maintain Bitcoin’s status as a volatile financial asset. Market singularities are markets for particular kinds of goods and services that are of uncertain and incommensurable value. Singularities markets have communities of followers and a distinctive belief system that ascribes value to a particular product, service, or asset. Developing Karpik’s conception, the paper explores the libertarian political belief system that surrounds Bitcoin’s status as a financial asset. I also outline some political tensions within the electronic currency community concerning governance and centralisation.     

Half and Half: An (Auto)ethnography of Hybrid Identities in a Korean American Mother-Daughter Relationship

Abstract

This essay focuses on how immigrant mothers and second generation interracial daughters construct, perform, and negotiate racial and ethnic hybrid identities. Placing my mother's experiences in dialogue with my own experiences, I (auto)ethnographically examine how we navigate our mother-daughter relationship and intercultural and interracial identities in relation to discourses of Asian American-ness. I identify three sites for identity formation: location, language, and the dialectical tension of assimilation-preservation. I argue that the enactment of a racial self is not always a conscious part of one's identity. Rather, we each enact racialized cultural identities that are contextually performed and continuously shifting.     

Muslim women against FEMEN: Asserting agency in online spaces

ABSTRACT

This essay considers the activist group FEMEN and the online reactions to their “International Topless Jihad Day” protests. Specifically, I analyze the vernacular discourses present in the Facebook group Muslim Women Against FEMEN and their counter-protests as they articulate their dissatisfaction with FEMEN’s imperialist feminism. I argue that online spaces can provide meaningful sites for Muslim women to reassert their agency alongside of, rather than despite of, their Muslim identity. Tensions over the boundaries of feminist activism help us understand how digital spaces can aid in developing a more capacious understanding of agency that actively decolonizes imperialist feminist politics.     

Redefining Resistance: Seeking Fanon's Subject Between ‘the Unified’ and ‘the Dispersed’

Abstract

This essay reads two differing conceptions of subjectivity in Frantz Fanon's work as corresponding to a shift in subjective orientation in certain moments of crisis, from what I term a unified individual – the subject of psychoanalysis – to a dispersed subject, the frenzied participant in collective activity. I believe that such a potential duality within the subject is best adopted when analysing Fanon's oeuvre, as well as when examining a subject's behaviour as participant in forms of unstructured collective protest such as rioting. Whereas the unified subject of psychoanalysis best expresses the consciously self-reflective individual in society, the dispersed subject expresses a subjectivity operating in excess of individualism. This dispersed subject acts collectively, as an object moving in tandem with other objects, without individual reflection. I argue that this shift comprises the initial spark of insurrection suggested in Fanon's work, the moment in which he sees the people pitched ‘in a single direction, from which there is no turning back’; and what Jean-Paul Sartre calls the explosive moment of ‘conflagration’. The two subject positions between which the subject shifts exist as two potential sides of every subject and comprise the ‘Manichean’ world in which Fanon's subject is entrenched.     

Distribution and denomination in Papua New Guinea: a field method and its results

ABSTRACT

In highland Papua New Guinea wealth distribution after a windfall is typically concealed by the donor. This trend was made easier by the introduction of state-issued currency, such that wealth reckoning and especially distribution preferences are often shrouded in mystery. The researcher set out to learn how denomination structures those money transfers by employing a semi-structured interview method centered around hypothetical distributions based on everyday encounters. Across four tailored ‘scenarios,’ fifteen Papua New Guinean participants dwelt on who to give money to, why, and under what conditions. Observations are made about the driving forces in distribution practices, the pecuniary conception of certain relationships’ importance, and relationships that turn on local conceptions of how to capitalize on the way money operates, thus demonstrating the utility of a culturally sensitive quantitative methodology.     

Beginning in the Middle: Deleuze,Glissant, and Colonial Difference

Abstract

This essay reads Rosi Braidotti's philosophical nomadism from a decolonial perspective with the goal of uncovering the irreducible colonial difference which underlies the Eurocentric ontological vision embedded in Braidotti's reading of Gilles Deleuze. In particular, I read Edouard Glissant in tandem with Deleuze through the notion of the ‘middle’, a key concept which grounds the three thinkers' ontology of multiplicity. To this end, I borrow Nelson Maldonado-Torres' Fanonian critique of Eurocentric ontology and show how Braidotti fails to escape from the trap of Eurocentrism due to her inability to capture the abyssal and totalitarian character of coloniality imprinted in the cry of the damné. Against Braidotti's simplistic misreading of Glissant as a future-oriented constructivist, I argue that the enigmatic trope of Relation in Glissant opens up at the middle space of groundlessness constituting the ontological edifice of the colonial subject: revealing the abyssal middle in which the ineffable experience of shared suffering never stops haunting the freeing knowledge of relation.     

The Philippine–American War and the American Debates about the Necessity and Legality of the “Water Cure,” 1901–1903

Abstract

This essay provides a critical genealogical study of the “water cure” controversies that took place during the Philippine–American War. The author extends the work of Foucault and Agamben to argue that a biopolitical review of this controversy illustrates how many of the legal and cultural arguments used to legitimate the water cure have resurfaced in contemporary debates about waterboarding and enhanced interrogations techniques. The essay also illustrates how anti-imperialists and other critics of Theodore Roosevelt's administration tried to use these water-cure debates as discursive vehicles for complaining about the systematic abuse of Filipinos during the Philippine “Insurrection.”     

How to Make your Audience Suffer: Melodrama,Masochism and Dead Time in Lars von Trier's Dogville

Abstract

Both fans and critics of Lars von Trier's work would likely agree with his capacity to make his audience suffer. This essay canvasses the devices through which the suffering of women in von Trier's melodramas is rendered excruciating to watch. Drawing on Deleuze's influential account of masochism, the first part of the essay discusses how von Trier's film Dogville foregrounds the complicated relationship that suffering has with pleasure and power. The second part of the essay focuses on the temporal dynamics of melodrama and the creative ways in which Lars von Trier disturbs the rhythms of suffering on screen. In particular I argue that von Trier introduces intervals of ‘dead time’ that make the passage of time itself painful to the audience and that open up a larger cultural history of temporal disorder. This part of the essay looks back to von Trier's early experiments with time in Psychomobile 1: The World Clock (2000) and forward to more recent innovative play with time and movement in Melancholia (2011) to make the case for rethinking the temporal dimensions of mediated suffering and the significance of time in the work of Lars von Trier.     

Neoliberalism,Nationalism, and Intercultural Communication: A Critical Analysis of a Japan's Neoliberal Nationalism Discourse under Globalization

Abstract

This paper attempts to draw implications of neoliberalism for intercultural communication by critically analyzing a Japanese neoliberal nationalism discourse. In January 2000, a governmental report proposed adopting English as an official language of Japan. Utilizing the notion of representation as a methodological lens for the analysis, this essay first examines how Japanese culture and communication, which have played key roles in asserting Japanese “uniqueness” along with the Japanese language, are redefined in the report. This essay then investigates how Japan's relations with Asia and the West—two significant discursive “Others” for constructing Japan's identity—are depicted in the text and situate the representation of Japanese culture and communication in the discursive triad for further contextualizing the analysis.     

The Effects of Gender and Power Distance on Nonverbal Immediacy in Symmetrical and Asymmetrical Power Conditions: A Cross-Cultural Study of Classrooms and Friendships

Abstract

This essay examines the relationship between globalization and the diasporic movements of cultural groups as manifested in their communication practices of identity. I argue that diasporic groups dynamically reconstitute their understandings of cultural tradition, authenticity, and identity in line with their diasporic contexts and experiences. I frame my argument around two different diasporic Pacific Islander groups Tongans and Hawaiians—each situated in a particular kind of diasporic/global movement with specific historical, political, and economic dimensions. Qualitative in-depth interviews were conducted with each of these groups in this study.     

The craft of urgency: performing prosperity,running capital,and the making of a buying crowd in home presales in Nanjing,China

ABSTRACT

This article examines home presales – the selling of future residential properties – at the urban fringe of Nanjing, China. It argues for an analytical focus on urgency as a temporal quality that creates the local housing market and facilitates urban accumulation. I examine how urgency, grounded in a linear imagination of urban development, motivates home presales for developers, estate agents, and homebuyers. In particular, to speed up the turnaround time of investment, developers conjure up a vision of prosperity by building extravagant sales centers to organize home presales. Estate agents working at the sales center organize promotional events to attract, register, and manage a buying crowd. If properly managed, the buying crowd could reach the size of a festival-like presale, whereby hundreds of apartments are sold within one day. Capital at the urban fringe accumulates through the synchronization of these activities in which the sales center crafts an affective temporality of transaction by cultivating and managing an exuberant buying crowd. The craft of urgency emphasizes the performative agencement that assembles the condition for urgency to come into being.     

Steps towards an ecology of money infrastructures: materiality and cultures of Ripple

ABSTRACT

Money’s materiality produces an ontological conundrum for social theory: should the analysis of money foreground the objects used as money, or the abstract relations that underpin it? Provoked by the emergence of cryptocurrencies, this paper develops a conceptualization of money as a technological and social infrastructure which directly addresses this theoretical impasse. Cryptocurrencies’ sole form of material existence coincides with their underpinning infrastructure of records, accounting and payments. In the past decade, cryptocurrencies have skyrocketed in number, and they have been applied to a host of use cases. This paper focuses on cross-border payments through the example of the fintech company Ripple, the cryptocurrency XRP, and the design of the XRP Ledger. Combining literatures from the social theory of money, science and technology studies and new materialisms, this article develops steps towards an ecological conceptualization of money infrastructures. Infrastructures, understood ecologically, include devices, active forms, and imaginaries in seamless webs of mutual relations of co-evolution. These ecologies are always potentially prone to slippage, dissolution, disassembling, reassembling and reappropriation, dependence, and competition.