Documenting financial performativity: film aesthetics and financial crisis

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.     

FINANCIAL ENGINEERING,NOT ECONOMIC PHOTOGRAPHY

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.     

Exceptionalism,metaphor and hybrid warfare

I argue that, in American public discourse after the attacks of 9/11, the myth of World War II has become the dominant justificatory metaphor for the United States’ (already metaphorical) War on Terror, as broad-brushed analogies between the ‘Good War’ and recent US military adventures in Africa and the Middle East implicitly transfer the ethical values associated in national memory with America’s iconic just war onto our contemporary conflicts and counterinsurgencies. My examination of recent political and strategic discourses and practices suggests, specifically, that the ideological entrenchment the World War II metaphor has helped to shape a language of national security that rests on an unacknowledged logical and ethical contradiction: a tendency, on the one hand, to tout the humanitarianism of current asymmetrical military actions relative to the degenerate total-war engagements of the past yet, on the other hand, to figure the aims and strategies of today’s low-intensity operations in terms that are more appropriate to total warfare, for which the ‘Good War’ serves as moral alibi. By collapsing historical time and erasing, along with it, crucial distinctions between the conflicts that it brings together, this anachronistic cross-mapping of ethically and strategically incompatible structures of violence serves to naturalise what I call a hybrid culture of warfare, a fetishistic conception and practice of war that regressively mimics features of the total-war ethos while also testing the laws of war in unprecedented ways, through the use and the abuse of new weapons technologies.     

The geography of music preferences

Considerable attention has been paid to America’s political and economic divides. These divides revolve around class and location, with more affluent, more educated and denser places leaning more open-minded and liberal and less affluent, less educated and less dense places leaning more conservative. We contend that such divides are also reflected and reinforced by preferences, attitudes and predispositions for culture. More specifically we argue that Americans’ preferences for music will reflect dimensions of these political and economic divides. To test this proposition, our research examines the geographic variation of five key categories of music preferences across 95 of the largest US metropolitan areas. We use factor analysis to identify and map geographic variation of musical preferences, and we use both bivariate correlation analyses and regression analysis to examine the associations between metro-level musical preferences and key economic, demographic, political, and psychological variables. We find that musical preferences generally reflect and reinforce America’s broader economic and political divides.     

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.     

Logics of onshoring: brand geographies,corporate tax responsibility and common sense

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.     

Something new: value and change in finance*

ABSTRACT

Ethnographic and social scientific accounts of the financiers that buy and sell companies for profit often homogenize the players in these social dramas, relying on blunt, totalizing definitions of culture or overly deterministic articulations of habitus. This article, drawing on a two-year study of private equity investors, offers an alternative analytic frame for making sense of how private equity people buy and sell companies. It explores the ways in which private equity people make arguments persuading one another and the larger public that an investment is worth making. Important to these arguments are not only substantive content, the evidence that investors marshal to support a thesis, but also reflective evaluation of what counts as good evidence, meta-commentary. It is in these split levels of analysis that we can appreciate the cultural diversity within finance, Wall Street, and investment banking. I will also suggest that understanding how investors are arguing substantively as well as meta-pragmatically begins to outline a useful theory of culture change within the world of investment banking.     

Ginzburg in Harlem: History,Structure and the Politics of Primitivism

Abstract

The historian Carlo Ginzburg is renowned for his critique of modern, scientific reason and his articulation of an alternative form of knowledge which he labels ‘conjectural’. This form of knowledge, supposedly more attuned to the historian’s interest in the singular and specific fragment, as opposed to the abstract and universal concept, is so rooted in the practices of the prehistoric hunter that Ginzburg sometimes describes it as a ‘venatic’ form of deduction, binding ‘the human animal closely to other animal species’. In this essay, I explore the ramifications of this alternative form of knowledge, attending especially to its relationship to the modernist theme of ‘primitivism’. I do so by juxtaposing Ginzburg’s critical appraisal of Arthur Conan Doyle’s most famous literary invention, Sherlock Holmes, and Rudolph Fisher’s own literary invention, John Archer, the physician who sometimes aids criminal investigations in African American Harlem. I argue that the differences between Archer and Holmes draw attention to some troubling implications of Ginzburg’s historiographical argument. Folding this analysis on itself, however, I also suggest that what might be at stake, when Ginzburg insists so troublingly on the importance of the singular, venatic trace, is the evocation of Walter Benjamin’s understanding of the historical ‘event’.     

MATERIAL,LITERARY NARRATIVE AND CULTURAL ECONOMY

In this paper I argue that thinking about the material in cultural economy has much to gain from culture itself. Specifically, I explore the potential of literary narrative for conceptualizing and writing material within a performative cultural economy. Drawing on the industrial short stories of Primo Levi (The Periodic Table, The Wrench, A Tranquil Star), I provide a literal reading of these works, highlighting their foregrounding of material encounters, the importance of process (and not just product), and materials’ instability in process, and their connections to theorizations of economies as assemblage. The paper also explores how Levi writes material to presence using the techniques of narrative discourse, particularly mimesis. The paper concludes by arguing that narrative is a means to writing a performative cultural economy and that cultural economy needs to rekindle the arts of story-telling. Paying attention to literary narrative shows how this might be achieved.     

Design as Power: Paul Virilio and the Governmentality of Design Expertise

Abstract

Using sources from popular media, and ethnographic data collected from a university‐based urban design studio, I challenge Paul Virilio’s assertion that the modern human condition is dominated by a process of emotional synchronisation based on fear (the result, according to Virilio, of a collusion of technology and speed), and offer the analogous idea that contemporary consumer capitalism works toward a synchronisation of desire, operating, at least in part, through the ideologies and machinations of the idea of design. To do this, I analyse designerly approaches to problem‐solving as potential disciplining forces, or technologies of governmentality, which help to create order by manufacturing certain subjectivities like consumer, community member, or sense‐of‐place – subjectivities that are amenable to neo‐liberal notions of civil society in consumer‐capitalism. Ultimately, I argue that Virilio’s ‘art criticism of technology’, but also common critiques thereof, both depoliticise aesthetic judgement and work together toward the obfuscation of power within the symbolic economy of neo‐liberal consumer capitalism.     

Spectacles in hybrid Japan: Deconstruction,semiotic excess,and obtuse meanings in Lost in Translation

This essay’s purpose is to recover Fiskean deconstructive criticism as a means of examining the complexities of texts. Specifically, we argue that Lost in Translation’s moments of spectacle reveal that even in a text that reinforces White Orientalist views of Japan, the text’s obtuse meanings subvert, though not upturn, this dominant narrative. The film’s text reifies heteronormative masculinity and femininity with the blending of the pre- and postmodern Japan, yet obtuse meanings subvert the Western gaze and present hybrid queer spaces that complicate Western neocolonial domination. Subversion cannot completely overturn those meanings, but guerrilla opportunities allow for tactical resistance.     

Currency and the Collective Representations of Authority,Nationality, and Value

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.     

Against accumulation: lifestyle minimalism,de-growth and the present post-ecological condition

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.     

Black Swan,Cracked Porcelain and Becoming-Animal

The film Black Swan, directed by Darren Aronofsky, provides a fruitful context for thinking about Deleuze's conceptualisation of structural transformation as a ‘presubjective’ process involving a critical and creative politics of engagement. Nina is a young dancer who has just secured the lead role in the New York Ballet's new production of Swan Lake. This role not only requires her to dance the pure and innocent character of the White Swan – a role that mirrors Nina's character in real life, and for which she is well suited – but also as the seductive and darkly erotic character of the Black Swan, a role quite alien to Nina. The film traces Nina's desperate efforts to meet the demands of this doubled characterisation. Through new forms of engagement with her peers, she enters into a ‘becoming-swan’ that frees her from the restraints and constraints imposed by her existing self. While this transformative process enables her to realise aesthetic perfection in her art, this comes at a heavy price: Nina not only is creatively destabilised, but ultimately is destroyed by the transformation she endures. By considering this work of cinema in light of Deleuze's writings on cinema, on ‘becoming-animal’, and on ‘Porcelain and Volcano’, this essay reflects upon a crucial question underlying much of Deleuze's political thought: how is it possible to privilege radical subjective and social transformation, without these structures of necessary coherence also ‘cracking up’ and being destroyed in the process?     

Australian films at the Australian box office: performance, distribution, and subsidies

In recent years, Australian films have failed to capture the public’s attention at the Australian box office. Why? Do Australians have an aversion to their own films? Or does the release strategy—advertising/publicity expenditure and opening number of screens—explain the lacklustre performance? We find that even though Australian films are generally advertised more heavily and released more widely than non-Australian films, ceteris paribus, they earn less at the box office. We also analyse a subsample of our data for which Film Finance Corporation funding information is available and find that government subsidies have no impact on a film’s financial success at the box office.     

Financial performativity as evidence of immanence: the phenomenology of liquidity crisis in contemporary markets for risk

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.     

Disturbance and destruction: the aetiology of trauma

ABSTRACT

In this article, I examine Catherine Malabou’s concept of trauma, and argue that her replacement of the Freudian unconscious with the cerebral unconscious might fit adequately into a different framework from the one she proposes. Comparing her view of pathology to that of Georges Canguilhem, I propose a dimensional reading of pathology. Building on this – and by reference to metaplasticity – I ask whether one can explain the mechanisation characteristic of the new wounded mechanistically. I then look at her exchange with Slavoj ?i?ek to get at Malabou’s understanding of psychoanalysis. She seeks to realign Freud and neuroscience to resolve issues with both. As part of this shift, she introduces the term ‘the Material’ – linked to the cerebral unconscious – as an alternative to the Lacanian triad of Real, Symbolic, and Imaginary. She does, however, leave it underdeveloped, and I argue that this points to tensions in her theory. While her concept of plasticity runs against ideas of an isolated transcendental subject exempt from the outside, Malabou seems to literalise (or ‘corporealise’) trauma. If this is correct, then how radical is her concept of trauma, and are there ways of describing trauma that are equally compatible with her concept of plasticity?