Archive for the ‘Money’ Category.

Keith Hart Interview in Porto Alegre

Transcription of a video interview with Ruben Oliven and Arlei Damo held at UFRGS postgraduate programme in Social Anthropology, Porto Alegre, Brazil on 27 May 2011. To be published in Portuguese in Horizontes Antropologicos 45, January 2015.

Q: This is an interview with Professor Keith Hart who has already been here several years ago. The first question, Keith, is how did you become an anthropologist?

KH: I was a professional student. I never imagined another life than to be an academic. When I was at school the high prestige subjects were Classics (Latin and Greek) and Maths. So I chose them; but when I got to Cambridge, where I was a classicist, mostly translation, I found there were several things about a career in classics that didn’t appeal to me. One was that the research possibilities were very narrow: the idea was to build up the textual tradition and most of the great authors had been dealt with long ago; so if I did any research, it would be on fragments of an obscure 4th century satirist or something like that. The second thing was that Classics was in decline: there were lots of bright boys like me and not many jobs.

This was a time in Britain, the early 60s, when the social sciences were booming. Sociology had not existed before as a proper subject, but suddenly it was taking off. I was an opportunist career academic more than anything. I loved the Classics, but it wasn’t offering me much chance, so I decided to change to social science, probably sociology, but sociology was part of the Economics faculty and, curiously in view of my later interest, economics was a turn off for me. Then I heard that social anthropology was sociology with travel thrown in and I thought that sounded good. But there were two decisive events. I had a rowing coach called Claudio Vita-Finzi who was a geographer from the Turin Jewish aristocracy. He used to spend the winters studying desert erosion in the Mediterranean basin, so he disappeared during the bad weather and went to Lebanon or Sicily to see how the goats were doing it; and then he would come back in the spring to take part in the rowing and all the rest. I thought that was good and maybe social anthropology could give me something like that. Continue reading ‘Keith Hart Interview in Porto Alegre’ »

Money and finance: For an anthropology of globalization

Keith Hart (London School of Economics and University of Pretoria) and Horacio Ortiz (Centre de Sociologie de l’Innovation, Paris)

There is much talk today of a financial and economic crisis comparable to the 1930s. With the threat of a currency war and the euro’s collapse looming, the specter of the Great Depression’s bloody aftermath has returned with a vengeance. Several versions of how to make human beings and build society co-existed during the Cold War, when much of the world won independence from colonial empire. Yet, discussion of humanity’s growing interdependence is today limited to a one-world capitalism driven by finance. What have anthropologists to say about that? It would seem very little. But a positive case can be made for the discipline’s contribution to public debate. We make such a case here. We review recent developments in the anthropology of money and finance, listing its achievements, shortcomings and prospects, while referring back to the discipline’s founders a century ago. Economic anthropologists have tended to restrict themselves to niche fields and marginal debates since the 1960s. We hope to reverse this trend by focusing on money’s role in shaping global society and bringing world history into a more active dialogue with ethnography.

Money and finance have been prominent in anthropology since its formation as a modern discipline. Rather than emphasize what money does, as the economists do — a medium of exchange, reserve fund or means of accounting – anthropologists can approach it as an integral part of the hierarchies and networks of exchange through which it circulates. Its multiple meanings in turn keep society together and reinforce the roles played by each member. Money’s capacity to transcend group boundaries drives the extension of society to more inclusive levels and transforms identities in the process. It is a commonplace for our discipline to show that money’s meanings and relations cannot be confined a single theory. Fieldwork-based ethnography – a commitment to joining the people where they live in order to discover what they do and think — was the principal achievement of twentieth-century anthropology; but it is insufficient for studying money (Hart 1986). The ethnographic revolution eventually removed world history from twentieth-century anthropologists’ repertoire. This is hardly conducive to the task of investigating money’s global role in our historical moment. Progress in economic anthropology depends on combining ethnography and world history within a critical perspective (Hann & Hart 2011). Continue reading ‘Money and finance: For an anthropology of globalization’ »

The anthropology of money and finance: references

References

Abolafia, M., 1996, Making Markets. Opportunism and restraint on Wall Street, Cambridge MA: Harvard University Press.

Agar, J. 2004. Constant Touch: A global history of the mobile phone. London: Faber & Faber.

Akin, D. and J. Robbins (eds) 1999. Money and Modernity: State and local currencies in Melanesia. Pittsburgh: University of Pittsburgh Press.

Appadurai, A. 1986. The Social Life of Things: Commodities in cultural perspective. Cambridge: Cambridge University Press.

—– 1996. Modernity at Large: Cultural dimensions in globalization. Minneapolis: Minnesota University Press.

2012. The spirit of calculation, Cambridge Anthropology 30.1: 3-17.

Applbaum, K. 2004. The Marketing Era: From professional practice to global provisioning. New York: Routledge.

Ayache, E. 2010. The Blank Swan: The end of probability. New York: Wiley. Continue reading ‘The anthropology of money and finance: references’ »

Prospects for the anthropology of money and finance

What directions might the anthropology of money and finance take in future? Anthropologists have only just begun to address monetary relations as a global phenomenon. This means that fieldwork-based ethnography must be integrated with the study of world society and history. There are precedents for this, in addition to the legacy of classical founders like Mauss and Polanyi. Even if money and finance have become global in scope, we should not forget either the nation-states that gave birth to this system. The development of communication technologies has also changed how billions of individuals relate to humanity at every level from the most intimate to the most inclusive. There is much left to discover about the specific meanings money has today and what social relations it allows. Since money is a major means for the making of world society, we offer some normative propositions concerning the political ends of the anthropology of money. Continue reading ‘Prospects for the anthropology of money and finance’ »

Contemporary research on the anthropology of money and finance

Since the 1980s, anthropologists have once more begun to investigate the specific roles that money can play in different social settings. Research on the everyday uses of money in traditional “exotic” fields, but also at “home”, has vividly exposed the limitations of mainstream economics’ theoretical models. Yet, although these studies usually represent their efforts as a critique of neo-liberalism, the horizon of their investigations is still framed by the ethnographic approach. Because ethnographers are still restricted to a local or regional level, they have little to say about the global context of their particular observations. In the last decade, younger anthropologists have flocked to do fieldwork on finance. They have highlighted the importance of religious and moral ideas for financial models and narratives, and how relations in the workplace are linked to the distributive effects of the financial system. Yet these studies still fall short of engaging with money as a fundamental element in the constitution of world society. Continue reading ‘Contemporary research on the anthropology of money and finance’ »

Money and finance: anthropology’s classical legacy

Sociology and anthropology emerged as modern academic disciplines as part of the attempt to grasp how industrialization was changing the place of Europe and North America in world history.  Karl Marx, Max Weber, Emile Durkheim and George Simmel are the classical sources for this enterprise; but we have chosen to highlight the contribution of Durkheim’s nephew and close collaborator, Marcel Mauss. He helped to establish the ethnological tradition in France; but he was also a prolific financial journalist and political commentator. Mauss took the commonplace intuition that money is an important aspect of how people relate to each other further to claim that monetary relations are the foundation of social identity, especially when it comes to extending our social reach beyond what is local and familiar. Our reading synthesizes Mauss’s famous essay on the gift (1990) with a later one on the person (Carrithers, Collins and Lukes 1985).

Karl Polanyi, a Hungarian historian, is next in line after Mauss. It is not clear how directly he drew on Mauss’ work; but he refused to be limited to exotic and historically distant objects of enquiry, at least before becoming an American academic after the Second World War.  Moreover, he went beyond Mauss in investigating monetary relations throughout world history in order to highlight the political plight of his times — the terrible period of world war and economic depression from 1914 to 1945. Polanyi traced these conflicts to the unequal distribution of wealth and asked how this might be redressed.

These two authors’ contributions suggest an analytical framework for assessing the anthropology of money over the last half-century and especially since the 1980s, before we end by outlining our own constructive proposals. Continue reading ‘Money and finance: anthropology’s classical legacy’ »

The anthropology of money and finance: from ethnography to world history

Keith Hart (London School of Economics and University of Pretoria) and Horacio Ortiz (Centre de sociologie de l’innovation, Paris).

This is an essay in the making currently posted in three parts with a separate bibliography. We hope to circulate it widely and invite you to comment and discuss all or bits of it, as you wish. The project reviews developments in the anthropology of money and finance over the last century, listing its achievements, shortcomings and prospects. We are working on it for publication as a literature review that we hope will engage not only students, but also some professionals in the field of money and finance, not only anthropologists, but all who want to understand better the world economy today. Since the 1960s, anthropologists have tended to restrict themselves to niche fields and marginal debates. We hope to to reverse this trend, integrating world history and stressing the importance of money in shaping global society.

Apart from this introductory post, we list the three parts and bibliography as follows:

Part 1  Money and finance: anthropology’s classical legacy

Here we take our departure from the work of Marcel Mauss and Karl Polanyi, both of whom combined openness to ethnographic research with a vision of world history as a whole. Polanyi stimulated a prominent debate in economic anthropology at a time when its subject matter was still largely non-industrial societies.

Part 2  Contemporary research on the anthropology of money and finance

From the 1980s the anthropological study of money and especially ethnographies of finance have taken off, including by sociologists influenced by science and cultural studies. Younger scholars have begun to tackle the financial industry itself. In spite of taking on new objects and directions, they still fall short of meeting the potential that we explore in the first part.

Part 3  Prospects for the anthropology of money and finance

Our constructive proposals for a way forward emphasize the need to extend a narrow ethnographic focus on local professional practices towards a more inclusive perspective on the world economy that is inspired in part by Mauss and Polanyi’s example. Here we present our own version of how anthropologists might engage more effectively with the momentous developments of our own times.

Part 4  The anthropology of money and finance: references Continue reading ‘The anthropology of money and finance: from ethnography to world history’ »

A tale of two currencies: the euro and Argentinian peso compared (2002)

It was the best of times, it was the worst of times. — Charles Dickens

The euro coins and notes were introduced on 1 January, with mildly euphoric expectations of a new era for Europe. The national currencies of twelve countries, which had been linked together for some time, now ceased to be legal tender, being replaced by what is in effect a federal state currency like the dollar. By contrast, at the other end of the world in Argentina, the crisis of the peso, which is linked to the dollar, provoked a proposal for a parallel currency, the argentino. This lasted no longer than Adolfo Rodriguez Saa, one of five presidents in less than two weeks, who announced it. Then the peso itself was made new, this time at a dollar price 30 percent lower than before.

Both cases are an admission of the failure of national currencies and involve coining new currencies to remedy this. I would like to reflect here on some inadequacies of national currencies and the possibility that their eventual failure can and does open avenues for ordinary citizens to take initiatives in their own hands with community currency systems. Such a topic is worthy of anthropological investigation, which is why I am writing a book about it. Continue reading ‘A tale of two currencies: the euro and Argentinian peso compared (2002)’ »

Money in the making of a human economy: beyond national capitalism

 

  1. LETS and me
  2. The euro crisis
  3. The collapse of national capitalism
  4. A human economy approach
  5. Harnessing bureaucracy to grassroots democracy

 

LETS and me

All my life money has been an obsession. I have always been keener to understand it than to have a lot of it. When I was 5, I was bewildered by the relationship between rationing coupons and pocket money (Hart 2000:176). When I was 12, I took up betting on the horses. Gambling saw me through university (Hart 2013). I even became an entrepreneur in the slums of a West African city as part of my doctoral fieldwork. I put together a small real estate fortune during the 70s and then lost it when I was divorced. So, when I was asked to give a public lecture to my fellow anthropologists in the mid-80s, it was not surprising that I hit upon the topic of money. I brought plenty of personal experience to my subject, none of which showed in my official presentation. I called this ‘Heads or tails?’, referring to the two sides of a coin, one representing money as an aspect of political society, the other its value as a commodity in exchange. My argument was that both sides, state and market, were indispensable to money, but for much of the 20th century we had been subjected to ruinous swings between theories emphasizing one side to the exclusion of the other. The lecture was published in Man (Hart 1986). Continue reading ‘Money in the making of a human economy: beyond national capitalism’ »

Responsibility in finance

Is it possible to institute a moral politics, moral law or moral economics that would help most people to humanise the impersonal social forces that govern their lives? This question does not come to us out of nowhere and certainly not just in the circumstances of the recent financial crisis. It concerns the possibility of legitimate government in capitalist states.

The genealogy of this problem begins with Locke and the liberal (bourgeois) revolution of the 18th century Enlightenment culminating in Kant. Locke sought a protected zone for private property free of interference by public agents (of the king). This led to the normative separation of public and private interests which was never actually achieved (as in the establishment of the Bank of England, a private institution, to nationalise the king’s war debts). This confusion was resolved in two ways: by the invention of ulititarian economics (Smith, Bentham) which reduced public outcomes to the interplay of private individual interests or by Kant’s attempt to discover the grounds for a cosmopolitan moral politics. State laws ended at territorial boundaries and geography generated endless cultural variations. So how could humanity make society in the world as a whole? His answer was the categorial imperative. We all want to be good or at least to be seen as being good. Cultures define the good differently, but the desire to be good makes a conversation across them possible. This project is still liberal, nourished by the American and French revolutions, plus the drive to abolish slavery. The liberal legacy emphasises personal responibility for ones actions, especially in common law traditions, where intention is key to legal culpability. Civil law traditions, as in Continental Europe, retain a strong division between law and right, lex and ius, loi et droit.

Continue reading ‘Responsibility in finance’ »