Economy and Society
Выпуск N2 за 2000 год
Опубликовано на портале: 15-12-2002Milan Zafirovski Economy and Society. 2000. Vol. 29. No. 2. P. 181 - 206.
That the extension of the rational choice model beyond the economy to all society can finally lead to integration of social theory is often claimed by the models advocates. The underlying assumption is that this model is valid for both the economy and society, in the form of an economic approach to, or a utilitarian paradigm of, all social behaviour. The meta-theoretical presupposition or injunction that agents are (should be) profit-seekers or utility-optimizers is therewith given the mission to integrate and save contemporary social science. However, such extensions of the rational choice model from the economy to society neglect the fact that this presupposition has been partly mitigated and compromised within economics itself. If so, then suspicion is strong that the rational choice model would be even less appropriate for the other social sciences and thus fall short of achieving its self-designated role of integration of social theory. The conclusion of an interdisciplinary analysis drawing both from economics and sociology is that rational choice is far from being an integrative model of the economy and society.
Опубликовано на портале: 15-12-2002Michael Pryke, John Allen Economy and Society. 2000. Vol. 29. No. 2. P. 264 - 284.
This paper examines some of the ways in which the everyday is becoming connected into the world of finance, a process facilitated through so-called derivatives.The increasing use of derivatives is traced to the collapse of the Bretton Woods agreement and the ways in which innovative developments in financial engineering were used to overcome the uncertainties of interest rate, currency and price risks that grew apace from the early 1970s. We argue that these risks are not more of the same.They are qualitatively different and run deeper through the highly integrated financial markets of today. And, as later parts of the paper argue taking their cue from the works of Paul Virilio and Georg Simmel, notably the latters Philosophy of Money, the manner in which these risks interact and the speed of their interaction suggest the emergence of new forms of money, a new monetization of time-space. The paper then moves on to consider how the calculative practices that lie at the heart of derivatives involve a process of socialization of the understanding of the risks that new money forms are made to negotiate successfully. The idea of money of what it is now supposed to be capable of doing with and across time-space thus stems from a new money imaginary. The paper concludes by reemphasizing the reasons why, when understood through areading of Virilio and Simmel, derivatives should be viewed as representing new forms of money.