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The allure of finance: Social impact investing and the challenges of assetization in financialized capitalism 金融的诱惑:社会影响投资和金融化资本主义资产化的挑战
IF 3.4 2区 社会学 Q1 ECONOMICS Pub Date : 2022-12-19 DOI: 10.1080/03085147.2023.2151221
Philipp Golka
Abstract Scholarship in sociology and political economy is increasingly engaging with assetization: how objects are turned into return-bearing assets. Although assetization rests on power, it cannot be fully explained by it. This paper addresses this puzzle and argues that financial agency involves creating the social conditions for the exercise of financial power. To this end, the paper draws on an in-depth qualitative case study of social impact investing in Britain, where proponents sought to transform the funding of social welfare from nonrepayable grants to for-profit investments. To allure others to assetization, proponents developed a collective action frame to foster collective ignorance over the extractive nature of assetization. Although proponents held important sources of financial power, their success hinged on the credibility and salience of their discursive frame. Financial power thus has a noumenal basis, which is inherently fragile because it rests on deceit.
社会学和政治经济学的学术研究越来越多地涉及资产化:对象如何变成有回报的资产。虽然资产化依赖于权力,但不能完全用权力来解释。本文解决了这一困惑,认为金融代理涉及到为金融权力的行使创造社会条件。为此,本文借鉴了英国社会影响投资的深入定性案例研究,其中支持者试图将社会福利的资助从不可偿还的赠款转变为营利性投资。为了吸引其他人参与资产化,支持者制定了一个集体行动框架,以促进对资产化的采掘本质的集体无知。尽管支持者拥有重要的财政权力来源,但他们的成功取决于其话语框架的可信度和突出性。因此,金融权力有一个本质上脆弱的实体基础,因为它建立在欺骗之上。
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引用次数: 2
The dynamic imaginaries of the Ethereum project 以太坊项目的动态想象
IF 3.4 2区 社会学 Q1 ECONOMICS Pub Date : 2022-11-28 DOI: 10.1080/03085147.2022.2131280
Paul Dylan-Ennis, D. Kavanagh, Luis Araujo
Abstract This paper inquires into the dynamic imaginaries of the Ethereum project. We present Ethereum as animated by three such imaginaries: the world computer (technical), productive money (economic) and public goods (political). We examine how these imaginaries are materialized, carried forward and evolve through the Ethereum ecosystem, focusing on how Ethereum’s prefigurative logic underpins this dynamism. In our analysis, we pay particular attention to how the imaginaries overlap and often generate contradictions that nonetheless do not seem to undermine the cohesion of the project. We introduce the concept of ‘prefigurative imaginaries’ to describe how prefiguration works to create multiple, mutually entangled but distinct imaginaries.
摘要本文探讨了以太坊项目的动态想象。我们通过三个这样的想象来展示以太坊:世界计算机(技术),生产性货币(经济)和公共产品(政治)。我们将研究这些想象是如何通过以太坊生态系统实现、推进和发展的,重点关注以太坊的预示逻辑如何支撑这种活力。在我们的分析中,我们特别关注想象是如何重叠的,并且经常产生矛盾,尽管如此,这些矛盾似乎并不会破坏项目的凝聚力。我们引入“预示想象”的概念来描述预示如何创造多个相互纠缠但又截然不同的想象。
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引用次数: 3
The expansionary strategies of intellectual monopolies: Google and the digitalization of healthcare 知识垄断的扩张战略:b谷歌和医疗保健数字化
IF 3.4 2区 社会学 Q1 ECONOMICS Pub Date : 2022-11-16 DOI: 10.1080/03085147.2022.2131271
Cecilia Rikap
Abstract As big tech companies are entering new industrial sectors, an open question concerns the drivers of their expansionary strategies. This paper proposes that these companies are currently entering sectors based on their data-driven intellectual monopoly power, thereby complementing the preliminary answer provided by political economy research which has argued that expansion is driven by their infrastructural power. This approach is developed through a historical analysis of tech giants as companies that systematically turn knowledge and data into intangible assets, showing their expansionary strategies in the healthcare sector to be mainly driven by insights obtained from those intangible assets (a monopolized intangibles driver) and by a quest for conquering new knowledge and data to perpetuate their intellectual monopolies (an intangibles prospecting driver). The paper further illustrates its arguments through a case study of Google’s expansionary strategy and its prioritized incursion into healthcare.
随着大型科技公司进入新的工业领域,一个悬而未决的问题涉及到它们扩张战略的驱动因素。本文提出,这些公司目前正基于其数据驱动的知识垄断力量进入行业,从而补充了政治经济学研究提供的初步答案,该研究认为扩张是由其基础设施力量驱动的。这种方法是通过对科技巨头的历史分析而发展起来的,这些公司系统地将知识和数据转化为无形资产,表明他们在医疗保健领域的扩张战略主要是由从这些无形资产中获得的见解(垄断的无形驱动因素)和对征服新知识和数据的追求来延续他们的知识垄断(无形的勘探驱动因素)。本文通过谷歌的扩张战略及其优先入侵医疗保健的案例研究进一步说明了其论点。
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引用次数: 1
Of men and markets: Hayek, masculinity and neoliberalism 关于人与市场:哈耶克,男子气概和新自由主义
IF 3.4 2区 社会学 Q1 ECONOMICS Pub Date : 2022-11-11 DOI: 10.1080/03085147.2022.2131273
S. Garlick
Abstract A key aspect of Friedrich von Hayek’s thought is the importance he places on the concept of complexity and the way that it limits human capacities for knowledge and control. Interrogating the intersection of complexity, neoliberal theory and systems of gender relations, this paper examines the place of masculinity in Hayek’s work. Reading against the grain of Hayek’s texts, I draw out the gendered assumptions that are embedded in them to consider how hegemonic masculinities may provide sustenance to neoliberalism. Focusing on The road to serfdom and The fatal conceit, the paper argues that Hayek ultimately fails to fully embrace complexity because his texts enact and rely upon a masculine subject position that limits awareness of human embeddedness in social and natural systems.
弗里德里希·冯·哈耶克思想的一个关键方面是他对复杂性概念的重视,以及它限制人类知识和控制能力的方式。本文探讨了复杂性、新自由主义理论和性别关系系统的交叉点,考察了哈耶克作品中男性气质的地位。在阅读哈耶克的文本时,我提出了其中隐含的性别假设,以思考霸权的男性气概如何为新自由主义提供支撑。本文以《通往农奴制的道路》和《致命的自负》为重点,认为哈耶克最终未能完全拥抱复杂性,因为他的文本制定并依赖于一种男性主体的地位,这种地位限制了对人类在社会和自然系统中的嵌入性的认识。
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引用次数: 0
Building walls to tame time: Enclaves and the enduring power of failure 筑墙驯服时间:飞地和失败的持久力量
IF 3.4 2区 社会学 Q1 ECONOMICS Pub Date : 2022-10-03 DOI: 10.1080/03085147.2022.2102743
J. Sumich
Abstract In this paper, I explore the ways in which the construction of enclaves became central to utopian attempts of social engineering and how their legacies shape contemporary society despite the failures of these projects. By focusing on the role of enclaving, in Maputo, the capital of Mozambique, I demonstrate how it derives its power as a walled remnant of the resuscitation of past utopian goals and simultaneously, by being presented as a solution to current festering urban problems, often themselves the result of previous attempts of enclaving. Rather than solely acting as an outgrowth of the most exclusionary aspects of contemporary capitalism, I argue that enclaving is a highly malleable strategy of enacting power despite its enduring failure.
在本文中,我探讨了飞地的建设如何成为社会工程乌托邦尝试的核心,以及尽管这些项目失败,飞地的遗产如何塑造当代社会。在莫桑比克首都马普托,我将重点放在圈地的作用上,展示了它是如何作为过去乌托邦目标复苏的围墙残余而产生力量的,同时,通过作为当前日益恶化的城市问题的解决方案而呈现出来,这些问题本身往往是先前圈地尝试的结果。我认为,包围不是当代资本主义最具排他性方面的产物,而是一种高度可塑的权力制定策略,尽管它长期失败。
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引用次数: 0
Recentering central banks: Theorizing state-economy boundaries as central bank effects 中央银行重整:中央银行效应下国家经济边界的理论化
IF 3.4 2区 社会学 Q1 ECONOMICS Pub Date : 2022-10-02 DOI: 10.1080/03085147.2022.2118450
N. Coombs, M. Thiemann
Abstract This special issue argues that to make sense of the increased prominence of central banks after the 2008 financial crisis and COVID-19 pandemic requires interrogating the sources of and limits to their governmental power. In a time in which the ‘big state’ has returned alongside new forms of financial speculation, the theoretical claim advanced by this introductory paper is that the state ‘effect’ is in crucial respects conditioned by the economic governance arrangements set in place by central banks. We show that at the same time as promoting entanglements between states and markets, central banks attempt to draw new boundaries between state and economy, lending an unstable and sometimes contradictory character to their interventions. Providing the outlines of a new historical sociology of central banking which introduces the papers in the special issue, we explore the double movement that has underpinned the evolution of central banking since early modernity and holds clues for unravelling the paradoxes of the present.
本期特刊认为,要理解2008年金融危机和COVID-19大流行后中央银行日益突出的地位,就需要对其政府权力的来源和限制进行质疑。在“大国”与新形式的金融投机一起回归的时代,这篇介绍性论文提出的理论主张是,国家的“效应”在关键方面受到中央银行制定的经济治理安排的制约。我们表明,在促进国家和市场之间纠缠的同时,中央银行试图在国家和经济之间划定新的界限,使其干预具有不稳定,有时甚至是矛盾的特征。我们提供了一种新的中央银行历史社会学的概述,介绍了特刊中的论文,我们探索了自早期现代性以来支撑中央银行发展的双重运动,并为解开当前的悖论提供了线索。
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引用次数: 18
Independence without purpose? Macroprudential regulation at the Bundesbank 没有目标的独立?德国央行的宏观审慎监管
IF 3.4 2区 社会学 Q1 ECONOMICS Pub Date : 2022-10-02 DOI: 10.1080/03085147.2022.2117339
Edin Ibrocevic
Abstract It is commonly assumed that state agencies legitimize themselves via outputs. This paper shows that in situations of organizational crisis, state agencies may adopt new policy areas symbolically to compensate for lost legitimacy. Drawing on an ethnography within the Bundesbank, internal documents, and insider interviews, I trace how the German Bundesbank adopted financial stability as a policy area to compensate for the loss of monetary policy and banking supervision in the early 2000s. By focusing on the relationship between internal organizational struggles over the Bundesbank’s identity and the boundary work it has to conduct to establish its new role, I show that the Bundesbank failed to shift the state-economy boundary post-crisis in its effort to regain its position as autonomous purveyor of macroeconomic governance.
摘要人们通常认为,国家机构通过产出使自己合法化。本文表明,在组织危机的情况下,国家机关可能会象征性地采取新的政策领域来弥补失去的合法性。根据德国央行内部的民族志、内部文件和内部人士访谈,我追踪了德国央行如何将金融稳定作为一个政策领域,以弥补21世纪初货币政策和银行监管的损失。通过关注围绕德国央行身份的内部组织斗争与它为确立新角色而必须进行的边界工作之间的关系,我表明,德国央行未能在危机后改变国家-经济边界,努力重新获得其作为宏观经济治理自主提供者的地位。
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引用次数: 4
Growth at risk: Boundary walkers, stylized facts and the legitimacy of countercyclical interventions 面临风险的增长:边界步行者,程式化的事实和反周期干预的合法性
IF 3.4 2区 社会学 Q1 ECONOMICS Pub Date : 2022-10-02 DOI: 10.1080/03085147.2022.2117341
M. Thiemann
Abstract Post-crisis, central banks were encouraged to intervene against the cyclical build up of systemic risks in the financial system, a mandate which contravened previous conceptions of the state-economy boundary. This paper traces how central bank economists forged an analytical apparatus that could guide and legitimize such central bank interventions, detailing how their work involved forging new connections between actors within the boundary zone between the academic and the bureaucratic fields. Acting as ‘economists in the wild’, I show how these actors were able to establish ‘stylized facts’ about the boom-and-bust cycles of financial markets. Holding a foot both within the academic and the bureaucratic fields, such boundary walkers skilfully leveraged central bank resources to enrol allies in the field of academic economics to decisively shift the discursive representation of finance as cyclical, in turn legitimating ambitious central bank interventions into the functioning of the economy.
危机后,央行被鼓励干预金融体系系统性风险的周期性积累,这一授权与之前的国家-经济边界概念相抵触。本文追溯了央行经济学家是如何建立一套分析工具来指导和合法化央行的干预措施的,详细介绍了他们的工作是如何在学术和官僚领域之间的边界区域内建立参与者之间的新联系的。作为“野外的经济学家”,我展示了这些参与者如何能够建立关于金融市场繁荣与萧条周期的“程式化事实”。这些边界步行者在学术和官僚领域都站稳脚跟,他们巧妙地利用中央银行的资源,招募学术经济学领域的盟友,果断地将金融的话语表征转变为周期性,从而使雄心勃勃的中央银行干预经济运作合法化。
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引用次数: 7
Narrating imagined crises: How central bank storytelling exerts infrastructural power 叙述想象中的危机:央行讲故事如何发挥基础设施力量
IF 3.4 2区 社会学 Q1 ECONOMICS Pub Date : 2022-10-02 DOI: 10.1080/03085147.2022.2117313
N. Coombs
Abstract While a rich literature has examined how central banks mobilize narratives to enrol publics in monetary policymaking, the effects of the narratives deployed in banking supervision remain neglected. Drawing on 21 expert interviews, this paper fills that lacuna through a study of stress testing, a technique that became a fixture of international banking supervision after the 2008 crisis and which the Bank of England is using to align the risk management of the United Kingdom’s banks with its sense-making about emerging financial stability risks. I theorize the entanglements of the Bank’s financial stability narratives with binding supervisory requirements as giving rise to a new form of ‘infrastructural power’. This perspective explains why some financial sector actors see their decision-making autonomy being sapped away by the Bank’s stress tests even though they work through banks’ own risk sensitive calculative infrastructures. The paper’s findings also point to how the infrastructural affordances of central banks’ forward-looking narratives are pushing the temporal frontier of the state-economy boundary further into the future than has traditionally been considered an appropriate operational domain.
虽然大量文献研究了央行如何动员叙事让公众参与货币政策制定,但叙事在银行监管中的作用仍然被忽视。通过对21位专家的访谈,本文通过对压力测试的研究填补了这一空白。压力测试在2008年危机后成为国际银行监管的一项固定技术,英国央行(Bank of England)正利用压力测试将英国银行的风险管理与其对新出现的金融稳定风险的理解结合起来。我将银行的金融稳定叙述与具有约束力的监管要求的纠缠理论化,认为这产生了一种新形式的“基础设施权力”。这一观点解释了为什么一些金融行业参与者认为他们的决策自主权被世行的压力测试削弱了,尽管他们是通过银行自己的风险敏感计算基础设施进行工作的。该论文的研究结果还指出,央行前瞻性叙事的基础设施支持如何将国家经济边界的时间边界推向未来,而不是传统上被认为是合适的操作领域。
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引用次数: 7
Uncomfortable knowledge in central banking: Economic expertise confronts the visibility dilemma 令人不安的中央银行知识:经济专业知识面临可见性困境
IF 3.4 2区 社会学 Q1 ECONOMICS Pub Date : 2022-10-02 DOI: 10.1080/03085147.2022.2121066
Jacqueline Best
Abstract How do central bankers cope with the uncomfortable fact that there are significant limits to their expertise without losing authority? Drawing on Steve Rayner’s concept of ‘uncomfortable knowledge’, this paper undertakes a historical examination of the early years of Paul Volcker’s role at the head of the Federal Reserve, and then traces the ways in which the uncomfortable fact of ignorance has been dealt with in the years since then: from the reflexive and experimental approach of the 1980s, through the dismissal and displacement of the Great Moderation, to the exceptionalism and new experimentalism of the post-2008 era. In each of these eras, I argue that central banks face a visibility dilemma: their expertise must be visible enough to demonstrate their mastery but not so conspicuous that the often ad hoc and uncertain nature of their craft generates political push-back about their role and authority.
中央银行家如何在不失去权威的情况下,应对他们的专业知识存在重大限制这一令人不安的事实?借鉴史蒂夫·雷纳的“不舒服的知识”的概念,本文进行的历史考察早期的保罗•沃尔克(Paul Volcker)的角色在美国联邦储备理事会(美联储,fed)的负责人,然后痕迹的方式无知的不舒服的事实已经在随后的几年里处理:从1980年代的反射性和实验方法,通过大缓和的解雇和位移,例外论,2008后的新经验主义时代。我认为,在上述每一个时代,央行都面临着一种可见性困境:它们的专业知识必须足够显眼,以展示它们的精通程度,但又不能太显眼,以至于它们的技巧往往是临时的、不确定的,从而引发对其角色和权威的政治抵制。
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引用次数: 7
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Economy and Society
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