Making Money: The Philosophy of Crisis Capitalism

By Ole Bjerg

What's funds? the place does it come from? Who makes our cash this day? and the way do we comprehend the present nation of our economic climate as a problem of cash itself?

In Making Money, Ole Bjerg turns those questions right into a subject of philosophical instead of financial research. utilizing the taking into account Slavoj Žižek, whereas nonetheless attractive with mainstream fiscal literature, the publication presents a really philosophical concept of cash. This concept is spread out in reflections at the nature of economic phenomenon similar to monetary markets, banks, debt, credits, derivatives, gold, danger, price, fee, pursuits, and arbitrage. The research of cash is positioned into an ancient context via suggesting that the present monetary turbulence and debt drawback are signs that we are living within the age of post-credit capitalism. via bridging the fields of economics and modern philosophy, Bjerg's paintings engages in a efficient type of highbrow arbitrage.

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1 This development was once signified through the circulation of neoclassical economics into the mainstream of the self-discipline and via the turning out to be significance of arithmetic. Mainstream economics takes as its aspect of departure a few meta-theoretical assumptions approximately monetary brokers as rational, application maximizing and completely knowledgeable approximately their innovations. 2 those assumptions let for the posing of questions and testable hypotheses which are normally formulated when it comes to causal kinfolk among monetary variables. How is inflation correlated with unemployment? How do alterations within the rate of interest impact GNP? Does financial inequality stimulate financial development? and so forth. within the examine of such difficulties, the query of the character of cash is an obstruction instead of a precondition. Mainstream economics has a tendency to review the consequences of cash and financial inclinations instead of the article itself. mirrored image at the nature of cash turns out always to steer to metaphysical philosophizing, that is a ways past the scope of mathematical trying out. At top, the query ‘What is funds? ’ is dismissed as regards to the fourfold definition of cash as a medium of trade, a degree of price, a customary of account and a shop of worth, which leaves the economist unfastened to continue to extra vital concerns. At worst, the query is just neglected. This leaves the query of cash falling among stools. whereas philosophy has the right kind tools for learning the item of cash, this isn't considered as a formal item of philosophic inquiry. Economics, nonetheless, is certainly the clinical self-discipline focused on the examine of cash, however the self-discipline lacks the correct tools for forthcoming the item in any direct style. the aim of the subsequent chapters is to bridge the distance among philosophy and economics by way of constructing a philosophical thought of cash. the tactic for the advance of the idea is the same to the single utilized to the research of monetary markets. we will back use Žižek’s threefold contrast among genuine, symbolic and imaginary to map out the functioning of cash. As famous within the advent, it's after all a simplification to say that the query of cash has been thoroughly missed for the earlier 100 years. numerous students in the fields of heterodox economics, fiscal sociology and the anthropology of cash have certainly explored this subject. nonetheless, the special strength of a philosophy of cash lies within the improvement of recent suggestions that might represent a precise concept of cash, person who is going past empirical reports of what funds does. this can be the aim of the subsequent exposition. ‘MONEY doesn't EXIST’ while framing an research of cash with the query ‘What is funds? ’, it's always assumed that cash is a distinct factor and that it truly is attainable to outline this factor via one coherent thought. within the following research, i'll disavow this assumption. The name of this part is naturally a paraphrase of Lacan’s notorious slogan ‘Woman doesn't exist’.

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