Finance and Society
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An introductory framework for ‘Habilito: Debt for Life’
Get PDFThe documentary film Habilito: Debt for Life provides a case study of the conflicts and tensions that arise at the point of contact between highland migrants and Mosetenes, members of an indigenous community in the Bolivian Amazon. It focuses particularly on a system of debt peonage known locally as ‘habilito’. This system is used throughout the Bolivian lowlands, and much of the rest of the Amazon basin, to secure labor in remote areas. Timber merchants advance market goods to Mosetenes at inflated prices, in exchange for tropical hardwood timber. When it comes time to settle accounts, the indebted person often finds that the wood he has cut does not meet his debt obligation, and he has to borrow more money to return to the forest to continue logging. This permanent cycle of debt permits actors from outside these indigenous communities to maintain control over the extraction of wood and provides them with a free source of labor in the exploitation of timber resources. This system is practiced especially in remote areas where systems of patronage predominate, and where colonists with a market-based economic logic come into contact with Amazonian indigenous peoples who, historically, have not employed an economic logic of saving or hoarding
Artists, debt, and global activism
Get PDFThis article examines how artists, activism, and works of art may contribute to a more textured understanding of debt in contemporary society and culture. The diversity of aesthetic practices and range of strategic interventions in which artists are organizers and activists are manifest in the Global Ultra Luxury Faction (G.U.L.F.), advocacy initiatives by Working Artists and the Greater Economy (W.A.G.E.), and alternative, trans-local projects such as the Arts Collaboratory. These activist interventions provide the context for an examination of how artists have seized upon discourses related to debt and finance to produce works that offer a critical reappraisal of the global economy. Artists’ projects by Martha Rosler, Cassie Thornton, Zachary Formwalt, and Michael Najjar challenge audiences to rethink the invisible networks of debt and exchange by creating new visual vocabularies for ‘seeing’ debt. The emergence of activist groups, such as Liberate Tate, has also signaled renewed interest in the ethics of corporate sponsorships, museums, and environmental issues. A heightened awareness of the ethical dimensions of debt and global support for activist movements may contribute to new notions of citizenship and performative democracy that can incite individual and collective renegotiations of how we might critically rethink debt
Plotting the art market: An interview with Clare McAndrew
Get PDFClare McAndrew is a leading analyst of the global art market. Here the guest editors of this special issue interview McAndrew on the structures of the art market, its sectorial and regional arrangements, and transformations in its historical, technical, and monetary operation. Their discussion highlights the rapid increase in prices for art and the global extension of the art market since the early-to-mid 2000s, as well as further changes to its operation wrought by the rise of online trading in the early 2010s
Habilito: Debt For Life
No full textThe documentary film Habilito: Debt for Life provides a case study of the conflicts and tensions that arise at the point of contact between highland migrants and Mosetenes, members of an indigenous community in the Bolivian Amazon
Narrating ‘finances’ after John Law: Complicity, critique, and the bonds of obligation in Duclos and Mouhy
Get PDFAttending to the peculiar significance of finance(s) and the financier in Old Regime France, this article analyzes narratives that rehabilitate both, circa 1740-1755, in their political, social and biographical contexts. Positive representations are not thought to have been common. Yet following the Law debacle, restoration of traditional court finance resulted in effective administrative practices, universalizing policies and opportunities for merit, combined with money, to drive advancement, competing with hereditary privilege. Across genres, Charles Pinot-Duclos and Charles de Fieux, the Chevalier de Mouhy, depicted how upstart elites enact virtue, philanthropy and patriotism through finance. Their depictions reflected State policies and served common interests of writers and their protectors and patrons. Yet by emphasizing tensions in mid-century society, their texts also challenged readers to reflect critically on relations among finance, politics, society and indebtedness, anticipating a later focus on political economy as such. For today’s readers grappling with dilemmas of modern finance, society and obligation, they provide provocative precedents
Contemporary art, capitalization and the blockchain: On the autonomy and automation of art’s value
Get PDFThis article addresses contemporary art as a means to investigate how, and to what extent, financial logic impacts upon the socio-cultural sphere. Its contribution is twofold: on the one hand, the article shows that contemporary art’s valuation practices increasingly reflect the logic of capitalization; on the other hand, it assesses the emancipatory potential of blockchain technology for the cultural sphere. In relation to the latter I argue that, in spite of the technological novelty of blockchain-based art projects, these nonetheless fail to challenge a received logic of finance. This exposes the limitations to technological determinism as a means of countering financial power in the socio-cultural sphere, and points to new problems for art’s valuation methods in relation to the liquid logic of algorithmic finance
Shared stakes, distributed investment: Socially engaged art and the financialization of social impact
Get PDFThis article examines the implications of the financialization of social impact and the emerging social impact bonds (SIBs) market for socially engaged art practices. How do SIBs, which allow for investment in social impact metrics, shift the broader contexts through which the value of social impact is understood in art discourses? In the British context, recent projects by Assemble, Open School East and others do important social work, yet echo the logic of the social investment market by outsourcing social impact. Rather than dismissing socially engaged art initiatives as having been recuperated by financialized capitalism, I suggest the need to develop new ways of achieving a double reading of these works as they relate to – and upset the distinctions between – stakeholder and bondholder valuation
Response to Johnson: A random sample versus the radical event
Get PDFTimothy Johnson’s working hypothesis in his review of my latest book, The Medium of Contingency, is that I (as well as the ‘quants’ involved in the derivative pricing industry) do not understand the foundations of abstract probability theory. In this response, I show that this is not the case. On the contrary, rules and protocols which are common in the derivative pricing industry, the result of which can be an extension of abstract probability theory as it now stands, seem to elude Johnson. To address these failings, I provide theoretical reflections on probability theory and its formalisms
The Institute for Southern Contemporary Art (ISCA)
No full textJoão Enxuto and Erica Love are artists and writers living in New York City. Their writing has appeared in Art in America, Mousse Contemporary Art Magazine, Wired, and X-TRA Contemporary Art Quarterly. They have given talks and exhibited work at the Centre Pompidou, Whitney Museum of Art, the New Museum, Anthology Film Archives, Walker Art Center, Yossi Milo Gallery, Carriage Trade, Louisiana Museum in Denmark, ArtCenter/South Florida, and the Tamayo Museum in Mexico City
The European Central Bank, machinic enslavement, and the Greek public sector
Get PDFThis article investigates the role of the European Central Bank (ECB) in transferring financial and moral responsibility for the Eurozone crisis from the private to the public sector. Focusing on Greece, I argue that the ECB constructed the morality of the public debtor in such a way as to make this transfer of responsibility easier and the imposition of austerity measures justifiable. This in part relied on a shift in the ECB’s discourse, which came to define the crisis exclusively in terms of public sector responsibility. However, the ECB also employed a range of non-linguistic policy measures aimed at intervening in the crisis. To interpret these measures I draw on Deleuze and Guattari’s concept of ‘machinic enslavement’, arguing that the ECB contributed to the Greek crisis not only by defining it discursively but also by reshaping the country’s financial infrastructure in crucial ways