The origins of money and its role in modernity

2021 ◽  
Author(s):  
Todd Oakley
Keyword(s):  
Gift Giving ◽  
Semiotic System ◽  
Socially Constructed ◽  
Symbolic Resources ◽  
The Social ◽  
Modern Economic ◽  
Political Foundations ◽  
Symbolic Processes ◽  
Economic Thinking

Money is a human creation arising from organic, technological, and symbolic resources. The complexity of its operations makes it difficult to comprehend. The origins of money can be dated with some accuracy, but the social and symbolic processes that led to this world-changing invention are poorly understood. One of the most persistent misunderstandings that adversely affects modern economic thinking is that money emerged from barter. As will be discussed, the origins of money have more fundamental symbolic, social, and political foundations in statecraft, warfare, religion, and gift-giving. Moreover, money develops among beings capable of considerable flexibility in combining or “blending” ideas from diverse, sometimes incommensurate, domains of knowledge and experience, and specifically among a species for whom institutions—socially constructed habits of thought and action—are ontologically criterial. This chapter aims to provide a foundation for thinking about money as an institutional semiotic system. Topics covered include money and barter; sovereign money; money and gift-giving; money and violence; the money/language analogy; and international monetary exchanges.

scholarly journals The Theory of Crisis after Crisis

2015 ◽  
Vol 52 (1) ◽  
pp. 1-12
Author(s):  
Igor Mladenović ◽  
Dragoslav Kitanović
Keyword(s):  
Economic Theory ◽  
Economic System ◽  
Scientific Methodology ◽  
Objective Knowledge ◽  
World Crisis ◽  
Philosophy Of Economics ◽  
The Social ◽  
The World ◽  
Modern Economic ◽  
Political Foundations

AbstractThe global economic system and the world crisis are a reality, and hence the challenge for modern economic theory, which is to provide a valid response to its development and overcoming the crisis. The prevailing economic theory and methodology (neo-liberal paradigm) in this field demonstrates serious defects, so this paper attempts to show that the relative nature of economic theory is in expressing the social prejudices of its time. Demystification of the ideological and political foundations of what is today considered "objective knowledge" in the economy, is only possible with the affirmation of a new scientific methodology of economics, i.e. the new philosophy of economics. The aim of the paper is to stimulate thinking and different views on this subject.

An early mainstream economist from Hungary: István Varga (1897–1962)

2003 ◽  
Vol 53 (2) ◽  
pp. 195-213 ◽  
Author(s):  
K. Majoros
Keyword(s):  
Austrian Economic ◽  
National Income ◽  
Anglo Saxon ◽  
Turbulent Times ◽  
The Usa ◽  
New Ideas ◽  
Modern Economic ◽  
The Uk ◽  
Economic Thinking ◽  
Lasting Influence

The study introduces a Hungarian economic thinker, István Varga*, whose valuable activity has remained unexplored up to now. He became an economic thinker during the 1920s, in a country that had not long before become independent of Austria. The role played by Austria in the modern economic thinking of that time was a form of competition with the thought adhered to by the UK and the USA. Hungarian economists mainly interpreted and commented on German and Austrian theories, reasons for this being that, for example, the majority of Hungarian economists had studied at German and Austrian universities, while at Hungarian universities principally German and Austrian economic theories were taught. István Varga was familiar not only with contemporary German economics but with the new ideas of Anglo-Saxon economics as well — and he introduced these ideas into Hungarian economic thinking. He lived and worked in turbulent times, and historians have only been able to appreciate his activity in a limited manner. The work of this excellent economist has all but been forgotten, although he was of international stature. After a brief summary of Varga’s profile the study will demonstrate the lasting influence he has had in four areas — namely, business cycle research and national income estimations, the 1946 Hungarian stabilisation program, corporate profit, and consumption economics — and will go on to summarise his most important achievements.

Defetishizing Free Time: From Akrasia to Profanation

2019 ◽  
Vol 29 (1) ◽  
pp. 159-188
Keyword(s):  
Leisure Time ◽  
Free Time ◽  
Economic Organization ◽  
Acting Out ◽  
Basic Income ◽  
Giorgio Agamben ◽  
Dominant Position ◽  
The Gift ◽  
Modern Economic ◽  
Economic Thinking

Images of free time are used today to give the impression that alienation from work is being alleviated. As a result, exploitation of the workers who are constantly occupied with “self-realization” becomes even more effective. Free time becomes a fetish — a means of productively engaging people’s energy through various scenarios in which they are (supposedly) enjoying their leisure time pursuits. Is it even possible to undo the fetishization of free time? And if so, how else might we conceptualize it? In seeking an answer to these questions the author continues the discussion of akrasia launched by Michail Maiatsky in his article “Liberation from Work, Unconditional Income and Foolish Will” (Logos, 2015, 25[3]) in which Maiatsky expressed a well-founded fear that a contemporary “post-Nietzschean” person might respond to the “gift of unconditional freedom” with an irrational desire to test the boundaries of that boon and end up as Dostoyevsky said “living by his own foolish will.” A hypothesis to address that fear argues that the intentions behind such an “akratic rebellion” are inherently rooted in the fetishistic logic that dominates both current perceptions of free time and also the debate about providing a basic income. The akratic reaction is a form of phantasmatic acting out of the painful suspicion that efforts to reach liberation could turn into another form of bondage. The roots of this bind can be found in the historically embedded form of economic organization, which is based on a sense of dire emergency. We owe this understanding of the “economic dispositive” to the work of Giorgio Agamben, but it is already discernible in Xenophon. We can find an indication of its dominant position in modern economic thinking in Nikolay Sieber’s (1844–1888) criticism of the postulates of the “subjective school” of economics. Because the economy acquires a sacred aspect within this dispositive, akrasia may be compared with a sacrilegious trespass of its boundaries. However, Agamben proposes that challenging any form of the solemn ceremonies of capitalism’s priesthood in a way that is not merely imaginary must necessarily be a kind of profanation.

The transformation of the Russian notary in the new economic realities

2020 ◽  
Vol 22 (1) ◽  
pp. 92-97
Author(s):  
KONSTANTIN A. KORSIK ◽  
◽  
ANASTASIYA A. PARFENCHIKOVA ◽  
Keyword(s):  
Public Administration ◽  
Relevant Information ◽  
The State ◽  
Technological Infrastructure ◽  
Social Sphere ◽  
The Social ◽  
Modern Economic ◽  
World Development

The article is devoted to the review of current changes in the legislation on notaries related to the development of electronic civil circulation, analysis of existing digital risks and assessment of the role of notaries in combating them. In modern economic realities, a significant expansion of the sphere of competence of the notary is carried out by introducing completely new notarial actions into the scope of the notary’s terms of reference. At the same time, the notary does not just follow the general ‘digital’ trend, but independently makes significant efforts to effectively perform the tasks of the social sphere regulator assigned to it by the state. The creation of the Unified Notary Information System as part of the formation of the technological infrastructure to ensure the security and stability of legal relations in the context of electronic civil circulation takes to a new level the quality of notarial services and the security of legally relevant information. The role of notaries significantly increases in conditions when the use of digital technologies in the economy, public administration, social sphere becomes one of the main vectors of world development, and society and the state inevitably face the flip side of this process – digital risks that jeopardize the safety of participants in civil turnover and their property. In 2020, as part of the implementation of the national program ‘Digital Economy’, it is planned to introduce a number of innovations that will create the basis for a stable and secure ‘digital’ turnover.

Capitalism Beyond Mutuality?

2018 ◽  
Keyword(s):  
Social Science ◽  
Social Contract ◽  
Well Being ◽  
Business Practice ◽  
Business Leaders ◽  
Social Scientists ◽  
Economic Paradigm ◽  
The Social ◽  
Modern Economic ◽  
Great Output

Our quest for prosperity has produced great output but not always great outcomes. The list of concerns is growing and familiar. Fundamentally, when it comes to well-being, fairness, and the scope of our humanity, the modern economic system still leaves much to be desired. In turn, trust in business and the liberal market system (aka “capitalism”) has been declining and regulation has been rising. A variety of forces—civic, economic, and intellectual—have been probing for better alternatives. The contributions in this volume, coauthored by eminent philosophers, social scientists, and a handful of thoughtful business leaders, are submitted in this spirit. The thrust of the work is conveyed in the volume’s titular question: Capitalism Beyond Mutuality? Mutuality, or the exchange of benefits, has been established as the prime principle of interaction in addressing the chronic dilemma of human interdependence. Mutuality is a fundament in the social contract approach and it serves us well. Yet, to address the concerns outlined here, we must help evolve an economic paradigm where mutuality is more systematically complemented by reasoned and elective morality. Otherwise the state will remain the sole (if inadequate) protector and buffer between market and society. Hence, rather than just regulate power we must also educate power. Philosophy has a natural role, especially when education is the preferred vehicle of transformation. Accordingly, the essays in this volume integrate philosophy and social science to outline and explore concrete approaches to these important concerns emanating from business practice and theory.

The New Frontier

2018 ◽  
Author(s):  
Marilyn Fernandez
Keyword(s):  
Information Technology ◽  
Equal Opportunity ◽  
Disadvantaged Groups ◽  
Socially Constructed ◽  
The Social ◽  
New Frontier ◽  
Equal Opportunity Employer

Does the burgeoning Indian Information Technology (IT) sector represent a deviation from the historical arc of caste inequality or has it become yet another site of discrimination? Those who claim that the sector is caste-free believe that IT is an equal opportunity employer, and that the small Dalit footprint is due to the want of merit. But they fail to consider how caste inequality sneaks in by being layered on socially constructed ‘pure merit’, which favours upper castes and other privileged segments, but handicaps Dalits and other disadvantaged groups. In this book, Fernandez describes how the practice of pure and holistic merit are deeply embedded in the social, cultural, and economic privileges of the dominant castes and classes, and how caste filtering has led to the reproduction of caste hierarchies and consequently the small Dalit footprint in Indian IT.

scholarly journals Social constructivism in mathematics? The promise and shortcomings of Julian Cole’s institutional account

Synthese ◽  
2021 ◽  
Author(s):  
Jenni Rytilä
Keyword(s):  
Social Constructivism ◽  
Mathematical Practice ◽  
Social Constructs ◽  
Socially Constructed ◽  
The Social ◽  
Characteristic Features ◽  
Core Idea ◽  
Social Entities ◽  
In Virtue Of ◽  
Mathematical Reality

AbstractThe core idea of social constructivism in mathematics is that mathematical entities are social constructs that exist in virtue of social practices, similar to more familiar social entities like institutions and money. Julian C. Cole has presented an institutional version of social constructivism about mathematics based on John Searle’s theory of the construction of the social reality. In this paper, I consider what merits social constructivism has and examine how well Cole’s institutional account meets the challenge of accounting for the characteristic features of mathematics, especially objectivity and applicability. I propose that in general social constructivism shows promise as an ontology of mathematics, because the view can agree with mathematical practice and it offers a way of understanding how mathematical entities can be real without conflicting with a scientific picture of reality. However, I argue that Cole’s specific theory does not provide an adequate social constructivist account of mathematics. His institutional account fails to sufficiently explain the objectivity and applicability of mathematics, because the explanations are weakened and limited by the three-level theoretical model underlying Cole’s account of the construction of mathematical reality and by the use of the Searlean institutional framework. The shortcomings of Cole’s theory give reason to suspect that the Searlean framework is not an optimal way to defend the view that mathematical reality is socially constructed.

B is for Bias

2014 ◽  
Vol 3 (2) ◽  
pp. 35-47
Author(s):  
Calin Valsan
Keyword(s):  
Economic Theory ◽  
Rational Expectations ◽  
Economic Environment ◽  
Rational Agents ◽  
Economic Agents ◽  
Behavioral Biases ◽  
The Social ◽  
Modern Economic

Standard economic theory assumes rational agents. Individuals are expected to have rational expectations and constantly optimize their choices. Modern economic and financial theory is build under the assumption of rationality. There is plenty of evidence from psychology, however, that individuals are biased and rely heavily on heuristics in order to make decisions. Yet, this is not a mere fluke, a behavioral oddity. Because the social and economic environment in which individuals evolve is complex, behavioral biases represent evolutionary adaptations allowing economic agents to deal with undecidability and computational irreducibility.

Family Participation in Challenger Baseball: Critical Theory Perspectives

1999 ◽  
Vol 16 (4) ◽  
pp. 372-388 ◽  
Author(s):  
Lupe Castañ ◽  
Claudine Sherrill
Keyword(s):  
Critical Theory ◽  
Social Interactions ◽  
Emotional Support ◽  
Equal Opportunity ◽  
Participant Observation ◽  
Physical Disabilities ◽  
Head Coach ◽  
Socially Constructed ◽  
The Social ◽  
Field Notes

The purpose was to analyze the social construction of Challenger baseball opportunities in a selected community. Participants were 10 boys and 6 girls with mental and/or physical disabilities (ages 7 to 16 years, M = 11.31), their families, and the head coach. Data were collected through interviews in the homes with all family members, participant observation at practices and games, and field notes. The research design was qualitative, and critical theory guided interpretation. Analytical induction revealed five outcomes that were particularly meaningful as families and coach socially constructed Challenger baseball: (a) fun and enjoyment, (b) positive affect related to equal opportunity and feelings of “normalcy,” (c) social networking/emotional support for families, (d) baseball knowledge and skills, and (e) social interactions with peers.

scholarly journals Rethinking Financial Reporting: Reinstating the Social License of Limited Liability

2017 ◽  
Vol 9 (2) ◽  
Author(s):  
Colin Haslam
Keyword(s):  
Financial Reporting ◽  
Review Paper ◽  
Investment Decision ◽  
Limited Liability ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Socially Constructed ◽  
Investment Decision Making ◽  
Social License ◽  
The Social

AbstractShyam Sunder’s monograph ‘Rethinking Financial Reporting: Standards, Norms and Institutions’ explores the extent to which it is possible to deliver ‘better financial reporting’ so as to support investment decision making and valuation. In this review paper it is argued that a more fundamental and radical challenge is required in a world where financial reporting is politically and socially constructed. The institutions governing financial reporting have pursued a project that has been complicit in undermining the social license granted by limited liability. The priority is to explore how financial reporting might contribute to securing the social license granted by limited liability.

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