Money/monies
Name and define two qualities of money according to Simmel
Any of two: abstract, neutral, quantifiable, fungible
Abstract: It expresses relationships between objects
Neutral: It is not enjoyed directly, but via exchange
Quantifiable: It is divisible
Fungible: It is interchangeable
What is an example of a commodity's use value?
Any example of how a commodity is used!
According to Lindblom, what defines a market system?
“... a system of society-wide coordination of human activities not by central command but by mutual interactions in the form of transactions.”
“Like the state, the market system is a method of controlling and coordinating people’s behavior.
What are Mauss' three principles of gift exchange?
1) Obligation to give, receive, and return, 2) Gifts have a spirit, or mana (hau); they are inalienable, 3) They signify a relationship
Name and define two of Graeber's moral principles
Baseline communism, equivalence, and hierarchy
From Thaler, how do Humans differ from "Econs"?
Humans can be biased, make non-optimal choices, and can be influenced by SIFS (supposedly irrelevant factors), while Econs are perfectly rational and utility maximizing; economic theorists used to build models based on "Econs"
Why does Polanyi call land, labour, and money "fictitious commodities"? What does he think is the effect of turning these into commodities?
They're fictitious because labour etc are not produced for sale. But these things are nevertheless bought and sold, made possible by a “crude fiction” where we pretend that they’re commodifiable. However, Polanyi thinks that society can only withstand this for a short short time, as this fiction has deeply destructive effects --hence the counter-movement against the self-regulating market
Describe the "mechanical metaphor" as introduced by Nelson
Dating back to Smith, the mechanical metaphor frames markets as machines which function on their own without human intervention. Nelson argues against this!
Why does Mauss say there is no such thing as a "free gift"? Do you agree?
Gifts are obligatory and socially regulated; they necessarily connect people to one another
Give an example of how earmarking is used to navigate a social relationship.
Many possible examples! E.g. child support payments, tips, etc.
Describe the effect of introducing Western money into the Tiv economy
According to Bohannan, it created tension in trying to make morally incommensurable spheres commensurable. He writes, "Money is one of the shatteringly simplifying ideas of all time, and like any other new and compelling idea, it creates its own revolution."
Explain what Graeber might say is the difference between a gift vs a commodity.
Gifts are inalienable and create social bonds; commodities are interchangeable and destroy bonds
Explain Polanyi's idea of the double movement
"The market system represents a break from history because it tries to disembed the economy from social relations. Disembedding happens because a market economy commodifies all elements of society, including labor, land, and money. But these are “fictitious” commodities: they can’t be bought and sold without significant damage. 3.Therefore, people resist: we have counter movements to the market." The push for a self-regulating market and the counter-movement together make up Polanyi's double movement.
Quickly summarize the Gift of the Magi and explain one its messages
For Christmas, a husband sells his watch to buy his wife a comb; she in turn has sold her hair to buy him a beautiful watch chain; thus they can't "enjoy" the other's gift.
(One) moral is that the gift of of love is more important than material possessions
Name an effect that Marx saw capitalism having on people and their social relations, and give an example.
Alienation (e.g. alienation from the products of one's labour, from other workers)
Exploitation (which for Marx is inherent in the structure of capitalism, where the proletariat are inherently exploited by the bourgeoisie)
How does Zelizer's argument relate to Simmel's?
Zelizer is directly responding to Simmel's notion of "colorless" or perfectly fungible money; according to Zelizer, monies are varied, with important social meanings that vary across time and cultures
Explain the distinction that Marx makes between 1) use value, 2) exchange value, and 3) Value
1) use value: the way a commodity is useful (e.g. an apple is used for eating)
2) exchange value: equates commodities in terms of each other (e.g. 1 apple = 2 oranges; 1 apple = $0.5; etc.)
3) Value:"in commodity exchange, value (a.k.a. human labor and social relations of production) becomes abstract and gets concealed. All we are able to see is the exchange value."
Provide a quick definition of neoliberalism. How does Friedman's argument fit into this definition?
Neoliberalism includes many facets, such as privatization, deregulation, fiscal austerity, globalization; neoliberals believe in free markets, above all!
Friedman argued for the supremacy of the market; for example, "...an impersonal market separates economic activities from political views and protests men from being discriminated against..."
How does Kimmerer see treating nature as a gift as something that would change people's relationship to nature?
Kimmerer discusses gifting as an approach that creates a sense of restraint, placing limits on exploitation and creating a more sustainable relationship.
Describe Marx's concept of "commodity fetishism" and how it effects social relations
Marx (pg 83): "Since the producers do not come into social contact with each other until they exchange their products, the specific social character of each producer's labour does not show itself except in the act of exchange."
In short, the labor involved in production becomes lost and commodities seem to take on a relationship only with themselves!
Name and describe the two "myths" about where money comes from. Where do you think it comes from?
Myth one: money emerges from trade
Myth two: money emerges from debts to political and religious institutions
Discuss similarities between Kopytoff's and Simmel's views on the poles between which objects' values fluctuate.
Simmel sounds similar to Kopytoff's idea of singularization when talking about how all values we can see stand between two poles: utterly unique things vs absolutely interchangeable. For Simmel, money pulls things towards the interchangeable pole.
Compare/contrast how two theorists think about the relationship between 1) the economic sphere and 2) the political or social spheres.
Some possible theorists to draw on: Lindblom, Polanyi, Nelson, etc.
How does a gift economy differ from a gift exchange? Under what conditions do gift economies generally work best?
A gift economy is a form of social organization sustained over gift exchanges as the central economic activity; reciprocity organizes the distribution wealth
They're often small, require trust, and general reciprocity.
What does Sandel think is an effect of markets having a "non-judgmental stance"? Do you agree with his position?
"It has drained public discourse of moral and civic energy, and contributed to the technocratic, managerial politics afflicting many societies today." (Sandel 2012, p. 66)