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The financial crisis that started in 2007 is a concern for the
world. Some countries are in depression and governments are
desperately trying to find solutions. In the absence of thorough
debate on the emotions of money, bitter disputes, hatred and
'moralizing' can be misunderstood. New Perspectives on Emotions in
Finance carefully considers emotions often left unacknowledged, in
order to explain the socially useful versus de-civilising,
destructive, nature of money. This book offers an understanding of
money that includes the possible civilising sentiments. This
interdisciplinary volume examines what is seemingly an
uncontrollable, fragile world of finance and explains the 'panics'
of traders and 'immoral panics' in banking, 'confidence' of
government and commercial decision makers, 'shame' or 'cynicism' of
investors and asymmetries of 'impersonal trust' between finance
corporations and their many publics. Money is shown to rely on this
abstract trust or 'faith', but such motivations are in crisis with
'angry' conflicts over the 'power of disposition'. Restraining
influences - on 'uncivilised emotions' and rule breaking - need
democratic consensus, due to enduring national differences in
economic 'sentiments' even in ostensibly similar countries.
Promising ideas for global reform are assessed from these
cautionary interpretations. Instead of one 'correct' vision,
sociologists in this book argue that corporations and global
dependencies are driven by fears and normless sentiments which
foster betrayal. This book is not about individuals, but habitus
and market crudities. Human 'nature' or 'greed' cannot describe
banks, which do not 'feel' because their motivations are not from
personal psyches but organisational pressures, and are liable to
switch under money's inevitable uncertainties. This more inclusive
social science studies emotions as a crucial factor among others,
to expand the informed public debate among policy makers, bankers,
academics, students and the public.
The financial crisis that started in 2007 is a concern for the
world. Some countries are in depression and governments are
desperately trying to find solutions. In the absence of thorough
debate on the emotions of money, bitter disputes, hatred and
'moralizing' can be misunderstood. New Perspectives on Emotions in
Finance carefully considers emotions often left unacknowledged, in
order to explain the socially useful versus de-civilising,
destructive, nature of money. This book offers an understanding of
money that includes the possible civilising sentiments. This
interdisciplinary volume examines what is seemingly an
uncontrollable, fragile world of finance and explains the 'panics'
of traders and 'immoral panics' in banking, 'confidence' of
government and commercial decision makers, 'shame' or 'cynicism' of
investors and asymmetries of 'impersonal trust' between finance
corporations and their many publics. Money is shown to rely on this
abstract trust or 'faith', but such motivations are in crisis with
'angry' conflicts over the 'power of disposition'. Restraining
influences - on 'uncivilised emotions' and rule breaking - need
democratic consensus, due to enduring national differences in
economic 'sentiments' even in ostensibly similar countries.
Promising ideas for global reform are assessed from these
cautionary interpretations. Instead of one 'correct' vision,
sociologists in this book argue that corporations and global
dependencies are driven by fears and normless sentiments which
foster betrayal. This book is not about individuals, but habitus
and market crudities. Human 'nature' or 'greed' cannot describe
banks, which do not 'feel' because their motivations are not from
personal psyches but organisational pressures, and are liable to
switch under money's inevitable uncertainties. This more inclusive
social science studies emotions as a crucial factor among others,
to expand the informed public debate among policy makers, bankers,
academics, students and the public.
This volume is a debate about a sociology and economics of money: a
form of positive trespassing. It is unique in being written by
scholars of both disciplines committed to this mutual venture and
in starting from the original groundwork laid by Geoffrey Ingham.
The contributors look critically at money's institutions and the
meanings and history of money-creation and show the cross cutting
purposes or incommensurable sides of money and its crises. These
arise from severe tensions and social conflicts about the
production of money and its many purposes. We demonstrate the
centrality of money to capitalism and consider social disorders
since the 2007 crisis, which marks the timeliness and need for
dialogue. Both disciplines have far too much to offer to remain in
the former, damaging standoff. While we are thankful to see a
possible diminution of this split, remnants are maintained by
mainstream economic and sociological theorists who, after all the
crises of the past 30 years, and many before, still hold to an
argument that money really does not 'matter'. We suggest, to many
different and interested audiences, that since money is a promise,
understanding this social relation must be a joint though plural
task between economics and sociology at the very least.
This volume is a debate about a sociology and economics of money: a
form of positive trespassing. It is unique in being written by
scholars of both disciplines committed to this mutual venture and
in starting from the original groundwork laid by Geoffrey Ingham.
The contributors look critically at money's institutions and the
meanings and history of money-creation and show the cross cutting
purposes or incommensurable sides of money and its crises. These
arise from severe tensions and social conflicts about the
production of money and its many purposes. We demonstrate the
centrality of money to capitalism and consider social disorders
since the 2007 crisis, which marks the timeliness and need for
dialogue. Both disciplines have far too much to offer to remain in
the former, damaging standoff. While we are thankful to see a
possible diminution of this split, remnants are maintained by
mainstream economic and sociological theorists who, after all the
crises of the past 30 years, and many before, still hold to an
argument that money really does not 'matter'. We suggest, to many
different and interested audiences, that since money is a promise,
understanding this social relation must be a joint though plural
task between economics and sociology at the very least.
Money is a promise with future benefits or dangers that are
unknowable and incalculable. The financial sector is an attempt to
beat uncertainty by speculating on whether prices will rise or
fall. No matter how often the folly of this opportunism is shown
through crisis after crisis of trust, efforts to defeat uncertainty
persist. Yet uncertainty is unavoidable. Squeezed in one place, it
emerges in another. Based on extensive interviews with leading
actors in the financial sector, this book argues that the only way
to cope with uncertainty is by relying on emotions and values. It
presents an original explanation of how booms and busts arise from
internal disputes over the emotions of trust between global
financial corporations. Confidence and suspicion alternate between
which strategy may beat competitors and who is cheating whom. Just
as the first edition warned of continuing dangers in finance s
betrayal of society s trust, this new edition provides a
sociological explanation of how these irrational quests for
certainty contributed to the current financial crisis in the
credibility of money.
During the recent financial crisis, the conflict between sovereign
states and banks over who controls the creation of money was thrown
into sharp relief. This collection investigates the relationship
between states and banks, arguing that conflicts between the two
over control of money produces critical junctures. Drawing on Max
Weber's concept of 'mobile capital', the book examines the mobility
of capital networks in contexts of funding warfare, global bubbles
and dangerous instability disengaged from social-economic activity.
It proposes that mobile capital is a primary feature of capitalism
and nation states, and furthermore, argues that the perennial,
hierarchical struggles between states and global banks is intrinsic
to capitalism. Featuring authors writing from an impressively
diverse range of academic backgrounds (including sociology,
geography, economics and politics), Critical Junctures in Mobile
Capital presents a variety of analyses using current or past
examples from different countries, federations, and of differing
forms of mobile capital.
When the Federal Reserve, European Central Bank and Bank of England
purchased bank and state debt during the 2007-2008 crisis, it
became apparent that, when technically divorced from fiscal policy,
monetary policy cannot revive but only prevent economic activity
deteriorating further. Pixley explains how conflicting social
forces shape the diverse, complex relations of central banks to the
money production of democracies and the immense money creation by
capitalist banking. Central banks are never politically neutral
and, despite unfair demands, are unable to prevent collapses to
debt deflation or credit/asset inflation. They can produce
debilitating depressions but not the recoveries desired in
democracies and unwanted by capitalist banks or war finance logics.
Drawing on economic sociology and economic histories, this book
will appeal to informed readers interested in studying democracies,
banks and central banking's ambivalent positions, via comparative
and distributive perspectives.
During the recent financial crisis, the conflict between sovereign
states and banks over who controls the creation of money was thrown
into sharp relief. This collection investigates the relationship
between states and banks, arguing that conflicts between the two
over control of money produces critical junctures. Drawing on Max
Weber's concept of 'mobile capital', the book examines the mobility
of capital networks in contexts of funding warfare, global bubbles
and dangerous instability disengaged from social-economic activity.
It proposes that mobile capital is a primary feature of capitalism
and nation states, and furthermore, argues that the perennial,
hierarchical struggles between states and global banks is intrinsic
to capitalism. Featuring authors writing from an impressively
diverse range of academic backgrounds (including sociology,
geography, economics and politics), Critical Junctures in Mobile
Capital presents a variety of analyses using current or past
examples from different countries, federations, and of differing
forms of mobile capital.
Fear and greed are terms that make light of the uncertainty in the
finance world. Huge global financial institutions rely on emotional
relations of trust and distrust to suppress the uncertainties. Many
financial firms develop policies towards risk, rather than
accepting the reality of an uncertain future. They amass data in
the futile hope of gaining certainty and to claim their options are
more risk-freea than competitors. Emotions in Finance examines the
views of experienced elites in the international financial world.
It argues the current financial era is driven by a utopianism a
hope--that the future can be collapsed into the present. It points
out policy implications of this short-term view at the unstable
peak of global finance. This book provides a timely account of the
influence of emotion and speculation on the worldas increasingly
volatile financial sector. The author includes absorbing interview
material from public and private bankers in the United States, UK
and Australia.
Emotions in Finance, first published in 2005, is an analysis of
global corporate oligopolies in the financial sector. During/after
the dot com collapse, the book showed the dangerous corporate
emotions in today's financial world, urging caution against the
emerging property bubble of 2005. Aggressive competition leads,
inevitably, to more collapses, which the worst credit crisis since
1929 proved, barely two years after the ink on the book was dry.
Claims that 'a few' economists 'picked' the financial crisis are
not true. The book contains interviews with famous central bankers
and financiers in the City and Wall Street, who agreed that the
book's fresh analysis showed inevitable future crashes, and much
distress for many populations far removed from the oligarchs who
unthinkingly run the financial sector for short-term profits and do
not take the risks to lend for socially useful purposes.
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