Banking on Words: The Failure of Language in the Age of Derivative Finance

In this provocative look at one of the most important events of our time, renowned scholar Arjun Appadurai argues that the economic collapse of 2008—while indeed spurred on by greed, ignorance, weak regulation, and irresponsible risk-taking—was, ultimately, a failure of language. To prove this sophisticated point, he takes us into the world of derivative finance, which has become the core of contemporary trading and the primary target of blame for the collapse and all our subsequent woes. With incisive argumentation, he analyzes this challengingly technical world, drawing on thinkers such as J. L. Austin, Marcel Mauss, and Max Weber as theoretical guides to showcase the ways language—and particular failures in it—paved the way for ruin.             Appadurai moves in four steps through his analysis. In the first, he highlights the importance of derivatives in contemporary finance, isolating them as the core technical innovation that markets have produced. In the second, he shows that derivatives are essentially written contracts about the future prices of assets—they are, crucially, a promise. Drawing on Mauss’s The Gift and Austin’s theories on linguistic performatives, Appadurai, in his third step, shows how the derivative exploits the linguistic power of the promise through the special form that money takes in finance as the most abstract form of commodity value. Finally, he pinpoints one crucial feature of derivatives (as seen in the housing market especially): that they can make promises that other promises will be broken. He then details how this feature spread contagiously through the market, snowballing into the systemic liquidity crisis that we are all too familiar with now.              With his characteristic clarity, Appadurai explains one of the most complicated—and yet absolutely central—aspects of our modern economy. He makes the critical link we have long needed to make: between the numerical force of money and the linguistic force of what we say we will do with it. 

Business & Money

Appadurai, Arjun

Finance

University of Chicago Press

In this provocative look at one of the most important events of our time, renowned scholar Arjun Appadurai argues that the economic collapse of 2008—while indeed spurred on by greed, ignorance, weak regulation, and irresponsible risk-taking—was, ultimately, a failure of language. To prove this sophisticated point, he takes us into the world of derivative finance, which has become the core of contemporary trading and the primary target of blame for the collapse and all our subsequent woes. With incisive argumentation, he analyzes this challengingly technical world, drawing on thinkers such as J. L. Austin, Marcel Mauss, and Max Weber as theoretical guides to showcase the ways language—and particular failures in it—paved the way for ruin. Appadurai moves in four steps through his analysis. In the first, he highlights the importance of derivatives in contemporary finance, isolating them as the core technical innovation that markets have produced. In the second, he shows that derivatives are essentially written contracts about the future prices of assets—they are, crucially, a promise. Drawing on Mauss’s The Gift and Austin’s theories on linguistic performatives, Appadurai, in his third step, shows how the derivative exploits the linguistic power of the promise through the special form that money takes in finance as the most abstract form of commodity value. Finally, he pinpoints one crucial feature of derivatives (as seen in the housing market especially): that they can make promises that other promises will be broken. He then details how this feature spread contagiously through the market, snowballing into the systemic liquidity crisis that we are all too familiar with now. With his characteristic clarity, Appadurai explains one of the most complicated—and yet absolutely central—aspects of our modern economy. He makes the critical link we have long needed to make: between the numerical force of money and the linguistic force of what we say we will do with it.

Although temples have been important in South Indian society and history, there have been few attempts to study them within an integrated anthropological framework. Professor Appadurai develops such a framework in this ethnohistorical case study, in which he interprets the politics of worship in the Sri Partasarati Svami Temple, a famous ancient Sri Vaisnava shrine in India. The author uses the methods and concepts of both cultural anthropology and social history to construct a model of institutional change in South Asia under colonial rule. Focusing on the problem of authority as a cultural concept and as a managerial reality, Professor Appadurai considers some classic problems of South Asian anthropology: problems of deference, sumptuary symbolism, and religious organization. In addition, he addresses such issues as the nature of conflict under a hybrid colonial legal system, the political implications of sumptuary disputes, and the structure of relations between polity and religion in pre-modern South Asia. These aspects of the study should interest a broad range of scholars.

Worship and Conflict under Colonial Rule: A South Indian Case (Cambridge South Asian Studies, Series Number 27)

Politics & Social Sciences

Social Sciences

Cambridge University Press

Although temples have been important in South Indian society and history, there have been few attempts to study them within an integrated anthropological framework. Professor Appadurai develops such a framework in this ethnohistorical case study, in which he interprets the politics of worship in the Sri Partasarati Svami Temple, a famous ancient Sri Vaisnava shrine in India. The author uses the methods and concepts of both cultural anthropology and social history to construct a model of institutional change in South Asia under colonial rule. Focusing on the problem of authority as a cultural concept and as a managerial reality, Professor Appadurai considers some classic problems of South Asian anthropology: problems of deference, sumptuary symbolism, and religious organization. In addition, he addresses such issues as the nature of conflict under a hybrid colonial legal system, the political implications of sumptuary disputes, and the structure of relations between polity and religion in pre-modern South Asia. These aspects of the study should interest a broad range of scholars.

Anthropology

Modernity at Large: Cultural Dimensions of Globalization (Public Worlds, V. 1)

Sociology

Univ of Minnesota Pr

Modernity at Large: Cultural Dimensions of Globalization

Modernity At Large: Cultural Dimensions of Globalization (Public Worlds, Vol. 1)

University of Minnesota Press

Fear of Small Numbers: An Essay on the Geography of Anger (Public Planet Books)

The period since 1989 has been marked by the global endorsement of open markets, the free flow of finance capital and liberal ideas of constitutional rule, and the active expansion of human rights. Why, then, in this era of intense globalization, has there been a proliferation of violence, of ethnic cleansing on the one hand and extreme forms of political violence against civilian populations on the other?
Fear of Small Numbers is Arjun Appadurai’s answer to that question. A leading theorist of globalization, Appadurai turns his attention to the complex dynamics fueling large-scale, culturally motivated violence, from the genocides that racked Eastern Europe, Rwanda, and India in the early 1990s to the contemporary “war on terror.” Providing a conceptually innovative framework for understanding sources of global violence, he describes how the nation-state has grown ambivalent about minorities at the same time that minorities, because of global communication technologies and migration flows, increasingly see themselves as parts of powerful global majorities. By exacerbating the inequalities produced by globalization, the volatile, slippery relationship between majorities and minorities foments the desire to eradicate cultural difference.
Appadurai analyzes the darker side of globalization: suicide bombings; anti-Americanism; the surplus of rage manifest in televised beheadings; the clash of global ideologies; and the difficulties that flexible, cellular organizations such as Al-Qaeda present to centralized, “vertebrate” structures such as national governments. Powerful, provocative, and timely, Fear of Small Numbers is a thoughtful invitation to rethink what violence is in an age of globalization.

History

Military

Duke University Press Books

This second installment of Public Culture’s Millennial Quartet seeks to intervene in the increasingly heated debates surrounding the cultural dimensions of globalization, which includes debates about what globalization is and whether it is a meaningful term. The volume focuses in particular on the way that changing sites—local, regional, diasporic—are the scenes of emergent forms of sovereignty in which matters of style, sensibility, and ethos articulate new legalities and new kinds of violence.Seeking an alternative to the dead-end debate between those who see globalization as a phenomenon wholly without precedent and those who see it simply as modernization, imperialism, or global capitalism with a new face, the contributors seek to illuminate how space and time are transforming each other in special ways in the present era. They examine how this complex transformation involves changes in the situation of the nation, the state, and the city. While exploring distinct regions—China, Africa, South America, Europe—and representing different disciplines and genres—anthropology, literature, political science, sociology, music, cinema, photography—the contributors are concerned with both the political economy of location and the locations in which political economies are produced and transformed. A special strength of the collection is its concern with emergent styles of subjectivity, citizenship, and mobilization and with the transformations of state power through which market rationalities are distributed and embodied locally.Contributors. Arjun Appadurai, Jérome Bindé, Néstor García Canclini, Leo Ching, Steven Feld, Ralf D. Hotchkiss, Wu Hung, Andreas Huyssen, Boubacar Touré Mandémory, Achille Mbembe, Saskia Sassen, Fatu Kande Senghor, Seteney Shami, Anna Tsing, Zhang Zhen

Globalization: Millennial Quartet II (Volume 12)

Modernity At Large: Cultural Dimensions of Globalization (Public Worlds)

See the best price to sell, buy, or rent books by Appadurai, Arjun. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Books by Appadurai, Arjun

See the best price to sell, buy, or rent books by Appadurai, Arjun. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Banking on Words: The Failure of Language in the Age of Derivative Finance

Banking on Words: The Failure of Language in the Age of Derivative Finance

Worship and Conflict under Colonial Rule: A South Indian Case (Cambridge South Asian Studies, Series Number 27)

Worship and Conflict under Colonial Rule: A South Indian Case (Cambridge South Asian Studies, Series Number 27)

Modernity at Large: Cultural Dimensions of Globalization (Public Worlds, V. 1)

Modernity At Large: Cultural Dimensions of Globalization (Public Worlds, Vol. 1)

Fear of Small Numbers: An Essay on the Geography of Anger (Public Planet Books)

Fear of Small Numbers: An Essay on the Geography of Anger (Public Planet Books)

Globalization: Millennial Quartet II (Volume 12)

Modernity At Large: Cultural Dimensions of Globalization (Public Worlds)