Paul Gilroy: Race and culture in postmodernity

Abstract

Using archival evidence, this paper tries to use Callon's idea of ‘embeddedness of the economy in economics’ in order to understand the process of economization of India under the East India Company. The Company's state self-consciously tried to construct an economic terrain by using their coercive power, but the rise of the market did not lead to the proliferation of ‘calculative agencies’. The paper seeks to explore the reasons behind this by delving deeper into the history and politics of marketization in colonial India and by reflecting on some unexamined presuppositions of the process of economization.     

Financial derivatives and the theory of money

Abstract

Financial derivatives are used and counted as money, but it is unclear exactly what sort of money they are. This article explores the monetary role of financial derivatives in securing the global financial system. It finds that derivatives commensurate the values of different forms of financial assets, and, in the process, they facilitate continuity across different forms of money. In this role they are a form of commodity money, but very different from conventional understandings of commodity money. In developing this idea, the paper engages recent debates in Economy and Society about the nature of money. In particular, it takes issue with Ingham's state theory of money, which cannot adequately engage exchange rate volatility and extra-national roles of money, and Lapavitsas’ approach to a Marxist theory of money, which relegates commodity money to a historical abstraction.