HypercapitalismHypercapitalism

COMU2020 Phil Graham COMU2020 Phil Graham Week 6Week 6

Political economy Political economy

As a branch of moral philosophyAs a branch of moral philosophy As the study of how values are produced, As the study of how values are produced,

ditributed, exchanged, and consumed ditributed, exchanged, and consumed (political); study of how power is (political); study of how power is distributed and exercised.distributed and exercised.

Political economy of comunication studies Political economy of comunication studies how communication figures in political how communication figures in political economy (capitalism, feudalism, etc) economy (capitalism, feudalism, etc)

Field is often concerned with ownership Field is often concerned with ownership MonopoloyMonopoloy

““Value” and “values” Value” and “values”

It is uncontentious to note that dollar It is uncontentious to note that dollar values dominate many influential value values dominate many influential value systems.systems.

What is a dollar worth?What is a dollar worth? What does it represent? What does it represent? Who says?Who says? How come they get to say so?How come they get to say so? What does it mean to be able to say so?What does it mean to be able to say so?

The relationship between The relationship between money and moralitymoney and morality

The Church and InterestThe Church and Interest Usury and usurersUsury and usurers State InterestsState Interests ““Arms race”Arms race” Debt and obligationDebt and obligation The character of money The character of money as Object as Object SymbolSymbol ToolTool

MercantilismMercantilism Technologies=navigation, cannon, guns, mining, Technologies=navigation, cannon, guns, mining,

and metallurgyand metallurgy All require muscleAll require muscle Hence slavesHence slaves Contains a principle that riches and power are Contains a principle that riches and power are

linked as follows: if a nation is rich it is powerfullinked as follows: if a nation is rich it is powerful Conquest and protection of travel and trade routesConquest and protection of travel and trade routes Hence empiresHence empires Very costlyVery costly Hence Adam Smith (Wealth of Nations)Hence Adam Smith (Wealth of Nations)

MoneyMoney

Available forms of money tell us a lotAvailable forms of money tell us a lot What we can do with them says a lotWhat we can do with them says a lot Who can access which forms says a lotWho can access which forms says a lot Who gets to make it and say it is “real” Who gets to make it and say it is “real”

tells us a lottells us a lot It is not a stable or constant thingIt is not a stable or constant thing Cows, salt, wheat, gold, paper, beads, Cows, salt, wheat, gold, paper, beads,

leather, digital bits, leather, digital bits, What next? What next?

Money (cntd)Money (cntd)

Money is an Money is an ideaidea that takes a variety of physical forms. In one that takes a variety of physical forms. In one sense, money is a repository of labour, a specific amount of sense, money is a repository of labour, a specific amount of human activity that takes place within a given amount of human activity that takes place within a given amount of time. That’s why time is money and money is time. Money time. That’s why time is money and money is time. Money functions as the social measure of various forms of human functions as the social measure of various forms of human activity, or, human life. (Hart, 2000)activity, or, human life. (Hart, 2000)

Money is a medium. In McLuhan’s words, it is ‘the poor man’s Money is a medium. In McLuhan’s words, it is ‘the poor man’s credit card’. But credit is also money: it is a form of future credit card’. But credit is also money: it is a form of future money, unrealised future time, future activity, and therefore – money, unrealised future time, future activity, and therefore – quite literally – the future of particular people, institutions, quite literally – the future of particular people, institutions, and whole populations. Debt is effectively a claim on future and whole populations. Debt is effectively a claim on future human life. human life.

The idea of money is that of full exchangeability The idea of money is that of full exchangeability (commensurability) –the idea of money is universal value, (commensurability) –the idea of money is universal value, exchangeable for all others. It is the means by which we exchangeable for all others. It is the means by which we render our various activities, and the products thereof, render our various activities, and the products thereof, qualitatively homogenous. It is how we make the work of a qualitatively homogenous. It is how we make the work of a baker translatable into the work of a stonemason or a baker translatable into the work of a stonemason or a university professor or a mercenary or a politician. university professor or a mercenary or a politician.

Money, media, valuesMoney, media, values

What sort of labour (activity) “counts” as What sort of labour (activity) “counts” as being of value? being of value?

More valuable?More valuable? Most valuable?Most valuable? Civil war, telegraph, moneyCivil war, telegraph, money What are the implications of sending money What are the implications of sending money

as gold, or as paper (a promissory note), or as gold, or as paper (a promissory note), or as electric pulses, or as digital “bits”?as electric pulses, or as digital “bits”?

New Media and ValueNew Media and Value

For, since the introduction of the new artillery of For, since the introduction of the new artillery of powder guns, &c., and the discovery of wealth in the powder guns, &c., and the discovery of wealth in the Indies, &c. war is become rather an expense of Indies, &c. war is become rather an expense of money than men, and success attends those that money than men, and success attends those that can most and longest spend money: whence it is that can most and longest spend money: whence it is that prince’s [sic] armies in Europe are become more prince’s [sic] armies in Europe are become more proportionable to their purses than to the number of proportionable to their purses than to the number of their people; so that it uncontrollably follows that a their people; so that it uncontrollably follows that a foreign trade managed to best advantage, will make foreign trade managed to best advantage, will make our country so strong and rich, that we may our country so strong and rich, that we may command the trade of the world, the riches of it, and command the trade of the world, the riches of it, and consequently the world itself. (Bolingbroke 1752 as consequently the world itself. (Bolingbroke 1752 as cited in Viner 1948). cited in Viner 1948).

Money and value in a digital Money and value in a digital worldworld

Money reveals itself as a social objectMoney reveals itself as a social object Value … does not have its description Value … does not have its description

branded on its forehead; it rather transforms branded on its forehead; it rather transforms every product of labour into a social every product of labour into a social hieroglyphic. Later on, men try to decipher hieroglyphic. Later on, men try to decipher the hieroglyphic, to get behind the secret of the hieroglyphic, to get behind the secret of their own social product: for the their own social product: for the characteristic which objects of utility have of characteristic which objects of utility have of being values is as much men’s social product being values is as much men’s social product as is their language. (Marx, 1976: 167) as is their language. (Marx, 1976: 167)

The relation between language, media, and The relation between language, media, and value in a digital world. value in a digital world.

ReferencesReferences

McLuhan, M. (1964). Understanding media: the McLuhan, M. (1964). Understanding media: the extensions of man. London: Routledge.extensions of man. London: Routledge.

Viner, J. (1948). Power versus plenty as objectives Viner, J. (1948). Power versus plenty as objectives of foreign policy in the seventeenth and eighteenth of foreign policy in the seventeenth and eighteenth centuries. centuries. World PoliticsWorld Politics, 1, (1): 1-29., 1, (1): 1-29.

Marx, K. (1976). Marx, K. (1976). Capital: A critique of political Capital: A critique of political economy economy (Vol. 1), (B. Fowkes, Trans.). London: (Vol. 1), (B. Fowkes, Trans.). London: Penguin.Penguin.

Hart, K. (2000). Hart, K. (2000). The memory bank: Money in an The memory bank: Money in an unequal world.unequal world. London: Profile London: Profile

Graham, P. (2000). A Bunch of Notes and Quotes II: Graham, P. (2000). A Bunch of Notes and Quotes II: Money. LNC Money. LNC http://www.philgraham.net/notes%20and%20quotes%20II.pdhttp://www.philgraham.net/notes%20and%20quotes%20II.pdff