Hypercapitalism COMU2020 Phil Graham Week 6

Political economy As a branch of moral philosophy As a branch of moral philosophy As the study of how values are produced, ditributed, exchanged, and consumed (political); study of how power is distributed and exercised. As the study of how values are produced, ditributed, exchanged, and consumed (political); study of how power is distributed and exercised. Political economy of comunication studies how communication figures in political economy (capitalism, feudalism, etc) Political economy of comunication studies how communication figures in political economy (capitalism, feudalism, etc) Field is often concerned with ownership Field is often concerned with ownership Monopoloy Monopoloy

“Value” and “values” It is uncontentious to note that dollar values dominate many influential value systems. It is uncontentious to note that dollar values dominate many influential value 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 money and morality The Church and Interest The Church and Interest Usury and usurers Usury and usurers State Interests State Interests “Arms race” “Arms race” Debt and obligation Debt and obligation The character of money The character of money as Object as Object Symbol Symbol Tool Tool

Mercantilism Technologies=navigation, cannon, guns, mining, and metallurgy Technologies=navigation, cannon, guns, mining, and metallurgy All require muscle All require muscle Hence slaves Hence slaves Contains a principle that riches and power are linked as follows: if a nation is rich it is powerful Contains a principle that riches and power are linked as follows: if a nation is rich it is powerful Conquest and protection of travel and trade routes Conquest and protection of travel and trade routes Hence empires Hence empires Very costly Very costly Hence Adam Smith (Wealth of Nations) Hence Adam Smith (Wealth of Nations)

Money Available forms of money tell us a lot Available forms of money tell us a lot What we can do with them says a lot What we can do with them says a lot Who can access which forms says a lot Who can access which forms says a lot Who gets to make it and say it is “real” tells us a lot Who gets to make it and say it is “real” tells us a lot It is not a stable or constant thing It is not a stable or constant thing Cows, salt, wheat, gold, paper, beads, leather, digital bits, Cows, salt, wheat, gold, paper, beads, leather, digital bits, What next? What next?

Money (cntd) Money is an idea that takes a variety of physical forms. In one sense, money is a repository of labour, a specific amount of human activity that takes place within a given amount of time. That’s why time is money and money is time. Money functions as the social measure of various forms of human activity, or, human life. (Hart, 2000) Money is an idea that takes a variety of physical forms. In one sense, money is a repository of labour, a specific amount of human activity that takes place within a given amount of time. That’s why time is money and money is time. Money functions as the social measure of various forms of human activity, or, human life. (Hart, 2000) 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 money, unrealised future time, future activity, and therefore – quite literally – the future of particular people, institutions, and whole populations. Debt is effectively a claim on future human life. 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 money, unrealised future time, future activity, and therefore – quite literally – the future of particular people, institutions, and whole populations. Debt is effectively a claim on future human life. The idea of money is that of full exchangeability (commensurability) –the idea of money is universal value, exchangeable for all others. It is the means by which we render our various activities, and the products thereof, qualitatively homogenous. It is how we make the work of a baker translatable into the work of a stonemason or a university professor or a mercenary or a politician. The idea of money is that of full exchangeability (commensurability) –the idea of money is universal value, exchangeable for all others. It is the means by which we render our various activities, and the products thereof, qualitatively homogenous. It is how we make the work of a baker translatable into the work of a stonemason or a university professor or a mercenary or a politician.

Money, media, values What sort of labour (activity) “counts” as being of value? What sort of labour (activity) “counts” as being of value? More valuable? More valuable? Most valuable? Most valuable? Civil war, telegraph, money Civil war, telegraph, money What are the implications of sending money as gold, or as paper (a promissory note), or as electric pulses, or as digital “bits”? What are the implications of sending money as gold, or as paper (a promissory note), or as electric pulses, or as digital “bits”?

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

Money and value in a digital world Money reveals itself as a social object Money reveals itself as a social object Value … does not have its description branded on its forehead; it rather transforms every product of labour into a social hieroglyphic. Later on, men try to decipher the hieroglyphic, to get behind the secret of their own social product: for the characteristic which objects of utility have of being values is as much men’s social product as is their language. (Marx, 1976: 167) Value … does not have its description branded on its forehead; it rather transforms every product of labour into a social hieroglyphic. Later on, men try to decipher the hieroglyphic, to get behind the secret of their own social product: for the characteristic which objects of utility have of being values is as much men’s social product as is their language. (Marx, 1976: 167) The relation between language, media, and value in a digital world. The relation between language, media, and value in a digital world.

References McLuhan, M. (1964). Understanding media: the extensions of man. London: Routledge. McLuhan, M. (1964). Understanding media: the extensions of man. London: Routledge. Viner, J. (1948). Power versus plenty as objectives of foreign policy in the seventeenth and eighteenth centuries. World Politics, 1, (1): Viner, J. (1948). Power versus plenty as objectives of foreign policy in the seventeenth and eighteenth centuries. World Politics, 1, (1): Marx, K. (1976). Capital: A critique of political economy (Vol. 1), (B. Fowkes, Trans.). London: Penguin. Marx, K. (1976). Capital: A critique of political economy (Vol. 1), (B. Fowkes, Trans.). London: Penguin. Hart, K. (2000). The memory bank: Money in an unequal world. London: Profile Hart, K. (2000). The memory bank: Money in an unequal world. London: Profile Graham, P. (2000). A Bunch of Notes and Quotes II: Money. LNC Graham, P. (2000). A Bunch of Notes and Quotes II: Money. LNC