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The Culture of Money &
the Morality of Exchange
        Heonik Kwon
   (University of Edinburgh)
Money in Anthropology
• Premodern versus modern society
• Stateless vs state society
• Community vs Society (F. Tonnies)
• Stone-age economics (M. Sahlins)
• Gift economy vs commodity economy
• Moneyless society vs monetary
  economy
Kula ring
Argonauts in the Pacific
Solomon Islands
Gift?
Two views of Kula
• Malinowski: Kula ring as network of gift
  exchange
• Mauss: PNG shells as another form of
  money
• Gift economy versus money economy,
  or money in the gift
Money?
Malinowski
Mauss
The Gift of the Magi
Gift & Money
• Money in the gift & the gift in money
  (O’Henry)
• The spirit of exchange (Mauss)
• Inalienability
• Embeddedness
• Total social fact
• Parts and whole
Parts and Whole
• How different is anthropology from
  economics in approaching economy?
• How different is economy in
  anthropology from that in economics?
• Economics and kinship
• Economics and religion
• Economics and politics
• Embeddedness of economics in
  society (and culture)
Max Weber (1864-1920)
Protestant Ethics and the Spirit of
           Capitalism
Georg Simmel (1858-1918)
  Philosophy of Money
Weber
• Ghost in the spirit of capitalism:
  “The tradition of medieval monastic
  asceticism prowls the culture of modern
  capitalist economic order.”
Simmel
Money in society:
 “[Modern] money is a pure instrument
  of human relations and freedom.”
Money beyond society:
 “[Modern money], by virtue of its
  perfect mobility, forms the bond that
  combines that combines the largest
  extension of the economic sphere with
  the growing independence of persons.”
Monetary exchange promotes the
 parallel process of previously
 independent communities becoming
 mutually dependent and dependent
 persons becoming independent from
 traditional communal bondage.

J. Parry and M. Bloch, Money and the Morality
  of Exchange (1989)
Two sides of the coin: State
Seal of Authority
Two sides of the coin: Market
Trust of the Value
Money’s two sides & the
  polarization of modern ideas
• State & Markets
• Political authority & Exchange value
• Politics & Economy
• Sovereignty & Universality
• Keynesians & Monetarists (Keith Hart)
• Statist side & Pro-market side
• German & Anglo-saxon
• Socialism & the free market ideology
The end of the Cold War and
Money’s pursuit of “absolute
         freedom”
Ethnography of the money
            world
• Once again the question of
  embeddedness (of money in society)

• Mauss’ “total social fact”

• Money in kinship, money in religion,
  and money in political life
Chicago Mercantile Exchange
     after the Cold War
Vietnam after the Cold War
• “War is the most prodigal of all human
  activities.” Adam Smith, The Wealth of
  Nations

• “There is no enmity in cemeteries.” A
  Vietnamese proverb.
Civil War and the politics of
           death
Ancestor worship
after the Cold War
Domestic ancestral shrine –
  Kinship and Solidarity
External shrine for ghosts –
 Anonymity & Hospitality
Money for anonymous ghosts
The gift of money
Dollar votive money
History of war, politics of memory and
   the morality of commemoration
The spirit of money and the
     ethics of memory
Money, culture and history
• Weber and the cultural history of
  capitalism
• Simmel and the instrumentality of
  modern money
• Mauss and the morality of exchange
• Money for the living and money for the
  dead
• Two sides of the coin
The Art of Money
The Comedy of Value
J. Boggs
• Because money and art have no
  intrinsic value, they rely on our personal
  and collective trust to sustain the value
  we assign them. Our relationship to art
  is subject to the same societal
  conditioning as our relationship to
  money.
Money?
Art?
Art?
Gift?
Money? or Gift?
Gift? or Money?
Gift?
Afghan currency
Useless money?
International aid:
      Gift?
Or Money?

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