AANA18135E Cancelled Social perspectives on money and digital finance

How can we understand the social world of money and payment infrastructure in today’s digital and credit based markets? What organizational and political challenges for financial institutions as well as for citizens/customers can be identified in new markets of financial services and personal data? What analytical questions do these developments raise in terms of the conceptualization of money and its social, cultural and political role? 

In recent decades, the development of finance capitalism has resulted in a shift in income generation away from manufacturing and commerce and towards the trading of money and financial assets. This shift has not only resulted in a general reorientation in profit making and a growing influence of institutions trading with money (e.g. investment banks, hedge funds, rating and auditing companies), but also in an increasing financialization of everyday life. Private households are drawn into financial markets by mortgages and pension funds and a range of consumer credit forms have entered the scene, e.g. the recent BNPL (Buy Now Pay Later) products.  Moreover, digitalization has promoted new block chain based money forms and non-state currencies such as Bitcoin and Ethereum, challenging the financial and regulatory role of states and national banks. Finally, the increasing role of personal data serving as more or less explicit and visible forms of payment raises new policy dilemmas in in terms of surveillance and consumer protection. In the course we will address these issues by drawing on the growing body of studies on money and digital finance. This literature entails an interdisciplinary set of approaches analyzing the far reaching economic, socio-cultural and political implications of digital finance.

During the course we will discuss digitalization and financialization of contemporary markets by studying money and credit forms, payment infrastructure and the business models of various market actors (banks, credit assessment institutions and fintech companies). We will analyse a range of empirical studies with the aim of pin pointing social implications and dilemmas in terms of inequality, surveillance, privacy protection and debt. Throughout, we will engage in critical theoretical reflections across the scales and domains involved in financialization. The format consists of teacher introductions, interactive class activities, oral and written assignments requiring students’ active participation.