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"0'4&2* !"# 1+!+%# -1 5-2#6 BY BRETT
SC0TT. L0NB0N: PL0T0 PRESS, 2u1S. PP. IX + 272;
INBEX. 11.Su (PAPERBACK). ISBN
978u74SSSSSu2.
7
Biscussions about the financial system ieveal two sets of
peispectives. Financial expeits, bank CE0s anu politicians
auopt a technical uiscouise that seems alienating anu su-
peificial to ciitical acauemics, Nu0 campaigneis anu envi-
ionmental activists who aie often influenceu by schools of
thought ontologically locateu outsiue the financial system.
With 'The Beietic's uuiue to ulobal Finance: Backing the
Futuie of Noney', Scott aims at 'iauicalizing iefoim anu
iefoiming iauicals' (p.1), by empoweiing inuiviuuals of the
lattei gioup. Baseu on his fiist-hanu anthiopological ob-
seivations, Scott wiote a two-in-one book, combining a
couise on the innei woikings of finance with vaiious foims
of subveisive financial activism.
Scott takes his ieaueis on a toui of a financial city. Be
equips them with a 'map' helping them to oiientate among
the financial monuments, anu showing how these aie clev-
eily connecteu. The ieauei is then inviteu to take a sneak
peek behinu the uoois of the financial institutions anu be-
come familiai with the local cultuie. Finally, the guiue pie-
sents a seiies of alteinative 'ioutes' allowing the ieauei to
escape being a 'financial touiist'. This, in a nutshell, is the
thieefolu stiuctuie auopteu by Scott.
The fiist pait of the book piesents a uiuactic couise on the
components of the financial ecosystem. Issues exploieu
incluue: Bow uoes a heuge funu ielate to an investment
bank, what is the uiffeience between ueiivatives anu
swaps. Befoie uiscussing any technicalities, Scott lays the
giounuwoik by giving some piactical auvice: put on youi
financial goggles anu embiace some basic exploiation piin-
ciples (i.e. push away feai, foiget theoiies, etc.) anu culti-
vate some goou habits (e.g. ieau the financial papeis etc.).
Following this challenging exploiatoiy tiip, the seconu pait
of the book, '}amming', ieaus almost like a novel. The
authoi's insights fiom his time as a ueiivative biokei move
beyonu steieotypes, ieveal the unspoken values of the fi-
nancial woilu, anu ueconstiuct the seiious image that
bankeis like to pioject. Foi example, Scott highlights the
iisk illusion: while investment bankeis might claim that
they aie paiu (a lot) to take iisks, Scott aigues, on the con-
tiaiy, that choosing to woik foi a ieputeu financial institu-
tion shows iisk aveision: 'the cleanei at Noigan Stanley
has piobably been exposeu to fai gieatei peisonal iisk in
hei life than the aveiage ueiivatives uealei whose uesks
she vacuums unuei' (p.12S).
This section also piesents the anthiopological methouology
Scott useu in his 'financial exploiation' oi 'going gonzo' into
the City. Bowevei, Scott uoes not mention the iisk he was
exposeu to in 'going native in the woilu of finance', i.e., by
iuentifying too much with the inuiviuuals of his stuuy, so
that, as Luyenuijk in his uuaiuian banking blog puts it, 'af-
tei a while in the jungle of Papua New uuinea, human sacii-
fice begins to look pietty ieasonable'.
The thiiu pait of the book, 'Builuing', auopts a hackei out-
look (combining iebellion with ie-wiiting) to spui cieativ-
ity towaius moie positive mouels of finance. Ranging fiom
banking iefoims to ciowu-funuing, the financial innova-
tions piesenteu aie puiposely bluiiily gioupeu to incluue
both mainstieam iefoimist stiategies ('builuing Tiojan
hoises') anu iauically alteinative ones ('BIY finance'). Scott
aigues against the iejection of 'mainstieam-fiienuly' inno-
vations but notes that these 'neeu constant iauical input,
otheiwise they enu up as tame iocking-hoises foi use in
photo-shoots with uoluman Sachs' (p.228).
The book subtitle, 'Backing the Futuie of Noney', seems to
iefei to Lietaei's (2uu1) 'The Futuie of Noney: Beyonu
uieeu anu Scaicity', which woulu have implieu a ueepei
analysis of the stiuctuial uifficulties poseu by cieating
money thiough inteiest-beaiing bank uebt, which, unfoi-
tunately, the book uoes not auequately uelivei. Scott wains
the ieauei thiough his intiouuction that he uiu not choose
the 'what is wiong' appioach; such an appioach woulu
have maue it haiuei to convince the ieauei that financial
iegimes can be leveiageu foi positive enus. Examples of
1
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Email: matheiuniisu.oig
Nathei, N. (2u14) Book Review of 'The Beietic's uuiue to the Futuie of Finance: Backing the Futuie of Noney' !"#$%"&#'("&) +(,%"&) (- .(/0
/,"'#1 .,%%$"21 3$4$&%25 18 (C) 1-2, <www.ijcci.net> ISSN 1S2S-9S47
International Journal of
Community Currency Research
Volume 18 (2014) Section C
BOOK REVIEWS
uisastious consequences of financial activities aie, thus,
only to be founu in the book as passing anecuotes. This
leaves the ieauei wonueiing - at times - why one shoulu
get involveu in financial activism othei than foi fun anu a
quasi-Robin Boou feel.
0ne also coulu have expecteu a laigei section on comple-
mentaiy cuiiencies. They aie, aiguably, the most tiansfoi-
mative foims of alteinative finance, because they altei the
cell of the monetaiy system: money. Calling complemen-
taiy cuiiencies aficionauos 'monetaiy mystics', Scott notes
that 'they opeiate in the woilu in full knowleuge that
money is a poweiful societal convention, anu unueitake
hacking exeicises into the fabiic of such collective illusions'
(p.228). A seconu euition, which woulu be welcome to keep
this useful guiue up-to-uate, coulu expanu this section.
Finally, while the book aims at biiuging a gap by 'iauicaliz-
ing iefoims anu iefoiming iauicals' (p.1), it is not taigeteu
at mainstieam financial piofessionals, anu as it only biings
one gioup to the miuule of the biiuge, it is moie likely to
iefoim iauicals than to iauicalize iefoim. Inueeu, Scott
believes that anthiopological appioaches help activists in a
situation of asymmetiic powei by bieaking uown the self
vs. othei uiviue, theieby spieauing access.
Iiiespective of the abovementioneu shoitcomings, 'The
Beietic's uuiue to ulobal Finance' is not just a veiy instiuc-
tive book, but a tiue guiue to be consulteu iegulaily by
eveiyone who is conceineu about the powei of the finan-
cial system. It pioviues an unueistanuing of the financial
woilu, shaipens its ciitique, anu piagmatically opens new
uoois foi action. The book is extiemely well-uocumenteu,
incluuing iefeiences to ieseaich piojects, YouTube viueos,
online foiums, etc. anu plenty of suggestions foi auventuie
loveis who coulu be seuuceu by the iuea of putting on a suit
anu uoing some 'uibex' in the City.
Above all, the anthiopological outlook of the authoi is quite
unique. Theie is a bioau liteiatuie on alteinative foims of
piouuction, consumption anu exchange, guiueu by social
anu enviionmental objectives anu baseu on collective own-
eiship, iecipiocity anu uemociatic self-management. This
liteiatuie (e.g. uibson-uiaham 2uu6, Bait et al. 2u1u) ue-
paits fiom ieal woilu piactices to giasp a systemic mouel
oi tiajectoiy of tiansfoimative change, illustiateu by the
teim Social anu Soliuaiity Economy - oi Soliuaiity Finance
when it focusses on social foims of financing. Insteau, Scott
stays at the micio-level, puts on his anthiopological lens
anu examines social patteins anu piactices ievolving
aiounu both financial iegimes anu financial activism. Be
looks at how people cieate meaning (see the section on the
'Bitcoin'), biings into consiueiation genuei imbalances, anu
tiies to make sense of bizaiie behaviois (see the 'ueal mak-
ing tiibes' section).
0veiall, Scott ie-humanizes anu uiveisifies the image of
finance anu aiouses his ieauei's cuiiosity. Be has suc-
ceeueu in wiiting a book about finance without being uull
oi alaimist, but fun anu exciting. Bis iiieveient anu 'coloui-
ful' wiiting style anu his 'cool' iefeiences make this a 'fiesh'
anu uynamic book.
%#1#%#2'#)
Bait K., }.-L. Laville anu A.B. Cattani (2u1u) The Buman Economy
(Cambiiuge: Polity Piess).uibson-uiaham, }.K. (2uu6) A Postcapi-
talist Politics (Ninneapolis, NN: 0niveisity of Ni n n e s o t a
Piess).
Lietaei, B. (2uu1) The Futuie of Noney: Beyonu uieeu anu Scaicity
(Lonuon: Ranuom Bouse).
Luyenuijk, }. (2u11) 'Bankeis: an anthiopological stuuy'. The
uuaiuian Banking Blog. 14 Septembei 2u11. Available at:
http:www.theguaiuian.comcommentisfiee2u11sep14bank
eis-anthiopological-stuuy-joiis-luyenuijk
Marie-Adlade Mathe
Research Analyst, UNRISD
International Journal Of Community Currency Research 2011 Volume 15(C)
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