Since the publication of Georg Simmel’s Philosophy of Money more than a century ago, social science has primarily considered money a medium of exchange. This new book treats money as a more inclusive social concept that has profoundly influenced the emergence of modern society. Money is also a moral and political category. It communicates prices and thus embodies innumerable evaluations and judgments of objects and services, of social relationships and associations.
At the same time, modern societies are undergoing fundamental transformations in which money assumes an ever-important role, while banking and financial services constitute the new primary sector of modern service economies. In this book, the authors trace the transformational scope of monetarization and financialization along the four classical productive forces—land, capital, labor, and knowledge—and evaluate the consequences of an irrepressible urge to quantify and monetarize almost everything social. What happens to a society in which the tangible products of the real economy lose their preeminent status, and everything is judged purely according to its economic value? The authors identify an increasing disconnect between market prices and social values with serious social, political, economic, and environmental consequences.
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viii | |
| Preface |
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x | |
| Introduction |
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1 | (21) |
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Money, Price and Value as Social Phenomena |
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1 | (3) |
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4 | (1) |
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Money as Driver of Societal Change |
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5 | (17) |
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22 | (57) |
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Symbolic Products and Processes |
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27 | (1) |
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Monetary Symbolic Products |
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28 | (2) |
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30 | (5) |
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The Peculiarities of Knowledge |
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35 | (3) |
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Knowledge Skills (and Machines) |
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38 | (5) |
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43 | (9) |
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52 | (3) |
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Conclusion: The Price (and Value) of Land, Capital, Labor and Knowledge |
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55 | (24) |
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79 | (41) |
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81 | (4) |
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The Evolution of the Value of Land |
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85 | (4) |
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89 | (3) |
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Financialization of the Land |
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92 | (4) |
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96 | (7) |
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103 | (6) |
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Conclusion: Determining the Price (and Value) of Land |
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109 | (11) |
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120 | (57) |
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Interest Rates: Managing Non-Simultaneity |
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122 | (1) |
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123 | (6) |
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Interest Rates and Their Critics |
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129 | (3) |
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Interest in the Islamic Economy |
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132 | (2) |
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Can an Interest-Free Economy Exist? |
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134 | (3) |
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Why Does Capital Have a Price? |
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137 | (4) |
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Measuring Capital and Its "Just" Price |
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141 | (5) |
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The Relationship of Capital, Debt and Guilt in Modern Societies |
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146 | (4) |
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150 | (8) |
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Capital and Wealth Taxation |
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158 | (5) |
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Conclusion: Determining the Price (and Value) of Capital |
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163 | (14) |
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177 | (91) |
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178 | (1) |
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179 | (3) |
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182 | (4) |
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Work Is More than a Paycheck |
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186 | (3) |
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189 | (3) |
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192 | (2) |
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The Modern Price of Labor |
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194 | (1) |
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Manual Workers and Knowledge Workers |
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195 | (2) |
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The Revolution of Knowledge Workers |
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197 | (3) |
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Financialization and Labor |
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200 | (6) |
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206 | (3) |
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209 | (13) |
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Material and Moral Compensation |
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222 | (5) |
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227 | (2) |
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229 | (2) |
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231 | (4) |
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The Price of Labor Since the Financial Crisis |
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235 | (3) |
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The Falling Rate of Labor's Share |
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238 | (2) |
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240 | (1) |
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Conclusion: Determining the Price (and Value) of Labor |
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240 | (28) |
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268 | (62) |
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Point of Departure 210 Measuring Knowledge |
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271 | (5) |
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276 | (5) |
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Symbolic and Knowledge Capital |
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281 | (5) |
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The Value of Intangible Investments |
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286 | (1) |
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287 | (6) |
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Taxation, or the Price of Education |
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293 | (2) |
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295 | (5) |
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300 | (1) |
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The Social Value of Knowledge |
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301 | (1) |
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Knowledge as a Public Good |
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302 | (3) |
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Capital as Embodied Knowledge |
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305 | (2) |
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Conclusion: Determining the Price (and Value) of Knowledge |
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307 | (23) |
| Conclusions |
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330 | (6) |
| Index |
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336 | |
Nico Stehr was until the summer of 2018 Karl Mannheim Professor of Cultural Studies at the Zeppelin University, Friedrichshafen, Germany. He is a fellow of the Royal Society (Canada) and a fellow of the European Academy of Sciences and Arts. His research interests center on the transformation of modern societies into knowledge societies and developments associated with this transformation in different major social institutions of modern society (e.g. science, politics, governance, the economy, inequality, and globalization); in addition, his research interests concern the societal consequences of climate change. He is one of the authors of the Hartwell Paper on climate policy. Among his recent book publications are: Information, Power and Democracy (Cambridge University Press, 2016), Knowledge: Is Knowledge Power (with Marian Adolf , Routledge, 2016) and Society and Climate (with Amanda Machin, World Scientific Publishers, 2019).
Dustin Voss is PhD candidate in Political Economy at the European Institute of the London School of Economics and Political Science. His dissertation is concerned with the turn to neoliberalism and the rise of economic orthodoxy in social democratic policy making. His research interests include comparative political economy, monetary and fiscal policy, financialization, and the relationship of democracy and capitalism in advanced nations. He holds an MSc in Political Economy of Europe (with Distinction) from the LSE as well as a BA in Sociology, Politics, and Economics from Zeppelin University, Germany.
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