[URBANTH-L]Re: anthropological responses to current financial
meltdown
Nicholas D'Avella
njdavella at ucdavis.edu
Fri Oct 24 17:43:34 EDT 2008
Since it might be a little early for academic writing on the topic,
it could be useful to juxtapose some news media pieces with other
writings on finance. One great source that I think is quite
'ethnographic' in its approach is an episode of This American Life,
the NPR radio program, which aired back in May. It's called "The
Giant Pool of Money" and it seeks to explain how the sub-prime crisis
happened by interviewing people involved at various parts of the
chain: people loosing their houses; the regional mortgage brokers
who sold mortgages they knew people couldn't repay to satisfy the
demands of major brokerage firms for those mortgages; people in those
firms; and the developers of the financial tools that were designed
to hedge the risk on these (later securitized) mortgages. The show
is available at: http://thisamericanlife.org/Radio_Episode.aspx?
episode=355.
I think it would work really well with students alongside
anthropological/sociological work on contemporary finance. I'm not
sure what you have on the syllabus, but selections from Fisher and
Downey's edited volume "Frontiers of Capital: Ethnographic
Reflections on the New Economy" would work well I think. To the
authors there I'd add Bill Maurer, Karen Ho, Hiro Miyazaki, Knorr
Cetina and Bruegger, Michel Callon, and Daniel Miller as other
writers who offer good possible readings for considering what's
happening. LiPuma and Lee's book "Financial Derivatives and the
Globalization of Risk" seems particularly apt.
Carruthers and Stinchcombe's article "The Social Structure of
Liquidity: Flexibility, Markets, and States" (1999; Theory and
Society 28 (3): 353-382.) might be a little technical for your
purposes, but it has a section on Fannie Mae and Freddie Mac's role
in providing liquidity to the mortgage market in the US. And
finally, I know of two articles about US banking in the 19th century
that might provide an interesting contrast for students. Both are by
Daniel Wadhwani: "Protecting Small Savers: The Political Economy of
Economic Security" (Journal of Public History 18 (1): 126-145); and
"Citizen Savers: Family Economy, Financial Institutions, and Public
Policy in the Nineteenth-Century" (Enterprise and Society 5 (4):
617-624).
Good luck, it would be great to see the syllabus when you're done.
Nicholas D'Avella
Graduate Student
Department of Anthropology
UC Davis
http://anthropology.ucdavis.edu/people/nicholas-davella
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