INDEX
Abolafia, Mitchel Y., 103
accounting: Bitcoin, 219–23; double-entry, 94, 99–100; earmarking and, 217–19; “fair value” methods, 81–82, 86n10; future growth as basis for present value, practices foregrounding, 98; generalized capitalization, 99–103; industrial money and, 89–90; the organization of industrial production, necessity for, 93–94; relational (see relational accounting/earmarking); ritualization of capitalization and, 90, 100; tin can, 33, 218; valuation in crisis and “normal” conditions, 85
Addams, Jane, 61
Adler, Daniel, 40
Aglietta, Michel, 3
Ahn, HeeKyung, 7
Akerlof, George, 58
alienation, feelings of by sperm donors, 17, 173, 179, 181–82
American Express, 216
Anderson, Benedict, 149
antiquity, visions of social life in, 132–34
Augustine of Hippo, Saint, 134–36
Australia: cashless retail payments in, 202; Indian migration and family relations, 193–94; Indian migration to, 187–88, 190; remittances as one-way flow to India, 188–89; remittances flowing to and from India, 190–93
Awrey, Dan, 86n13
Bagehot, Walter, 150
Bair, Jennifer, 168
Baldassar, Loretta, 187
Bandelj, Nina, 9, 59, 162, 185
Baum, Frank, 232
Becker, Gary, 26–27, 29–31, 33, 36n2–3
Beckert, Jens, 90–91, 99, 103, 236
behavioral economics, 27–28, 33–35, 36–37n11, 75, 228n5
Belarus, 213n5
Ben-Shakhar, Gershon, 43
BerkShares, 231
Bettman, James R., 44
bimetallic monetary systems, 153
Bitcoin: accounting, the block chain as, 219–23; BTCring as a diamond on the blockchain, 223–25; colored coins in, 226–27; the constitutional approach to money and, 115; diversity of users, lack of, 216; horizontalism of, 240–42; money as money of account and, 217; money laundering and, 226; as new form of payment, 19–20, 231–32; new sociability of, the blockchain and, 204; nonfungibility, the blockchain as providing, 225–27; technology of, 234, 241; as utopian and dystopian, 240–43
Bloch, Maurice, 3
Block, Fred, 237
blockchain, the, 204, 219–27. See also Bitcoin
bodily commodification, 172; commercial surrogates, experiences of (see commercial surrogacy); at fertility clinics (see fertility clinics)
Bohr, Neils, 161
Boisguilbert, Pierre de, 137
Borges, Jorge Luis, 242
Britain, 150–51. See also England; United Kingdom
budgets: earmarking and, 76, 84–85, 89; of formal organizations (see nondomestic organizations); of households (see households); reasons for/benefits of, 86n5
businesses. See nondomestic organizations
capitalism: corporate development, business money and, 95–99; industrial development, industrial money and, 92–95; monetary redesign and the logic of, 124; post-Fordist, rise of, 100
capitalization: business money and, 98; definition of, 100; generalized, 99–103; industrial money and, 94; relationship of money and intimacy, impact on, 104; ritualization of, 90–91, 100; spread and impact of, 91
Carruthers, Bruce G., 3, 11–12, 91, 94, 100, 102–3
central banks: monetary base, creation of, 122; monopoly note issues by, liberal and nationalist sentiments supporting, 154; Polanyi on, 152
charitable giving of money: gender, impact of, 46–48; interaction of morals and emotions in, study of, 9, 44–45, 50–51; practical and learned charitable behavior, impact of, 49–50; recipients, impact of moral worth and emotional connection to, 48–49; self-interest, impact of, 45–46; socioeconomic status and, 50
Charles II (king of England), 123
Cheema, Amar, 34
Chevalier, Michel, 150
children’s education funds, 7
China, People’s Republic of: bitcoin purchases in, 228n9; national payment card in, 206–7; remittances received in, 186
Civil War, creation of standardized legal tender during, 74
classical political economy, 133, 139, 141
Coase theorem, 40
coin as commodity money, 115–17
Coleman, James, 110
Coleman, Richard P., 218
Colonial America: inventing money in, 117–19; supplementary monies in, 120–21
commercial logic, 163
commercial surrogacy: emotional labor associated with, 166–67, 169; feeling rules associated with, 165–67, 169; legality and cost of, 163; procedures and rules at the Ashanksha clinic, 163–65; win-win paradigm and, 165, 167–69
conditional cash transfers, 28
constitutional approach to money, 110–12; design decisions, implications of money as the product of, 126; design elements in the development of Anglo-American currency, 116–21; engineering of money, functions/practices and the, 112–15; explanations enabled by, 114–15; monetary redesign and the creation of modern finance, 121–25; money as a variable across historical periods, 125–26
consumer choice theory, 141
credit: earmarking of, 11, 77–80; household finance and, 76; securitization, impact of, 79–80
credit cards. See plastic money
crowdfunding, 231
Cryder, Cynthia E., 43
currency redesign, 13. See also constitutional approach to money
Dante Alighieri, 125
Davanzati, Bernardo, 125
Davis, Gerald F., 101
Deaton, Angus, 44
Denmark, 212n5
derivatives: Black-Scholes option pricing model and, 81; growth of market for, 76, 80; trading, development of markets for, 80–81
Desan, Christine, 3, 12, 14, 18, 142n18, 146, 220, 242
diamonds, the Bitcoin blockchain and, 224–25
digital money/transactions: new sociability of money and, 203–4; proliferation of payment technologies, 215–17. See also Bitcoin; plastic money
diminishing marginal utility of wealth, 140
distributed ledger, 221–23, 225–26. See also Bitcoin
Divakaruni, Chitra Bannerjee, 193
Domat, Jean, 137
Dore, Ronald, 99
Douthwaite, Richard, 236
Downing, George, 123
Dupas, Pascaline, 35
Durkheim, Emile, 86n2
earmarking: accounting and, 217–19; budgets and, 76, 84–85, 89; business transactions and, 90; of collateral, 83; of credit, 11, 77–80; etymology of the term, 74; examples of, 28–29, 110; fungibility assumptions and, 27, 74; mental accounts and, 33–35; optimization and, analyses of household choice based on, 29–31; plastic money and, 209; relational, 6–9 (see also relational accounting/earmarking)
Earned Income Tax Credit (EITC), 7–8, 41
Echo. See Economy of Hours
economics/economic theory: diminishing marginal utility of wealth, classical utilitarianism vs. twentieth-century orthodoxy regarding, 139–41; fungibility assumptions, Zelizer’s challenge to, 25–31 (see also fungibility); money, assumptions regarding, 111; society as a commodity market, vision of (see market mirage)
Edin, Kathryn, 4
El Salvador, 186
emotional labor/emotion work, 162, 166–67, 169, 182
emotions: in charitable giving, interaction of morals and, 9, 44–51; money and, interface/intersection between, 161–63, 185; money decisions and, 43–44; money valuations and, 40–41; morals and, monetary differentiation based on, 39; remittances and, 185 (see also transnational money)
England: designing money in medieval, 116–17; monetary redesign and the creation of modern finance, 121–25; supplementary monies in medieval, 120. See also Britain; United Kingdom
Espeland, Wendy Nelson, 94, 98, 100
experimental philosophy, 10, 66
family finances: joint and separate bank accounts, 184; plastic money and, 209–12; transnational flows of money as, 185–87 (see also remittances). See also households
feeling rules, 161–62, 165–67, 169
Ferber, Marianne, 36n3
fertility clinics: bodily production, feelings about, 179–81; earning and spending by donors, 174–75; growing use of, 171; motivations of donors, 173–74; organizational framing at, gendered experiences of, 171–73, 178–79, 182–83; perceptions of donations by donors, gendered experiences and, 175–79
fiduciary coins, 153
finance, world of. See nondomestic organizations
financial crisis of 2008, 82, 232–34
financial derivatives. See derivatives
financialization, 75–76, 80, 84, 89–90
Finley, Moses, 141n1
formal organizations. See nondomestic organizations
Foucault, Michel, 142n14
Fourcade, Marion, 16
framing: cultural, 76; interpretive, 90, 100, 102; in mental accounting, 40; organizational, 171–73, 178–79, 182
Francis (pope), 235
Frank, Thomas, 236
free minting, 120
Friedman, Milton, 36n10
fungibility: bargaining theory as a departure from, 27, 31–33; challenges to, explanations of, 5–9; economists’ justifications for assuming, 26–27; exceptional situations, argument that nonfungibility is limited to, 10–11; mental accounts as a departure from, 33–35; Zelizer’s critique of, 25–26, 110, 202 (see also Zelizer, Viviana)
Galbraith, John Kenneth, 233
gender: bias among Bitcoin users, 241; charitable giving and, 46–48; organizational framing at fertility clinics and (see fertility clinics); remittances and, 185–86
Germany, 213n5
Gesell, Silvio, 236
Ghosh, Aditya, 167
global commodity chains, 168
Greece, 233
Grewal, David Singh, 12, 14–15, 18, 127–28n26, 146
Guyer, Jane, 3
Habermas, Jürgen, 110
Haiti, 186
Hamilton, Alexander, 13
Handel, Gerald, 218
happiness, money and, 44
Harlé, Katia M., 43
Healy, Kieran, 16
Helleiner, Eric, 12, 14–15, 18
Hinder, Heidi, 240
Hirsch, Paul M., 98
Hirschman, Albert, 128n27, 142n12
Hobbes, Thomas, 138
Hochschild, Arlie R., 3, 17–18
Homo economicus, 136
households: bargaining theory as a departure from fungibility, 31–33; earmarks vs. optimization in analyzing, 29–31; examples of earmarking from the US Financial Diaries project, 28–29; financial system, engagement with, 75–76; fungibility in, Zelizer’s critique of, 25–26; neoclassical analyses, assumption of fungibility underlying, 26–27. See also family finances
“hug and pay,” 240
IBRD. See International Bank for Reconstruction and Development
India: commercial surrogacy in, 163; migrants to Australia, 187–88, 190; migrants to Australia, family relations and, 193–94; national payment card in, 207; remittances flowing to and from Australia, 190–93; remittances received from Australia, 188–89; remittances received in, 186; saving by laborers, study of, 34
industrial money, 96, 98–99; accounting practices and, 89–90; rise of the modern business corporation and, 92–95
Ingham, Geoffrey, 3, 217, 226–27
International Bank for Reconstruction and Development (IBRD), 155–56
International Monetary Fund, 156
international monetary regimes: Bretton Woods system, 155–57; the gold standard, 150–54
International Swaps and Derivatives Association (ISDA), 82–83
invisible hand, 15, 133, 136, 138
Jansenists, 14–15, 128n26, 134–38
Jansenius, Cornelius, 134
Karpeles, Mark, 228n8
Kay, John, 236
Kemp, Leanne, 225
Kenya, 35
Kilduff, Martin, 103
Knetsch, Jack L., 40
Kriz, Katrin, 4
Kurke, Leslie, 141n2
land banks, 121
Langley, Paul, 102
Lerner, Jennifer S., 43
Lévi-Strauss, Claude, 62
Lew, Jacob, 13
Leyshon, A., 91
Liberia, 186
libertarianism, 221
life stage: person’s, 185, 187; transitions, 57–59, 61–62, 66
local currencies, 237–38, 245n5
Locke, John, 242
Louis XIV (king of France), 137
MacKenzie, Donald, 81
macro-social meaning of money, the, 145–46, 157; Bretton Woods, the social meaning of, 155–57; international monetary organization: from world monetary union to international gold standard, 150–52; nationalism and the gold standard, 152–54; nationalist values and the building of territorial currencies, 147–49; political science literature focused on, 146–47
Mainwaring, Scott, 215
Malaysia, 186
Mandeville, Bernard de, 136
market mirage: consumer choice theory and, 141; institutionalizing the, 137–39; as a radical ideal, 139; state action and, 138–39; theological origins of, 134–37; twentieth-century economic orthodoxy distinguished from classical political economy regarding, 139–41; visions of society prior to, 132–34; Zelizer’s reference to, 131–32
Marx, Karl: Aristotle, reading of, 133; Boisguilbert as founder of French political economy, identification of, 137; on the gold standard, 151; money, mixed description of, 235; on money as impersonal instrument commodifying society, 25, 145, 152; nationality, dismissal of significance of, 154
Mather, Cotton, 119
Maurer, Bill, 3, 19–20, 202, 240
McCoy, Kevin, 228n10
medical market, 182
medium of exchange, money as, 35, 112–13, 131, 146; anonymous, 5; efficiency of, 13; impersonal/neutral, 1, 3, 5, 217
Meier, Stephan, 41
mental accounting: cheating by users of, 218; earmarking and, 7–8, 33–35, 58–59; fungibility, as violation of, 75; fungibility and, 5–6, 39, 75; money valuations and, 40–41; relational accounting and, 59
Merkel, Angela, 239
Merton, Robert K., 62
Mill, John Stuart, 150
Millo, Yuval, 81
MintTheCoin, 243
monetary differentiation: derivatives and the challenges of monetary valuation, 80–84; earmarking as (see earmarking; relational accounting/earmarking); within households (see family finances; households); within nondomestic organizations (see nondomestic organizations)
monetary governance, 113, 220, 232–33, 242
monetary utopianism, 234–40, 244
money: alternatives to/forms of, 19–20, 231–32, 234–40, 245n12 (see also payment systems); bullion, delivered as, 230–31; business, 90, 95–99; cash, anonymity of, 74; cash and alternative forms of, contrast between, 202–3; charitable giving of (see charitable giving of money); classical and contemporary views of, 201–2; commercial banks and, 124–25; constitutional approach to (see constitutional approach to money); currency redesign, controversies over, 13; emotion and (see emotion); gendered meanings of, 183 (see also fertility clinics); “high-powered,” 122, 125, 127n18; historical creation of, 12–15; industrial, 89–90, 92–95, 96, 98–99; internal design of (see constitutional approach to money); medium of care as, 187, 193, 195; medium of control as, 185; mobile, 2, 204, 212n4, 215–16, 228n516; moral impact of, 15–18; plastic (see plastic money); political objectives and the organization of, 146–47; scholarly perspectives on, Zelizer’s work and, 73–76; simple economic accounts of, origin of (see market mirage); the social life of, 232–34, 244; time and (see time); transnational (see remittances); as “unit of account” (see unit of account)
money laundering, 226
monopoly note issue, 154
moral binary, 64
morals and morality: in charitable giving, interaction of emotions and, 9, 44–51; differentiating money based on, 41–42; emotions and, monetary differentiation based on, 39; money and, 15–18; money valuations and, 41, 57; relational accounting and, 63–67
More, Thomas, 235
Mullainathan, Sendhil, 6
Nakamoto, Satoshi, 219
National Banking Act of 1863, 74
nationalism: the gold standard and, 152–54; monetary initiatives in the US and, 148–49; the world monetary union initiative and, 150–51
Nelson, Julie, 36n3
Nepal, 186
Netherlands, the, 202
New Economics Foundation, 232
Nicole, Pierre, 136–37, 142n13
Nietzsche, Friedrich, 235, 244
Nigeria, 186
Nitzan, Jonathan, 100
nondomestic organizations: businesses, the rise of business money and, 95–99; credit and debt in the world of, earmarking applied to, 77–80; derivatives, constraints on monetary valuation of, 80–84; extension of Zelizer’s agenda to, 75–76, 89; generalized capitalization and, 99–103; historically constructed categories of money and, 89–92, 103–4; industrial corporations, the rise of industrial money and, 92–95; monetary differentiation rendering money nonfungible within, 11–12, 76, 84–85
Norway, 213n5
Nussbaum, Martha, 172
oikonomia, 133
optimization, 26–27, 30–31, 33
organizational framing, 172. See also fertility clinics
organizations, nondomestic. See nondomestic organizations
Orléans, André, 3
Owens, Lindsay A., 47
Parry, Jonathan, 3
Patterson, Donald J., 228n9
payment systems: new developments in, 231–32; proliferation of, 215–17; utopianism in, 240
PayPal, 231
peer-to-peer lending, 231, 238
Perrow, Charles, 95
Pixley, Jocelyn, 244n5
plastic money, 202–3; enhanced traceability and governability from, 205–7; fraud detection, 208; as household money, implications of, 209–12; meaning-making from the data generated by, 207–8; new sociability of money and, 203–4, 212
platinum coin, one-trillion-dollar, 243–44
Polanyi, Karl, 15, 146, 151–54, 156
political authority: creation of money and, 113–15; land banking in Colonial America and, 121; monetary redesign in England and, 121–25; money and electoral politics in Colonial America, 119; money and sovereignty in medieval England, 116–17. See also state, the
Portalis, Jean-Etienne-Marie, 137
Positive Money campaign, 232
prospect theory, 40
Proudhon, Pierre-Joseph, 236
quantitative easing, 232, 239, 245n6
Quesnay, François, 137
Quoidbach, Jordi, 44
Rainwater, Lee, 218
Rand, Ayn, 236
relational accounting/earmarking: accounting based on fungibility, as alternative to, 67–68; a child’s “college fund” as example of, 7; earmarking as relational work, 6–7; the Earned Income Tax Credit treated as, 7–8; mental accounting, as counterpoint to, 59; moral dimensions of social life, applicability to, 63–67; relationship expectations, use in managing different types of, 57–58; remittances as, 8–9; temporal dimensions of social life, applicability to, 59–63
relational work, 6–7, 10, 19, 59, 96, 193
remittances, 168; economic significance of, 186; emotions/relationships and, 185; as family money, 185–87; family
relations and, strains in, 193–94; meanings and value of, blending of family and economic transactions shapes, 194–96; as one-way flow from 1970s to 1990s, 188–89; special meaning of, 8–9; as two-way flow from the 1990s onward, 190–93
reproduction, assisted. See commercial surrogacy; fertility clinics
Rick, Scott I., 43
Rios, Rosie, 13
ritual: capitalization and, 90–91; definition of, 90; spending on, 59–63
Robbins, Lionel, 140
Robinson, Jonathan, 35
Rogoff, Kenneth, 2
Roy, William, 95
Ruggie, John, 156
Sallust (Gaius Sallustius Crispus), 135
Saussure, Ferdinand de, 86n2
Scheper-Hughes, Nancy, 166
Schmidt, Leigh Eric, 62
Schneider, Rachel, 28
Schumpeter, Joseph, 99
self-interest: “providential” character of enlightened, 127–28n26, 135–37; shifting attitudes regarding, 123–24
Sen, Amartya, 36n7
Shafir, Eldar, 6
Simmel, Georg: anonymity of money as essential for individual freedom, 201, 208; “claim upon society,” money as, 233; colorlessness of money rendering amount the only concern, 125–26; heuristic approach to money by, 236; money, mixed description of, 235; on money as impersonal instrument com-modifying society, 25, 109–10, 145, 152
Skidelsky, Robert, 235
Small, Deborah A., 43
Smith, Adam: anonymous market exchanges envisioned by, 93; coin out of full-weight metal, restriction of mony by, 117; French économistes, borrowing from, 137; “invisible hand,” account of, 133, 136–37; virtue of the market, homogenizing element as, 139
social credit system, 206
Social Meaning of Money, The (Zelizer): fungibility, critique of, 25–26; as major contribution, 3, 145, 157; theoretical contribution in, reviews of, 73–76
socioeconomic class, mental accounting and, 6
Sombart, Werner, 99
Somers, Margaret, 237
special investment vehicles (SIVs), 79
Spice, 238
Sprenger, Charles D., 41
Spufford, Peter, 109
state, the: digital payment data, surveillance and, 205–7; market mirage, emergence of the modern and, 138–39. See also political authority
Stein, Gertrude, 1
Stellar, Jennifer E., 42
Stinchcombe, Arthur L., 91
Sumerian temples, 119
surveillance, 19, 96, 203–4, 206–7, 210, 212
Sweden, 202
Tajikistan, 186
taxes, 113
TechCrunch, 225
territorial currencies, 15, 145–49
Thaler, Richard, 1, 5–7, 40, 58
Thomas, Duncan, 32
Thomas, William, 61
Thrift, Nigel, 91
time: capitalization and, 100; money and, 89–90, 92, 97; relational accounting and, 59–63; value of money and, 127n8
transnational money: as family money, 185–86; meanings and value of, 184–85, 194–96. See also remittances
Treasury, US, 13
Tubman, Harriet, 13
Turgot, Anne Robert Jacques, 137
Uber, 11
Ulbricht, Ross, 228n8
United Kingdom, 202. See also Britain; England
United States: cashless retail payments in, 202; territorial currencies, nationalist values and the building of, 147–49
unit of account: Bitcoin and money as, 217, 226–27; creation of in medieval England and Colonial America, 116–20; money as, 112–13, 217; redesign of in England, production of the modern world and, 121–25
Vaihinger, Hans, 236
Van Gennep, Arnold, 62
Veblen, Thorstein, 89–90, 92–97, 99–101
Walras, Leon, 31
Weber, Max, 93, 99, 201, 235–36
Weiner, Annette, 228n11
Wherry, Frederick, 10, 36n4, 86n8
White, Harrison, 93
White, Harry Dexter, 155
Williams, C. K., 16
Wimer, Christopher, 47
Wizard of Oz, The (Baum), 232
Wood, Stacy L., 44
world monetary union initiative, 150–51
Wray, Randall, 217
Wright, Erik Olin, 244n5
Zaretsky, Eli, 61
Zelizer, Viviana: bodily commodification and, 172; burial expenses, financial education and, 61; capitalization of assets, implications of, 91; circuits of commerce, industry money and her theory of, 98; classical social thought, view of money in, 234; commercial monies/high finance, approach to money extended to, 11, 75–76, 89; “dirty” money and the possibility of laundering it, description of, 36n6; on earmarking, 28, 57, 76, 217–18; fungibility, critique of, 25–27, 29–31, 110, 202; human side of money, argument for, 237; macro-level issues and nondomestic organizations, extension of her critique to, 75–76, 146–47, 149–50; the market mirage, criticism of, 131–32, 135, 138–39; monetary logic, cautions against strong conclusions regarding, 80, 85, 91; monetization of persons and relations, social and cultural bases of, 224; money, assigning meaning to, 161; money as process rather than thing, argument for, 231; new payment technologies and argument of, 216–17; personal and market money, historical findings regarding, 184; on relational approach to accounting of sociologists, 59; on relational work, 59; social relations, money and, 39, 202, 212; social relations as a means of negotiating transactions, 51, 94; tin can accounting described by, 33; unitary household model, reference to, 36n7; Veblen and, 94. See also Social Meaning of Money, The
Zhirinovsky, Vladimir, 206
Znaniecki, Florian, 61