The Anthropology of Economics

What is Marcell Mauss's idea of gift exchange?

*Gift exchange as a group solidarity building system* Argues it IS about prestige Gift exchanges morality/obligation based, rely on 3 moral rules, not of individual Must give (to be respected) — agrees w/ Malinowski, no value until I give it away bc then I am perceived as a giver. Must receive (to respect the giver) Must reciprocate (to show honour) — must give back even if it is delayed, or you lose honour Glue of society — abide by these obligations and become stronger —enactment of group solidarity, not individual honour building

Explain how the Kula cycle works?

*Individual status/ identity based inter island exchange system* Individual status High status individuals give armbands and necklaces to lifelong partners on other islands Armbands for in one direction, necklaces in other Worth nothing - it is who owns them, and who trades them with whom in position of status Symbolic cultural ascription Ceremonious trading, specific protocols to exchange in two different directions *Delayed reciprocity* hold on to it for a bit, and pass it on Hold on to the item and in some later point, pass it on Chief holds 5-6 items, and other people are exchanging - I am the only person selling them, the people are trading, but don't OWN it — huge respect: do not drop or break a necklace like that Facilitates exchange of everything else *Kula cycle was backbone for more utilitarian exchanges* Decides where and with whom trade routes are created with Start ceremony by bestowing chief w/ another necklace, and in the armbands - and you guys are trading cars, food, etc. Whole economy between necklace and armband, steered where chief's connections are THis trade drives more lucrative trade Some say anyone can be a part of it, others say it must be a chief - in other islands you must be a chief, because you are already contributing something

What are Mauss' three dimensions of obligation in gift to exchange?

1. Obligation to give: establishes giver as generous and worthy of respect 2. Obligation to receive: shows respect to giver 3. Obligation to return the gift in appropriate ways: shows honour Shows how gift giving creates and maintains bonds of solidarity between people who would otherwise pursue own self interests

LECTURE Describe Marxism?

A critique of capitalism It is not about exchange and distribution, or individual choice, but about how production/trade upholds social inequality Surplus value is wrongfully extracted from majority (workers) only to be appropriated by minority (owners of means of production) Doesn't really apply where there is no capitalism People are suffering, let anthro have a good impact. People suffer - that is universal. Why do they suffer? What does economic anthro have to say about sufferers - why do haves get more than the have-nots, who both increasingly get more or less Ladies working on external hard drives, 5 - 50 engineers working on it, but this is producing -> producing breaks product apart, and no one worker can say I build it, only they contributed to it. Difficult to measure investment in one hard drive - you are a cog in the process, and your investment of time -> difference in value created is mine, the owner Connection between identity of producer and maker was intact in older times, but assembly line exploded that If places don't run on capitalism, would you apply marxism? Don't have assembly lines or associate producer and product Hasn't played well everywhere Why it is more critique than a theory

LECTURE Describe neoclassical economic theory?

A move away from value of labour (time/effort/personal investment) to the value of exchange -- Adam Smith: w/ emergence of division of labour, we shift from valuing production to valuing transaction. Assumes bartering for greatest personal gain is "natural" : every person will want to draw the greatest possible product - if you don't wanna make a profit, why are you in the market place? EX: German buying old American cars example: wants to make more $$ than what you bought Value rooted in market place, how much of a margin can I make out of the transaction? Finite resources + infinite individual desire = competition Competition keeps "prices, cost of production, profits, and interest rates low while generating great wealth" Competition as Sustainable Process low -> if there is only Telus, it would force you to pay ridiculous amounts, so more = less $ you pay Interest rates are lower Sufferers Small businesses: less market space Value not attributed to time that was invested, but with division of labour, profit margins increase and dissociation of labour from product

What is renqing?

Affective interpersonal relationships, such as those between kin and close friends spending hours in leisure and entertainment together creates intimacy, vulnerability, and transgression, and business men use this to transform short-term interest of guano into long term bonds of renqing

Describe the culture of capitalism in Malaysia?

Aggressive pursuit of economic growth through industrialization and creation of investment opportunities During Brit colonial period, nation's Chinese minority dominated economy and remained better off than most of Malay majority late 1960s = mall goal for economic growth is to reduce Econ inequality between ethnic Chinese and Ethnic Malays, by giving ethnic Males preferential treatment and greater control over economic resources through set0aside provisions, gov't subsidies, special invest programs, and preferential opportunities for uni education

Is capitalism only natural?

As anthro, we think much of it is actually cultural But, there are many cultures of capitalism Capitalist and socialist system competing, the capitalism won — capitalism isn't natural, it is cultural, constructed, and is so cultural bc we believe it is natural!! Capitalist cultures taken up, meanings woven into it, is different across nations

What is the object of possession in the Kula gift exchange?

Bought table and owns it Value of table = sitting, eat at it, if it is cold can have fire etc., could rent it To possess this table, the value of this table is not the object, hours making it, it is how the owner is viewed by other people in the act of distributing the table — no value in the OBJECT, value in TRANSACTION Prestige is based on, you are grateful recipient because another person will also be a grateful recipient later on Rise in esteem in the eyes of the beneficiary, hierarchy from giver to receiver - they will be giver to another receiver, so structure of relationships in society Matters who it comes from and who it goes too Our economy: what you own says something about you, and primary way to establish yourself is to show what you've got, and what you can do w/ that Not like this in Kula exchange - if you use it only for your own fam you are scum, who else would present themselves like this in society? Making name by distributing, not accruing

LECTURE: Describe Bourdieu's habitus in economics

Bourdieu = habitus: mannerisms we learn from where we live to tell us how to act in different roles and belong in social strata, buy clothes, and people can point out that this is culturally constructed and you can dress differently — some things belong to doxa: things you will never question. You have come to agree they are not cultural, but natural - and it must not be questioned. If it is natural it is just that way. Doxa is something you will never questioned because you subscribed to it as natural

What is guanxi

Comes from the entrepreneurial sphere (masculine, gendered in terms of obligation and creation of value, well connected males spending time and $$ in clubs and entertain state officials to get it) Informal webs of social relationships individuals create and use to pursue their own ends can help get things done in bureaucracy, or get contracts Reciprocity key element individuals who can use it to benefit others can gain important power and social prestige

Describe an example of how consumption begins with appropriation?

Consumption of smartphone initial act of appropriation starts as you shop for it - bc shopping means narrowing down choices on basis of prize, size, look, brand, features, and sense of how you want to be seen by others, until the device you want to buy is identified after paying for it, appropriation continues by personalizing the phone - whether that's downloading apps or putting a case on it Customizations, and how and when you use phone, reflects and defines who you are as a person

Describe the Nigerian Tiv's use of limited purpose money?

Could purchase cattle and pay bride price (thing of value a groom give's to FIL) one with brass rods Tiv used money not for basic subsistence, but to gain access to goods that gave social respectability and prestige like a marriage partner, cattle livestock

What does culture shape in economy?

Culture = processes which people construct and naturalize certain meanings and actions as normal and necessary shapes what is acceptable to transact shapes how and why transaction takes place shapes how objects/services being exchanged are valued

LECTURE Describe debt in different cultures w/ reference to Graeber's 5000 Years of Debt

Debt and moral obligation (Graeber) : can it be disrespectful to pay back what you owe? (social cohesion by establishing debts and debtors everywhere) 5000 Years of Debt: when did debt arise, and how do different cultures approach debt? NWT: Climbing wall transaction sold off belongings, furniture and car for 20 000, everything is very valuable. Had an indoor climbing wall w/ climbing holes Wanted to give climbing wall, but I have to move so I want to gift it Wouldn't take it for free -> I don't want charity Even if it is token amount, I don't want charity, belittling her for giving the gift, Debt looms, I will have to pay it back, not free until I pay it back Not all societies do, debt is something you want to be in, the more people you have debt with the better, and some people you want significant debt too - I look up to you, I'm in debt to you. If I tried to pay you back fully, "I don't need you anymore, I'm beyond you" — to be functioning in that economy, you'd need to be in debt Way we use debt can be used in many different ways

Describe economic anthropology area of study?

Decisions people make about earning a living what people do when they work social institutions affecting ^^^ how these three matters relate to creation of a value

Describe Marshall Sahlins three types of reciprocity involved in gift exchange?

Each of these defines social relationship between giver and receiver 1. Generalized reciprocity: giving something w/o expectation of return, at least not in near future. Uninhibited and generous. Ie: between parents and children, married couples, rose knit kin groups 2. Balanced reciprocity: a person gives something with expectation for the receiver to return an equivalent gift or favour at some point in the future. Examples: Kula, birthday gifts 3. Negative reciprocity: economists call it barter, is the attempt to haggle into a favourable personal outcome. Exists between most distant relations (strangers or adversaries)

Why is gift exchange important in market economies?

Establishes social status reaffirms relationships gives people access to the goods and sometimes influence what they want and need

Describe the effects of Malaysian ideals on the entrepreneurial endeavours?

Few enterprises are economically successful, common to have business failures Business failures NOT embarrassing - primary business goal is not generating huge profits, but extending and deepening social networks and cultivating contacts w/ powerful people Entrepreneurship not about Econ action, and profit accumulation, but allowing people to show they are engaged in modern world of global capitalism and respectful of traditional Islamic and Malay obligations and values

Describe an example of how theoretical approaches to capitalism change depending on researchers philosophical approach?

Followers of sociologist Max Weber study distinct types of capitalism that have existed in different times and places Formalists study capitalism through actions of individuals and institutions Marxists study changing nature of industrial production, conditions of workers, and connection between small-sea,e economy activities and broader global economic trends

What is Marshall Sahlins' idea of gift exchange?

Gift exchange is a group boundary-building device Differentiation between 3 kinds of reciprocity Generalized: no return expected, between relatives/friends. even if it isn't actuality, it is a gift w/ no strings attached - bday gifts Balanced: return gift is expected: birthdays etc., Negative: haggle for personal profit, no personal relations - foundations of capitalism, to drive a margin Social relationships predict the type of reciprocity used, wha tis employed where tells us about the society

Describe the Kula gift exchange cycle?

Gift exchange is central to social life Islands off of Papua New Guinea Also where the birth of long term ethnographical fieldwork occurred Travelled in these islands, followed the maritime boat based culture to see trade Under trade = symbolic process of exchange "To possess is to give... A man who owns a thing is expected to share it, distribute it, and be its trustee and dispenser." Cannot own object without surrender When you have it and give it away when you don't need it, then you can get it back/get it given back when you do need it.

What are the three important features of gift exchange in market-based economies?

Gift exchanges are deeply embedded in social relations of every society By personalization we can transform impersonal commodities into personal gifts Like everyone else in the world, market economies invest symbolic meaning in the things we give, receive, and consume

Is there gifts in the market based economy?

Gifts of balanced reciprocity (between siblings); cash or commodity? Gives a mall gift, knows how much you spent Since we don't MAKE things anymore, we have to buy gifts and people will know how much they cost, so how do you make it sentimental

Describe the substantivist position?

Goal = describe how production and redistribution of goods were embedded in and shaped by non-market social institutions like state, religion, kinship he'd that societies have unique social institutions and process influencing economics value of goods one conic system cultural relative, rooted in particular cultures and social systems argued that research should focus on broad field of social relations and institutions that provided people with what they needed to live, instead of predetermined/limited idea of economy

What did Ho find about personal relationships in economy on Wall Street?

Ho conducted participantobs in these global networks as an investment banker, and found strong personal relationships were essential for successful transactions, bc the market was so large and the risks and strength of segment were difficult to decipher bankers who said they had global reach and coverage everywhere in the word (centreal to image to convince investors to do business) were not entirely honest most firms had minima coverage in most parts of world, w/ empty or barely staffed offices where they seldom did business relationships with local banks and clients were dormant, reactivated w/ new investment opportunities

What does the anthropology of economics study?

How people satisfy needs and why they want certain things Debates over nature of relationship between economy and culture, but accepted that one cannot be fully understood without the other

What makes something a gift?

If you throw a bday party, in Ukraine, if a woman has a bday, everybody understands that the woman is going to prep own birthday delay, sometimes immediate reciprocity, how is it different from payment or investment? If a string is attached to a transaction, is it still a gift? Parents gifts: usually no strings attached, but political power - if you don't come home with ___, forget about the gift. Also funding memories/about future, want the kid to have a good childhood, and it will benefit Alex as something that is good

How do other cultures' (esp those where people make things they consume) definition of "cool" differ from Western ideas?

In Aitape in North Coast of Papua New Guinea, when people exchange food and other subsistence goods with friends in neighbouring village, they also often give their partners handmade netted string bags w/ unique designs common to home village string bags = manifestation of trader's generosity and commitment to social and Econ relationships between two exchange partners especially proud of bags from distant villages, bc they indicate extensive network of friends

Describe the cultural contexts and meanings of capitalist activities on Wall Street, NYC?

Investment bans here, are seen as bastion of individual entrepreneurialism and cold rationalism to pursue profits Anthropologists interested in how people construct meanings in context of social relationships and how these shape social action and individual conduct Karen Ho studied investment banks and international banking industry on Wall Street w/participantobs, and open-ended interviews. Found that bankers and traders think of Wall Street as an entity that mediates vast, anonymous flows of capital throughout the world

Describe the facebook contribution for birthdays as part of gift exchange?

Is the self-less act the real gift? Is this a new and different gift? What do we seek to affect by way of our gift giving choices Looks self-less, everyone sees that status of "being good" You're building prestige, what the Kula ring does, build an image for themselves Build a community: works w/ Bronislaw's and Sahlins theory Active and political, and does something much bigger than the $$ submitted

Describe the Western view of China's new entrepreneurial class?

It is celebrated as vanguard of capitalist free enterprise and liberal democratic opening misunderstands complexity of capitalism and political authoritarianism in Chinese economy, and dependence of private entrepreneurs on the state economy not transplant of capitalist practices and beliefs from the west; it is embedded in Chinese political structures, social relationships, and culturally defined yet dynamic patterns of masculinity, desire, and morality

Describe Jim Yon Kim's approach to fighting poverty?

Kim is president of world bank, and MD and Ph.D. of medical anthropology from Harvard, cofounding Partners in Health to provide high quality healthcare to poor people in Haiti, Peru, Mexico, Russia, and parts of Africa Differing opinions: world Bank concerned that someone whose career focused on community level health and humanitarian intervention is not appropriate leader for institution that lends money to promote capitalist economic development and fight poverty. Kim understands poor health is symptom of deep patterns of social inequality, poverty, and lack of Econ opportunity Kim approached health as something that requires holistic and on the ground approach working to remove causes of poor health factors include disease transmission (cultural), dirty water, lack of food, political disempowerment, weak access to jobs and economic opportunity World Bank approaches these things from an abstract vantage point of balance sheets, budgets, and economic models and charts

Describe inalienable property

Landowners, slaves, one of these properties would be owned by a descendant, Alex would be new owner except he's a mutt — extend far beyond Alex's life, have property invested, but no earning or deserving, and not ability to sell, and if you were, it would come to bloodline, immoveable from the bloodline Can sell to a generation, and would go back to the Von ____ Has responsibility over property, different kinds of ownership like the Kula shells, can exchange but not sell Russia came in and took over a bunch of property, and they no longer own it Inalienable property principle not in Europe Uncle hunter learned to hunt on property, became well-to-do, and bought tracts of land from gov't to have the feeling again Refers to something that is beyond your lifespan and you - cannot be taken from you

How does Marcel Mauss's approach to gifts as economy differ from Malinowski's?

Malinowski: viewed gift exchange primarily in terms of contribution to individual's status and identity Mauss: viewed gift exchange in how it built group solidarity

Describe the prestige economies of the indigenous Mayan communities?

Men participated in Cofradia system, hierarchical system dating to colonial times, that combines civic leadership and catholic religious authority as they enter higher offices with more power, men have obligation to spend more $ on community fiestas/infrastructure, with some going in dept/broke moral philosophy underlying this, emphasizing the path to status and rank requires individual to share generously his wealth

What are the four theories of culture, economy, and value?

Neoclassical economics substantivism marxism cultural economics

LECTURE Name and briefly describe the four theoretical approaches to the economy?

Neoclassical economics: value results from competition Substantivism (value results from social relations) Value away from market Marxism (value created by labour) Critique of capitalist society Argue that value is created through labour, think about original value that has gone into these things (think about time, sweat and blood in value) Cultural economics (value is rooted in symbolic meaning) Born from anthropologists, rooted symbolic = relative, have to understand larger cultural pattern to discern what people value, not a critique of particular system - highly variable and arbitrary even

What was "Socialism with Chinese characters?

New approach to policies of collectivization and centralized allocation of resources after death of chairman Mao Tse-tung Encouraged private control of capital and goods Private entrepreneurs flourished, and gained new social profile s sought after marriage partners/trendsetters. However, also seen as morally suspect profiteers and patrons of illicit activities/corrupted, bc of close ties to gov't officials -> provide contracts, licences and extralegal protections

Does money measure all things?

No, and absolutely nOT hear that price reflects value of an object, but when trying to set dollar values on sacred or special relationships and object, it can never be comfortably reduced to monetary equivalent the awkwardness and controversy around doing so (like someone selling body parts or virginity) suggests there is a deep set of processes that define what is an acceptable economic transaction and how we establish monetary values for things, which ARE CULTURAL

Describe the tension in debtor-creditor relations?

Often full of tension and conflict not always seen universally as moral problem or characterized by conflict in many "human" (not "commercial") economies, where people want to create and maintain social relationships instead of acquire money, Graeber says credit and indebtedness is a sign of trust and solidarity money (yams, pigs,stones, other objects) is used to provide unit of account or measure of socially important things (arrange marriage, prevent feud) debts incurred in these process are unsettled bc they are important socially and cannot be repaid w/money

What are the three separate spheres of exchange the Nigerian Tiv's have?

Ordinary subsistence goods prestige goods and rights in people

What is the formalist position?

People everywhere confront limited means and unlimited ends, and make rational decisions appropriate to desired satisfaction Being anthropologists, understood satisfaction was culturally defined and variable, but asserted decision making processes to achieve it were the same

What happens though consumption?

People want certain things often because it has to do with what a community considers cool - impressive, trendy. but objects aren't naturally cool, their symbolic distinctions or qualities are culturally constructed through consumption to make them cool through consumption, people make cultural meaning, build social relationships, and create identities every culture delineates between what is appropriate and inappropriate to consume, providing social avenues to consuming culturally accepted goods and limiting inappropriate consumption

Describe money in market-based economies?

People want money here bc it can be used to buy nearly any good or service = general purpose money portability and mobility important features of GP money (think of bills, coins, cards, e-transfers)

LECTURE Describe substantivism in more detail

Polanyi Production and redistribution may be universal, but how these are carried out, and what value they are ascribed depends on social institutions outside the market (value of goods is culturally relative)

LECTURE Are there priceless things?

Respect, trust, time with your love, snowboarding w/ friends, certain friendships Mastercard knows value, knows you cant measure things in money, different from society to society Healthcare can help keep family running (so can you buy health??) Trust: you run a company and will dish out big money for salary - but you don't know who to trust? 120 000 a year, hardworking person necessary, but you need to know you can trust them - dealing with fragile opportunities that could be big. Paying them 120 000 doesn't mean they will be trustworthy A lot of things you cannot put a price - what matters isn't what you can selll and buy Should non monetary value be considered economic? Should you consider that when thinking about the world economically? TIm's Think of value of Tim's as annual revenue What happens when a corporation scoops up culturally specific shops? Could they project the loss of profit in loss of cultural imagery? How expensive will it be to sell out?

What is the value of our degrees? How is that like the Kula system?

Self-esteem, accomplishment, but also it gives you status, and the value is measured in what you do — if you have a degree, who cares what you do with it? Similar to Kula - value is doing something with it, and if you use degree in a good way, you will gain esteem, and see it is invested in something larger than this degree Give back to world and build status through it

Describe consumption in China

Shift to market Econ made it possible for Chinese people to consume things they couldn't in Maoist era consumerism not new, but consciousness of consumption changed state no longer controls production of consumer goods, so foreign goods come in to market, and Chinese people have an array of choices for what and how to consume The consumption patterns of these new rich entrepreneurs have become important bc it helps common Chinese people navigate through variety and shape sense of what objects and services carry symbolic prestige this influx of new consumer goods grounds to create new cultural meanings and social relations

LECTURE What is the value of money in a place where it can buy nothing?

Soiot hunting dog value accruement I wouldn't sell my dog - how much $$ is enough for me to do it? 2 - 2500 dollars for hunting dogs I might take a really good horse, but I don't need the money, I need the dog! Mayor called and wants to go hunting, but he wants your dog - you'll rent it. You are getting a share right? But that isn't what I want -> every minute dog hones hunting skills, they are investing in my dog, giving me value, and by end of hunts, this dog is worth 5 horses,

Describe inalienable possessions?

Some objects cannot be given away in some kinds of gift giving systems, as their inherent value transcends exchange value (term coined by Annette Weiner) Ie., maori sacred cloak made from kiwi and other bird feathers, worn by nobility, is understood to be manifestation of groups cosmological origins and historical continuity -> can't be given away by any individual bc rights in it are held by kinship lineage Weiner sees that inalienable possessions are transferred to others, but only as temporary loans

What is the Kula? Who studied it?

Studied by Bronislaw Malinowski extensive inter-island exchange system where high ranking men give ornamental shell armbands (mwali) and necklaces (soulava) ti lifelong exchange partners on other islands

Describe Patricia Sloane's study of Malay?

Studied impact of preferential treatment of Maly's on culture of Malay entrepreneurs in Kuala Lumpur few Malay capitalists were extremely wealthy, but part of growing middle class Malay capitalists' aspiration were self-consciously local business ideology embedded in local values, committed to promoting Econ interests and growth of Male ethnic group

Describe the differences between economic anthropologists and economists?

Study origins of value and how economies work, but different goals Econ try to understand and predict economic patterns, usually with goal of helping people hold onto and increase wealth. Study communities in terms of economic stats, and assume economic transactions in one country are the same as any other Anthro do not assume transactions are the same everywhere, recognizing that culture shapes transaction. Study how people lead day to day economic lives by direct, long term interaction, so try to understand world's diversity of economic systems, and make sense of how these systems reflect and shape ways of life

What is the Marxist position?

Substantivists and formalist wasted time debating nature of exchange and redistribution neoclassicists misunderstood economic activity as individual choice/decision making real problem is explaining why and how the production and trade of goods enforces and maintains social inequality

What is the Marxist view on economics?

Surplus value concept workers create greater value than what they receive, generating surplus value (may make $35 widest in an hour, from 5$ of material and make $20 per hour) what happens to the $20? The owner of factory who controls means of production appropriates it, and exploit worker's productivity surplus value basis of private wealth and creates worker/owner conflict institution of priv property and state support inequality through soc and Econ policies

LECTURE Describe cultural economics

Symbolism and morality forms values/economics Economy is part of culture - not a separate universal phenomenon (ie, religion) Example: what about "prestige economies" Not money but social standing matters Not trying to accumulate financial capital, accumulation of reverence or respect/social standing How do you approach these societies w/ a banking/marketing mindset Reindeer herds Herders have no use for $$, but have large herds. Sustainable herd size to make economic sense is 80 - 85 Got to that number because of a few of them need to be transportation, eat, reproduce, but this only needs 50. Why not less? Why not more? Impossible to herd more than 85 reindeer w/o fences, when it comes to $$, selling two or three for meat is enough - you don't need 85. Prestige - not about money, but are a "real man" if you have 85 reindeer. Know how to govern household, move through landscape w/ maximal number in herds, how you are perceived - whether you are trustworthy, or a real man Ie., pastoralist herd prestige

Describe Malinowski's approach to the question "how are gifts related to the economy?"

THEORY: ritualized Kula exchanges functioned to enhance status of individual men and distribute goods people could not otherwise get on home islands. Colonialism didn't even undermine Kula, showing its importance in society Exchange of gifts central part of Melanesian life When studying Trobriand Islanders, Malinowski found that to "possess is to give" - if you own something, you share it illustrated this phenomenon through the Kula In this highly structured system, armbands travel in one directions and necklaces in opposite direction these shell valuables were most valuable thing one could possess, though men typically owned them for only a few months before they gave them to other partners Shell values have no real function - value came when they were given away because that is when they brought renown to giver when men sailed to visit partners on another island, they aways brought many utilatirain goods (fish, veggies, pots) to trade on the side for things unavailable on home island, as well as the armbands and necklaces

What are the two major issues that characterize the interaction between people about ownership?

They are about assertion and negotiation of rights in something, many of these rights being held by a group, not individuals involve declarations and claims rooted in culturally specific forms of symbolic communication

Describe the Malay entrepreneurs?

Thing they are cornerstone of new, modernized Malaysia Accept that capitalism is self-interested, but feel bound by Malay values, insisting on investment and development tat serve traditional obligations to fam, community, and other Malays Capitalism = wealth, social balance and salvation are the rewards for those who abide by the moral ideas of social responsibility and obligations at the heart of these values are Islamic principles of economy: prohibiting charging interests, on exploitive or risky activities, obligation to share wealth after meeting family's needs

How is gift exchanges part of our economy?

Things like Christmas and Valentines: seems to be part of it, without culture of giving gifts we wouldn't have spike in economy Same w/ little birthday gifts -> cultural expectation for how much to buy But the GIVING doesn't seem to make sense as part of our economy

How does gift exchange in market economies follow implicit rules?

Think about gifts for holidays and birthdays! Sib/friend gifts have to repaid in equal value ideally, gifts should be personal and embody the relationship between giver/receiver most US think money shouldn't be gift, because it places a concrete value on relationship commodities are less impersonal than money and bought at the mall -> but commodities are equal to the money spent to buy them James Carrier says solution to turn impersonal commodities into personal gifts is by wrapping objects as personal presents, which symbolically distances the goods from the anon retail enviro and suggests a greater effort from giver

LECTURE Describe the multiplicity of these economic models

To say some societies have prestige economies, others have money based, every culture has multiple strands of economic modes If value in our society is just on monetary grounds, we should be enrolled in business and not anything else We'd like to be with prestige, be the leader of discipline and cutting edge, we are a mix like everyone else - what drives an anthropologist is not pay check, but other things UK: in the pub, at the door, you leave identity - just a human, business, academics etc. all together Eccentric mailman, had two phDs, highly educated, he could do anything and was delivering mail. Uk is divided: those in business value prestige on money, and others value education Our society is less stratified, but Canada also has multiplicity of economic model

Why was there no resolution to the substantive-formalist debate?

Two sides argued past each other - one talked about societies and institutions, other talked about individuals, rationality, and market transactions also because anthropologists adopted Marxism

What was Ho's point about market economies on Wall Street?

WITHOUT RICH PERSONAL RELATIONSHIPS AND KNOWLEDGE OF LOCAL CONDITIONS AND MARKETS, BANKS HAVE ALMOST NO REACH AT ALL, SO MODERN FINANCIAL markets are just as dependent on social relationships and local knowledge as any daily transaction in a rural village setting

Describe how general purpose money has cultural and moral dimensions beyond being a medium of exchange?

We all have this idea that walking into uni and buying a diploma isn't right, and contaminates the goodness we associate w/education, because there is a moral obligation to work hard and apply oneself this is concept of transactional orders. Transaction in getting an education are intertwined w/ long term obligations and expectation, morally distinct from short term transactions w/o moral obligations

LECTURE: Is money the measure of all things?

What things would or wouldn't you sell? And for how much? Virginity, kidney, intellectual freedom Depends on the need Example Looking for a job w/ anthropology degree, know you want to contribute good to the world, thought you'd be working for organization and drawing a decent wage, realize there aren't any NGO's looking for anthropologists, but get phone call from a corp, in pharmaceuticals that are selling drugs to people that need them, but they don't have the money, so will do anything to get that drugs- profiting from suffering, you have tools to produce data to benefit them to get even MORE money Good salary line, 98 000 a year isn't bad! It's not just in the past - we are confronted with this all the time - make decisions about what to sell and how far we would go, is freedom more important, or economic comfort?

What are the ownership and property concepts?

Why do we assert exclusive possession over objects Ownership is about interactions between people All about negotiation: who gets to have a say about the thing (groups or individuals) Property claims are defined by symbolic meanings (assumptions about value) ownership is about interactions

Describe the neoclassical economic definition of how the economic system works?

Workers cooperate the division of labor to produce goods market brings tog. buyers and seller for exchange those goods

How can you appropriate commodities?

appropriation: means to make it your own, property and ownership, and buy it but not know it — will come to know it as your own How do you appropriate laptops stickers, personalize it Download all kinds of apps Utilitarian = whichever one fits — but there are 50 different cases Have goal for who you want to be, which is how you decide what clothes to wear, want to be perceived a certain way, functions, other strings attached Image things — likes being perceived as someone who does fieldwork, research is in the Tyga w/ hunters and going through rivers, and anthro it is cool to be rugged Part of how you make something your own Part of property relations, reciprocity, strings and meanings

Describe money and the distribution of power through David Graeber;s book Debt: First 5000 Years

book explores historical relationship between money and debt cross-culturally observes that when we are in debt to others, we feel great moral pressure to pay it off, even if it means sacrifice this situation began 5000 years ago, when states created new money to promote trade commodity money was common bc it didn't need toys to exchange, but indebtedness and violence grew in it, bc it is scarce, easily stolen, and not easily traceable alternatively, the govts' created fiat money to regulate and control flow of $ and intervention in creditor-debtor relations bc political unrest grows w/ high indebtedness these different monies are related to distinctive social dynamics and power relations

Describe how Brit colonialism changed economy in Nigeria?

brit colonial period undetermined traditional system of three spheres of exchange because Brit intro'd general purpose money young tiv men working as labourers were paid in brit currency used it for prestige goods like cattle and bride price acquisition cash value for prestige goods was an economic and moral problem, disrupting notions about what money is used for

Describe the Marxism definition of "the economy"

capitalism is a system in which private ownership of the means of production and division of labour produce wealth for few and inequality for many

Describe the Cultural economics definition of "the economy"

category of culture, not special arena governed by economic rationality

Describe the cultural economics definition of how value is created?

created by symbolic associations people make between an activity, good, or service and community's moral norms

What was the formalist reaction to the substantivist position?

criticism of substantivism's lack of attention to individual action and behaviour shifted focus to formal economics

How is capitalism a cultural phenomenon?

deepest assumptions are cultural: capitalism assumes certain values and ideals are nature, "this is the way things really are" sees inevitable well being can be achieved through consumption of material things

Describe the neoclassical economic definition of "the economy"

division of labour and exchange of goods and services in a market

What gave recent studies in economics focus on?

dynamism of local economies recognizes one society may encompass local economic models simultaneously, whether at differing levels or institutions can help understand why and how Chinese business men work so hard to gain renqing relationships; mixes Chinese ideas of appropriate and moral economic activity w/ capitalistic models of economic behaviour

Describe the cultural economics definition of how the economic system works?

economic acts are guided by local beliefs and cultural models, which are closely tied to community's values

Describe the substantivism definition of how the economic system works?

economic processes embedded in and shaped by non market social institutions, such as the state, religious beliefs, and kinship relations

LECTURE Describe the formalist rebuttal to substantivism

groups may suffer, but individual desire for gain is universal. What is valued differs, but rational individuals always seek to get the most of it (universalism) - independent of price-regulating market 1960s anthro was split to those who liked at nuanced ethnography and neoscientific approach emphasizes measurability, anthro back into sciences and away from humanities We do have something we share: whenever we make economic deicsion, we ask how to optimize it for least investment. Weird for anthro because we try to move from universalism (much more relativist discipline, difference is everywhere), and it focuses on individual, even though anthro focuses on communities Talked past each other: some talked about individuality and universalism, other is studying groups

What does neoclassical economics study?

how people make decisions to allocate resources like time, labour, and money to max personal satisfaction

Describe Adam Smith's (Neoclassical Economics) observations in Wealth of Nations?

in "primitive" societies individuals did a lot of different kinds of work, but in "civilized" societies of eighteenth-century Europe, such jobs were done by labour of multitude of workmen Change due to division of labour Observed how dividing process of making sewing pin into distinct actions performed by separate special labourers (one to draw wire, second to cut, third to straighten etc.) produced exponential growth in # of pins made in a day Before this division, pin would take time and effort, and value of pin = amount of labour it took. With division of labour reducing time and effort, value of pin established by exchange in a market

What is Annette Weiner's argument about inalienable possession?

in an economy where moral code is based on gift-giving, transferring inalienable possessions means giver/owner has rights over receiver and creates status differences between people

Describe the Marxism definition of how value is created?

labour (especially the exploitation of labour) is a major source of value

Describe the Marxism definition of how the economic system works?

people participate in capitalism by selling labour labour appropriated by those holding means of production

Describe Marx's view on British capitalism?

pitted conflicting interest of a wealthy class (who owned factories) against those of a. poorer working class (laborers in factories) at heart of system was a division of labour that produced inequality and conflict

What did Marxist analyses bring to anther's discussions of culture and Econ?

power domination unequal distribution of wealth do nOT apply to non-capitalist economies do not always adequately address culturally specific symbolic/moral parts of economic interaction

Describe Karl Polanyi's influence on the Substantivist-Formalist Debate

published Great Transformation explaining how modern capitalism emerged in Europe, insisting rise of market in Europe was a social process that supported and was supported by creation of modern nation-states Proposed studying economics involves distinguishing between formal (underlying logic shaping people's action in economy) and substantive economics (transactions engaged in to get what they need/desire) Embedded in and inseparable from other social institutions

Describe the theoretical neoclassical foundation?

reflects human propensity to barter and exchange most successful mechanism for determine value and making wealth possible in market, individuals pursue self interest, use capacity for reason and calc to max satisfaction World has finite resources but people have unlimited desires (limited means, unlimited ends) and result is competition among individuals everyone's struggle to get most value keeps prices, costs of production, profits, and interest rates low while generating great wealth

Describe the cultural economics perspective

symbols and morals help shape community's economy economy a category of culture, not special arena by universal utilitarian/practical reason roots lie in substantivism goal = understanding from a "natives" POV the local beliefs and cultural models that guide and shape economic behaviours close relationship exists between value (desirability) and values (moral norms) both refer to symbolic expression of intrinsically desirable principles or qualities, implying moral norms and economic activity influence each other

Describe the substantivism definition of "the economy"

the substance of the actual transactions people engage in to get what they need/want

What is exchange?

transfer of things and gifts between social actors in many societies, also the central defining feature of economy

Describe the neoclassical economics definition of how value is created?

value and wealth are created by competition between buyers and sellers

Describe the substantivism definition of how value is created?

value is relative, created by particular cultures and social institutions

LECTURE What is the nature of value from the economist v. anthropologist perspective?

value: the relative worth of all things Economists: explain and predict economic patterns based on stats (assume universal nature of transactions) Anthro: focus on diversity of economic systems based on long term observations (using 4 theoretical approaches) Ethnomathematics: Hopi of south-Western US never had mathematics, new entirely, not true, Hopi had always had math, just never written down; used in weaving. Hopi have tradition of weaving intricate patterns, elder women who do weaving and passed down the equivalent of complicated mathematical equations to create the carpets