Jamal Awil

← Cultures of Financialization

The system is held together not by internal coherence, but by sheer momentum. [contrarian]

On this level, the “narrative” qualities of finance as a means to understand and comprehend the world take on a disjointed, abstract and postmodern character that, at least at first blush, never resolves itself into some stable overarching pattern or plot (see Nilges 2014) (for a fascinating attempt to use literary and postmodern theory to analyze markets, see Ayache 2010). So, while finance might be a modality of social fiction which functions by telling a performative story about the world, it is a story that is, essentially, almost nonsense: a frenetic jumble of metaphors built on metaphors that never resolve into a coherent or linear narrative. Wealth is generated not by seeing the greater narrative in the market, but by spinning out new metaphors and abandoning them once they have done their work. The system is held together not by internal coherence, but by sheer momentum. … But, of course, for all that, the financial system continues to be among the most powerful institutions in the world.

Max Haiven, Cultures of Financialization, loc. 136