Beyond Exchange: Political Power, Social Relation, and the Materiality of Money

• In Event: Economic Sociology Section Roundtables
  In Refereed Roundtable (60 minute): Roundtable 4: Money, Finance, and Valuation

Abstract

This essay explores the concept of money as a "special form of debt which is a transferable commitment with a time lag," delving into its origins, social implications, and symbolic dualism. Traditional economic perspectives view money as a tool for market exchange, while anthropological studies trace its roots to the accounting systems of Mesopotamian temples. Classic sociological theories by Simmel and Weber treat money as an abstract, generalized symbol of value, whereas other sociologists emphasize the role of social relations in the formation of money. None of these studies fully captures the "symbolic dualism" of money. By examining money through a sociological lens, we can conceptualize money studies as a spectrum, with classical viewpoints on one end, the view of money as a social relation on the other, and social money in between. To better understand and analyze different forms of money throughout history, the essay introduces a framework matrix that considers political power and the material attributes of money in sustaining and completing "the commitment." The framework focuses on the transferability and maintenance of commitment within specific historical contexts, categorizing the maintenance criteria into three dimensions: political power, social relations, and material attributes. Each dimension plays a crucial role in different conditions and environments. By analyzing the intricate interplay among these three categories in both transferability and commitment, the essay aims to provide a more accurate understanding of money across various historical conjunctures.

Author

• Chih-Yuan Lin, New School For Social Research