b2o: an online journal is an online-only, peer-reviewed journal published by the boundary 2 editorial collective, with a standalone Editorial Board.

  • Adam Dean–Toll Roads and Gated Communities: How Private Commerce Took Over the Public Internet

    Adam Dean–Toll Roads and Gated Communities: How Private Commerce Took Over the Public Internet

    This text is published as part of a special b2o issue titled “Critique as Care”, edited by Norberto Gomez, Frankie Mastrangelo, Jonathan Nichols, and Paul Robertson, and published in honor of our b2o and b2 colleague and friend, the late David Golumbia.

    Toll Roads and Gated Communities:
    How Private Commerce Took Over the Public Internet

    Adam Dean

    “The kind of environment that we developed Google in, the reason that we were able to develop a search engine, is the web was so open. Once you get too many rules, that will stifle innovation” (Katz 2012).

    When the Internet went private with the High Performance Computing Act of 1991, it was the metaphorical Wild West—the land-grab decade, where unknown companies popped up to claim untapped real estate in the form of domain names, and prospecting users invented pathways to share unlimited unlegislated copyrighted material. It was in this period that long-established telecommunications companies grew their existing infrastructure to deliver faster Internet to our homes, and a new generation of hosting companies were born. Those companies that got in early parceled out the Internet into what it is today—high-speed toll roads leading to gated communities. Decades later, when the problems with this model became noticeable to the everyday user, the FCC began to assert itself as regulator by establishing Net Neutrality, which limited the Internet Service Provider’s (ISP) legal right to control the direction and speed of Internet traffic for the everyday user. President Barack Obama called it, “…a victory for the millions of Americans who made their voices heard in support of a free and fair Internet” (2016).

    That victory was short-lived. When those regulations were rolled back by the FCC in 2017, it was done under the banner of freedom as well. The title of the press release that introduced the rollbacks read: “CHAIRMAN PAI CIRCULATES DRAFT ORDER TO RESTORE INTERNET FREEDOM AND ELIMINATE HEAVY-HANDED INTERNET REGULATIONS” (Pelkey 2017). Then, in 2022, the FCC announced plans to support legislation to make Net Neutrality regulations law. Chairwoman Jessica Rosenworcel said, “…everyone should be able to go where they want and do what they want online without their broadband provider making choices for them. I support Net Neutrality because it fosters this openness and accountability” (Perez 2022). That legislation, introduced that year in the House (H.R. 8573) and Senate (S.4676), which “expressly classifies broadband internet as a telecommunications service rather than an information service for purposes of regulation by the Federal Communications Commission,” never advanced in either chamber (Markey and Matsui 2021). As a result of this stall, the FCC under Rosenworcel’s Chairship voted to regulate the ISPs in three specific ways: 1) By prohibiting ISPs from blocking, throttling, or engaging in paid prioritization of lawful content, 2) By empowering the FCC with the discretion and ability to revoke the authorizations of foreign-owned broadband operators, and 3) By empowering the FCC to monitor and intervene in service outages (FCC 2024). Of course, the battle for a free internet didn’t end there. In January, 2025, the FCC’s jurisdiction of oversight was struck down in federal court (Bowman 2025).

    Through all of this, the battle over Net Neutrality has been defended and opposed under the banner of freedom—on one side the freedom banner protects the everyday consumer/end user so that they can visit any law-abiding website without restrictions or throttling, and on the other the freedom banner protects the ISP’s interests to compete in an open marketplace, where, as traffic controller, the ISP can direct end users and restrict or promote sites and content in their business interest. But the Net Neutrality battle isn’t actually limited to these two sides—the FCC v. the ISPs—and at risk of defending those should-be telecommunications companies that deliver the Internet to our homes, this simplified two-sided battle distracts from another group of traffic controllers who have been given a pass. In caring for our public Internet, the deeper critique in this essay is of the true winners of the Internet land grab. Content curators like Google (Alphabet) and Facebook (Meta) are not, by the strict definition, ISPs, nor are they telecommunications companies, and so they would not have answered to the FCC even if the 2024 order had been upheld by the federal court. Instead, these commerce companies abide by the regulations set by the FTC despite their role as the replacement for traditional radio and television broadcast stations, charged with the responsibility to curate the daily news and entertainment options for 5.5 billion users each day while restricting access to those that do not pay with their personal data (Statista 2022).

    In caring for the public Internet, this essay critiques precisely how the Internet was built with tax dollars and then given away to private content curators from whom the public now must rent. References made to the Internet throughout this essay are not meant to indicate published content in/on/across the Internet, but there should be some understanding that freedom of access to the Internet and freedom to access the information therein are coupled. While it is intuitive to assume access applies to both the same, there are different public and private partnerships with stakes in one or the other, and sometimes both, so their access challenges often differ. For example, Google does not have the ability to restrict access to a URL on the World Wide Web. A user can navigate directly to a website; however, most users search, even using the address bar to do so, and are subject to omissions made by the search engine in the result. On the other hand, the Internet Corporation for Assigned Names and Numbers (ICANN) is the international governing body of the domain names and has the technical power to revoke a website name from public access through its Uniform Domain-Name Dispute-Resolution Policy. However, its regulatory power is restricted to enforcing the basic rules of the registry, such as cybersquatting and trademark violations (ICANN 2016). As an international governing body, ICANN is one example of the existing structure already in place to enforce Internet regulation, but apart from the FCC’s push for Net Neutrality, there is no U.S. regulation for how companies, such as Alphabet or the ISP, direct, divert, dissuade and restrict users as they navigate.

    The Public’s Internet

    “The ARPANET was not started to create a Command and Control System that would survive a nuclear attack, as many now claim. … Rather, the ARPANET came out of our frustration that there were only a limited number of large, powerful research computers in the country, and that many research investigators, who should have access to them, were geographically separated from them” (Hertzfield 2019).

    Much has been published on the Internet’s roots, through amusing intra-government memos on over-the-network etiquette, its truncated first transmission message “LO”[i], and its ties to the U.S. Military’s first air defense system S.A.G.E. Despite its establishment by the U.S. Department of Defense, the original Internet known as ARPANET (Advanced Research Projects Agency Network) was a means to tie together the nation’s most powerful computers at various research institutions. In short, in its origin, the Internet had no commercial appeal:

    It is considered illegal to use the ARPANet for anything which is not in direct support of Government business … Sending electronic mail over the ARPANet for commercial profit or political purposes is both anti-social and illegal. By sending such messages, you can offend many people, and it is possible to get MIT in serious trouble with the Government agencies which manage the ARPANet (Stacy 1982).

    While ARPA held oversight over its own network, it did not deter private companies from copying the technology, and copy they did:

    A number of U.S. companies have also procured or are procuring private corporate networks utilizing many of the techniques developed for ARPANET. For instance, it was recently announced that Citibank of New York City has constructed (by contract to BBN) a private network very similar to the ARPANET. …A number of companies have taken advantage of the fact that the ARPANET technology is in the public domain to obtain the listings of the ARPANET software. (Bolt, Beranek and Newman Inc. 1981).

    By 1980 taxpayers had invested billions of dollars in the Internet’s infrastructure, through research grants to public universities and the RAND Corporation from ARPA, the National Science Foundation and other government entities, but the handoff to private corporations was not formalized for another decade. In 1991 the High Performance Computing Act appropriated more than $1.5 billion from the National Science Foundation to “serve as the primary source of information on access to and use of the Network” (Commerce, Science, and Transportation, and Gore 1991). With the research directive still prevalent, computer science programs at UCLA, MIT, Stanford, Wisconsin and others received substantial funding toward the collective goal to provide high speed internet to the public. ISPs emerged and remained attached to the regulatory structure that came with the funding. But there were pockets of research that fell beyond the scope of ARPA—namely the organization and curation of the content published on the Internet and the potential profits in collecting and selling user data that were still untapped. While private ISPs worked closely with government partners to make the internet accessible to the everyday user, another group developed websites to host the traffic that was coming.

    Google: Popularity is not Accuracy

    Google began its success nearly two decades ago with this now infamous public promise to itself: “Don’t be Evil”—a mantra that helped the company become the most trusted search engine in the world. But what on earth did it mean? The phrase floated around Google in its early days, where buzzwords like accuracy, transparency and democracy were thrown around in every meeting. The phrase gained enough traction to be included in the young company’s code of conduct until 2015 when it restructured under Alphabet, Inc. Eric Schmidt attributes the phrase as “invented by Larry and Sergey” and talks about it often, including in his book, How Google Works, co-authored with Jonathan Rosenberg. Schmidt makes a strong case that it was perhaps a legitimate foundation for a code of conduct still in place at Google, or maybe not. As a guest on NPR’s quiz show “Wait Wait Don’t Tell Me!” in 2013, Schmidt remembers a conversation with an engineer, as an example of this sincerity:

    Well, it was invented by Larry and Sergey. And the idea was that we don’t quite know what evil is, but if we have a rule that says don’t be evil, then employees can say, I think that’s evil. Now, when I showed up, I thought this was the stupidest rule ever, because there’s no book about evil except maybe, you know, the Bible or something. So what happens is, I’m sitting in this meeting, and we’re having this debate about an advertising product. And one of the engineers pounds his fists on the table and says, that’s evil. And then the whole conversation stops, everyone goes into conniptions, and eventually we stopped the project. So it did work (NPR.org 2013).

    So it did work, says Schmidt. And perhaps it did in some way create a subtle check at the brainstorming sessions, or perhaps it could have even been internalized by programmers and designers, who may have resisted subtle changes pressed by their sales wing. Perhaps. We can only know anecdotally what Google chose not to do, yet we can take a careful look at what it has done. In an interview for Logic magazine, Fred Turner, a prolific critic of cyberlibertarianism and tech utopianism, said:

    About ten years back, I spent a lot of time inside Google. What I saw there was an interesting loop. It started with, “Don’t be evil.” So then the question became, “Okay, what’s good?” Well, information is good. Information empowers people. So providing information is good. Okay, great. Who provides information? Oh, right: Google provides information. So you end up in this loop where what’s good for people is what’s good for Google, and vice versa (Turner and Weigel 2017).

    At the heart of the mantra is not whether Google is good or evil in abstraction, but that they curate what is good and evil for their users. Looking back at the company’s foundation, Brin and Page wrote in their famous paper, “The Anatomy of a Large-Scale Hypertextual Web Search Engine”, that PageRank would improve search quality, which is described really as keyword accuracy:

    “Junk results” often wash out any results that a user is interested in. In fact, as of November 1997, only one of the top four commercial search engines finds itself (returns its own search page in response to its name in the top ten results). … Indeed, we want our notion of “relevant” to only include the very best documents since there may be tens of thousands of slightly relevant documents. This very high precision is important even at the expense of recall (the total number of relevant documents the system is able to return) (Brin and Page 2012).

    The notion of “quality” is the first hint in the original writings that PageRank could quickly get caught between two competing goals: most accurate and most popular. The word “accurate” appears only twice in the document (and accuracy does not appear). First in reference to anchor text as providing more accurate descriptions than the pages themselves, and second to criticize a web user’s lack of specificity in keyword searches (“some argue that on the web, users should specify more accurately what they want and add more words to their query”) (Brin and Page 2012). Neither of these address the question, is quality accuracy, and is accuracy quality? But Brin and Page did not seek to answer this question in the original document, perhaps relying on a public trust—whatever their answer, it won’t be evil.

    At the heart of Brin and Page’s famous paper is the argument that PageRank will bring order to the Web, and certainly it has done that if the public consensus is the indicator. Google’s search engine is the most popular in the world, with 80% of the desktop market share (Statistica Research Department 2022). Credit is due to the Internet pioneers like Tim Berners-Lee and John Postel, who organized the underlying system upon which Brin and Page could organize, and credit is due to Brin and Page for discovering that hyperlinks are the lexicon of the web and can be used not just as a map of the entire globe, but to create a hierarchy for all pages. What PageRank did that had not been accomplished previously, was determining the value of pages on the web by how they relate to one another. In essence, this is the voting system that determines which webpages are “the best”. As Brin and Page explain it in their paper,

    These maps allow rapid calculation of a web page’s “PageRank”, an objective measure of its citation importance that corresponds well with people’s subjective idea of importance. Because of this correspondence, PageRank is an excellent way to prioritize the results of web keyword searches. For most popular subjects, a simple text matching search that is restricted to web page titles performs admirably when PageRank prioritizes the results (demo available at google.stanford.edu). For the type of full text searches in the main Google system, PageRank also helps a great deal (Brin and Page 2012).

    They go on to explain the algorithm, which weighs and thus ranks pages according to not only the amount of links to the page but again the quality. This is the root of the democracy, as each page is a voter and is also in the pool to be voted for, and this is objective somehow. An earlier paper Brin and Page wrote with their advisor at Stanford, Terry Winograd, places this idea of PageRank’s inherent objectivity in the abstract, placing all subjective interpretation on users alone. It reads:

    The importance of a Web page is an inherently subjective matter, which depends on the reader’s interests, knowledge and attitudes. But there is still much that can be said objectively about the relative importance of Web pages. This paper describes PageRank, a method for rating Web pages objectively and mechanically, effectively measuring the human interest and attention devoted to them (Brin et al. 1998).

    Their very idea of a popularity ranking metric, which is measured in a way that “corresponds well with people’s subjective idea of importance” really means that each page has been cited by another page in the form of a hyperlink. And if we take a step back and consider that a person created the hyperlink, we are now in the loop that Fred Turner described. Who made the link? Someone that knows how to make links. Who decided how important that link was? Google. But the question this essay seeks to answer is not whether Google’s own judgment of evil is a proper measure, or even whether there is a notion of good and bad on which we’d settle. Making an argument for Google as good or evil would have to include their lesser-known contributions, like DeepMind, or the mobile Wi-Fi surveillance probe built into the Google Maps car, or lawsuits that charge the company with giving “unfair preference” to their own services and subsidiaries over those of their rivals. And we would have to talk about censorship and surveillance, both at the company’s own discretion and in cooperation with its regulators and partnership. All that, including the ethics of simultaneously controlling the information hierarchy and the ad revenue—AdWords and AdSense, which work hand-in-hand with PageRank—would be a long discussion of what is good, and what is evil, indeed. There is already a great deal of opinion on “Don’t be Evil” in popular media as well, so it’s safe to say that testing the morality of the mantra has been covered. What has hardly been touched, though, is the public trust in which Google is deeply embedded. Despite the widespread exposure of “Don’t be Evil”, there is some agreement, as indicated in number of users, that Google is trustworthy. It may be trust in accuracy, speed, convenience, or something else, but trust is the right word. The democracy that it is founded on, according to the original workings of PageRank, might even be a symbol of U.S. citizen trust in democracy itself. Many users may not know or consider the implications of the PageRank’s dependence, but there is significant implicit trust in its democracy, if the market share is the indicator.

    But it’s important to note here that at best it’s a misunderstanding that Google is democratic, and it is not entirely clear that this was ever its purpose. It was certainly its key to the success of PageRank, but it was only the foundation. In addition to targeted search results weighing heavily on top of PageRank, the myth of the “objective” voting system has been trusted for two decades. Only in the wake of the 2016 election did the public really begin to take seriously the question: is the democracy rigged? Carole Cadwalladr reports on an ad hoc test in The Guardian, allowing Google’s autocomplete function to guide her in toward the most popular/accurate/quality results. She started with a simple keyword and allowed autocomplete to choose for her, and the results are shocking. She writes:

    Google is knowledge. It’s where you go to find things out. And evil Jews are just the start of it. There are also evil women. I didn’t go looking for them either. This is what I type: “a-r-e w-o-m-e-n”. And Google offers me just two choices, the first of which is: “Are women evil?” I press return. Yes, they are. Every one of the 10 results “confirms” that they are, including the top one, from a site called sheddingoftheego.com, which is boxed out and highlighted: “Every woman has some degree of prostitute in her. Every woman has a little evil in her… Women don’t love men, they love what they can do for them. It is within reason to say women feel attraction but they cannot love men” (Cadwalladr 2016).

    Cadwalladr hoped these were not the most popular/accurate/quality results, so she contacted Google and received the following response.

    Our search results are a reflection of the content across the web. This means that sometimes unpleasant portrayals of sensitive subject matter online can affect what search results appear for a given query. These results don’t reflect Google’s own opinions or beliefs – as a company, we strongly value a diversity of perspectives, ideas and cultures (Cadwalladr 2016).

    Jonathan Albright, Director of the Digital Forensics Initiative at the Tow Center for Digital Journalism, studied this too. He created a list of 306 widely circulated fake news sites and followed the lexica, just as PageRank was designed to do (Albright et al. 2017). Essentially Albright revealed through the hyperlinks that there had been a vast movement to manipulate PageRank’s popularity-based results to favor this subset of pages. Understanding how this is done is the key to breaking any illusion that the PageRank democracy is representative of popular opinion. Pages vote for one another by the amount and quality of hyperlinks, which means, in oversimplified terms, the creator of the link submits the vote. Albright’s experiment shows clearly that democracy can be rigged, or even automated. This subset contained 23,000 pages and 1.3 million hyperlinks. It is very unlikely these represent the popular vote of people making the pages, and even more unlikely that it resembles the popular opinion of the searching public. Add to this the more recent and increasing deployment of Artificial Intelligence to aid in content curation and the immediate creation of webpages that are included in search results, and it is clear that Brin’s and Page’s original ideas about organizing the Internet by either popularity or democracy are dead.

    Facebook: Move Fast and Break Things

    Hierarchies of information are big business, as Google has proven. Like traveling, the business of digital information is not in the destination. It’s the journey. Page visits are the blue ribbon for the web. The almighty click has stripped away any attention to content itself. Facebook has a famous sign that hangs in its office. It is big red lettering that says, “Move Fast and Break Things.” Indeed, the symbol of the company’s take on “Don’t be Evil.” Facebook was, for at least the four years following its launch, a community closed to advertisers. This meant that content circulated within the community by account holders, posting on their own behalf more or less. Sharing information this way, whether it was news articles, cat pictures, or political opinions, could be traced back to a user. When Facebook launched its Initial Public Stock Offering on May 18, 2012, the community-curated content dynamic broke. Facebook transformed its entire platform and mission from giving “people the power to build community and bring the world closer together” into an advertising company “making the world more open and connected.” Under Meta, Facebook logs more than 2 billion daily active users (Dixon 2022). Facebook is popular for reasons that should be obvious by now; a cult of personality that so effectively brings like minds together with individualized pseudo-authority to “friend”, “like”, “unfollow”, “block.” This may be the source of the widespread success of content curation that has seated Meta among the top 10 most valuable companies in the world, but the content is no longer managed by the community of active users any more than the search results over at Google. The newsfeed now contains ads from outside the friend circle, and the ever-changing “Trending” section consists of popular news, selected by a concoction of user likes and shares, and Meta’s magic dust. What was once an exclusive friends network, with the “.edu” email address as its user criterion origin story, is now an advertiser-consumer matchmaking app. It is spelled out plainly in Meta’s Transparency Center:

    Facebook’s goal is to make sure you see posts from the people, interests, and ideas that you find valuable, whether that content comes from people you’re already connected to or from those you may not yet know. When you open Facebook and see Feed in your Home tab, you experience a mix of “connected content” (e.g., content from the people you’re friends with or are following, Groups you’ve joined, and Pages you’ve liked) as well as “recommended content” (e.g., content we think you’ll be interested in from those you may want to know). We also show you ads that are tailored to you (Meta Platforms 2024).

    As an aside, when auto-generating a citation for this webpage, the result is on point: “‘Log in or Sign up to View.’ n.d. Transparency.meta.com.”‌ In short, the introduction of advertisers into the closed community of Facebook has sparked the downward spiral that we are struggling to reverse. Advertisers inside the social circle means an exchange of data, but it is not a free exchange. The data flows overwhelmingly in one direction. As we converse, like and share, the advertiser listens. 

    The Gated Community

    As the leading two aggregators of unprecedented amounts of market research, these two companies effectively direct and manage what is accessible on the World Wide Web without having to take part in the ongoing battle for a neutral net. And, while the two companies gained credibility and user loyalty through long held outspoken advocacy of free and accessible information, their business models are now based almost exclusively on restriction. Users are contractually restricted to access only curated monetized content through their services, in exchange for opting in to a vast digital infrastructure of behavioral analytics. Most of the world accesses the Internet through Alphabet and Meta, having opted-in to participate as subjects of for-profit behavioral analytics, and we have been lured through their gateways on foundational promises of democracy and free information.

    Despite these false promises, younger generations on social media may have never experienced a free Internet, where their clicks were not tracked, and we see the window for such a freedom actually shrinking further. ISPs have always been privy to our data, but have not been allowed to monetize it as the curators have. With the rollbacks on Net Neutrality protections, the ISPs could join the data free-for-all, but their entry is late in the game. Alphabet and Meta continue to expand the transactional design of their Internet, tightening the terms under which we all surf, and locking off the information they curate behind a login screen—the gated community.

    Putting this together, everyday users must pay an ISP to access the Internet, then exchange personal data to search it, then log in to view and interact with one another on the most popular social media websites. There are still niche social and search companies that allow users to interact without the paywall, but the majority of users choose to pay the toll road to enter the gated community. Users still can choose to rent or purchase a domain in order to share their own intellectual property without having to grant permissions for the hosting party to monetize it, but so many users instead choose to post original content through their social media accounts, where the owners of those servers are within their users agreements to harvest and sell it.

    The question of free space is just part of it. There is also the question of free information, which has been the main subject of this essay. When posting on social media, for example, we are led to believe that what we write is sent out to our friends, but we know that the property owner will decide that for us. Having a personal account on a social site is comparable to renting a house because it lets you be with your friends, but the landlord prohibits curtains, enters without asking, and sometimes takes your stuff. The restriction of information is at the discretion of the landlord, and there is no obligation, implied or written, that we have a role in this decision process. All information has restriction inherently, too. We know that if we click on a news essay, for instance, that publisher is under similar constraints. They must pay to let you enter their gate, come in their home and eat their food. A paywall is often how they do that, or agreeing to the cookies statement that pops up, or whitelisting to allow ads on your screen. The question emerges, if the information wasn’t free in newspapers, why do we expect it to become free on the Internet? In some ways, that’s a fair question, but what is unfair is the introduction of new gates to the community, each with their own tolls and taxes. It is not only the access point at which we arrive at the information. It is the service-oriented process of finding it. At one of the gates to the Internet community, you are asked, “what are you looking for?” The answer we give is the search query. You are not only given directions to the content (that would be the URL). We are given the door itself…the link directly to the information. The search engines do not promise to help us find the information. They promise that they have already found it for us. This has the makings of a utopia indeed, the world at our fingertips! But the search transaction is the exact opposite really. The queries deliver us to the information, not the information to us. The choice is narrowed down, organically we are told, so that we can choose from the very best sources related to our search. This is the trust we have in search. It is not that we used their service to find what we’re looking for within a myriad of information, it is that we were delivered to their preferred information based on the words we typed. That’s what targeting is.

    It is safe to say that these companies have made the rules that suit their needs, and our choice is between their way or the highway. Opt-in culture is comparable to an entry fee at a movie theater, but you have to keep paying while you’re watching the movie. Given the backward progress of Net Neutrality, which may be an idea of the past, it is difficult to see a path that puts the freedoms of the everyday user over those of the ISPs and content curators. Though a solution that protects the everyday user’s freedom to use their public Internet feels quite out of reach at this time, it is at least worth declaring that there is one, and it is attainable, if only on the technical side. The solution to the problem is two-fold: First, the FCC can restore and extend privacy protections that were approved by the FCC in October 2016 but repealed under then chairman, Ajit Pai, in March 2017, however the cycle could continue if future chairpersons choose to roll them back again. Instead of limiting oversight power to the FCC, Congress can revisit The Net Neutrality and Broadband Justice Act of 2022, and this has the potential to solidify Net Neutrality into law. Second, Net Neutrality should go beyond the ISP, into the domains, where the content curators monetize the clicks. ICANN already acts as a licenser in assigning domains, and so it can enforce as licenser in accordance with Net Neutrality law, which should include a standard for “basic service” for companies in the business of mass information dissemination.

    For the first solution, it’s important to make a distinction between the end-user license agreements (EULA) and privacy policies. EULA are not mandatory by law, and terms of service are fairly broad and unregulated. The most common types are explicit (clickwrap) and implicit (browser wrap). EULAs are common on the web and ubiquitous in OS software and mobile apps. While equally hostile and unreadable to the end-user, it is more pressing that a solution be found within the privacy policy documents, as they must by law directly address data collection and use. Privacy laws are already subject to federal regulations, however there is almost no regulation in effect at this time. Further, a user has no option to opt-out. That option would mean that you choose not to use the service in any capacity. Considering the requirements from employers for e-mail, as the most obvious example, the forceful nature of opting-in to keep your job or do your homework reveals the high costs of the information access hierarchy. As mentioned, a gradual step toward protecting individual privacy was made by the FCC in 2016, and should be expanded. The Broadband Consumer Privacy Rules, (approved October 2016 then repealed 2017) separated the standard all-or-nothing Opt-in agreement into the following:

    • Opt-in: ISPs are required to obtain affirmative “opt-in” consent from consumers to use and share sensitive information. The rules specify categories of information that are considered sensitive, which include precise geo-location, financial information, health information, children’s information, social security numbers, web browsing history, app usage history and the content of communications.
    • Opt-out: ISPs would be allowed to use and share non-sensitive information unless a customer “opts-out.” All other individually identifiable customer information – for example, email address or service tier information – would be considered non-sensitive and the use and sharing of that information would be subject to opt-out consent, consistent with consumer expectations.
    • Exceptions to consent requirements: Customer consent is inferred for certain purposes specified in the statute, including the provision of broadband service or billing and collection. For the use of this information, no additional customer consent is required beyond the creation of the customer-ISP relationship.

    Obviously, these rules aren’t broad enough to shake us free from Alphabet’s and Meta’s information headlock, but it is the place to start. The ability to select from tiers of service might sound problematic, since it is actually adding another hierarchy on top of the hyperlink hierarchy Google has put in place for us. However, the tiers of service has an immediate and measurable improvement to all-or-nothing opt-in privacy agreements because, like initialing each page of a legal document to indicate it has been read, incremental agreement options mean more opportunities to stop and think. Alphabet and Meta have made improvements to their privacy policies, at least in transparency, but both companies retain full power to restrict content from those that will not allow their personal data to be sold. It is still, in essence, a strong-arm agreement. Regulation could ensure that access to any site is independent of that site’s own policy document. In other words, a universal agreement that grants access to all sites on the World Wide Web.

    For the second solution we must create and enforce a standard for “basic service” for companies in the business of mass information dissemination. Given that the underlying infrastructure of the World Wide Web has always depended on public funding, it would be consistent with the investment to regulate mass information disseminators that utilize the infrastructure for private profits. There is precedent for this. Newton Minow proposed that networks have an obligation to serve the public interest in his famous “Vast Wasteland” speech to the National Association of Broadcasters in 1961. Specifically, a universal set of “basic services” must be publicly accessible with a default “opt-out” privacy agreement. For example, a person not logged in to any account could utilize Google’s search engine with the inherent agreement that their search habits may not be shared or sold. Some may argue further, that under a default opt-out agreement the data should not even be logged.

    The enforcement model, too, is in place. Indirectly, the FCC must establish “basic services” for mass information disseminators and work directly with ICANN to enforce it. In simplest terms, the information contained behind the gates of these companies must be accessible without entering. Facebook’s login page is the most striking example. It is a moat around a castle, and the only drawbridge is your login. ICANN, which has the authority to restrict domains for registration violations, can be expanded beyond trademark and general uniformity of the domain names. The organization’s internal governance structure needs modification if it is to become an enforcing body. It currently consists of “governments and international treaty organizations, root server operators, groups concerned with the Internet’s security and the ‘at large’ community, meaning average Internet users” (ICANN 2014). When it was established in partnership with the U.S. government, it included a mandate that it must operate in a bottom-up and democratic manner. However, ICANN has stated repeatedly in public meetings that input from a global community is not amenable to the Board. In addition, ICANN has not conducted its “Conflicts of Interest and Ethics Practices Review” since 2012, and gives no indication that it intends to schedule another review (ICANN 2023).

    Due to its impartial governance structure, under the proposed solution ICANN should remain limited to the management of the domain register, but could be directed by the FCC to restrict domains when for-profit mass information disseminators would violate a “basic services” mandate. It should be said, at this time, that this proposal does not take lightly the role of FCC oversight historically and looking to the future. It is crucial that the FCC return to its charge of regulating the venues of public information, far from which it has strayed.

    Dr. Adam Dean is the Program Director for Communication and Media at LMU. He holds a BA in Media Studies from Penn State University, an MA in Radio, Television and Film from the University of North Texas, and a PhD in Media, Art and Text from Virginia Commonwealth University. Before joining the faculty at LMU Dr. Dean taught Digital Media Arts at Barry University in Miami while working professionally as an Adobe Certified Expert for CBS and Univision. His research and professional work focus on digital democracy and include creative projects that bring students and community partners together to produce documentaries, podcasts and other educational media.

    Bibliography

    “Accountability Mechanisms – ICANN.” n.d. www.icann.org. https://www.icann.org/resources/pages/mechanisms-2014-03-20-en.

    Albright, Jonathan, Janna Anderson and Rainie Lee. 2017. “The Future of Free Speech, Trolls, Anonymity and Fake News Online.” Pew Research Center: Internet, Science & Tech. March 29, 2017. https://www.pewresearch.org/internet/2017/03/29/the-future-of-free-speech-trolls-anonymity-and-fake-news-online/.

    “Board of Directors’ Code of Conduct.” 2023. www.icann.org. January 21, 2023. https://www.icann.org/en/governance/code-of-conduct.

    Bolt, Beranek & Newman Inc., A History of the ARPANET: The First Decade (Report prepared for DARPA). Apr. 1, 1981. https://ia600108.us.archive.org/15/items/DTIC_ADA115440/DTIC_ADA115440.pdf.

    Bowman, Emma. 2025. “Net Neutrality Is Struck, Ending a Long Battle to Regulate ISPs like Public Utilities.” NPR. January 3, 2025. https://www.npr.org/2025/01/03/nx-s1-5247840/net-neutrality-fcc-struck.

    Brin, Sergey, and Lawrence Page. 2012. “Reprint Of: The Anatomy of a Large-Scale Hypertextual Web Search Engine.” Computer Networks 56 (18): 3825–33. https://doi.org/10.1016/j.comnet.2012.10.007.

    Brin, Sergey, Lawrence Page,  Rajeev Motwani and Terry Winograd. 1998. “The PageRank Citation Ranking: Bringing Order to the Web.” Technical Report. Stanford InfoLab. January 29, 1998.

    Cadwalladr, Carole. 2016. “Google, Democracy and the Truth about Internet Search.” The Guardian. December 4, 2016. https://www.theguardian.com/technology/2016/dec/04/google-democracy-truth-internet-search-facebook.

    Commerce, Science, and Transportation, and Albert Gore. Bill, High-Performance Computing Act of 1991 §. S.272 (1991).

    Dixon, S. 2022. “Number of daily active Facebook users worldwide as of 2nd quarter 2022.” Statista. https://www.statista.com/statistics/346167/facebook-global-dau/.

    “FCC Restores Net Neutrality.” 2024. Fcc.gov. April 25, 2024. https://www.fcc.gov/document/fcc-restores-net-neutrality.

    Gallagher, S. 2022. “50 Years Ago Today, the Internet Was Born. Sort Of.” Ars Technica, October 29, 2019. https://arstechnica.com/information-technology/2019/10/50-years-ago-today-the-internet-was-born-sort-of/.

    Internet Live Stats. 2022. “Google Search Statistics.” Internetlivestats.com. https://www.internetlivestats.com/google-search-statistics/.

    Katz, Ian. 2012. “Web Freedom Faces Greatest Threat Ever, Warns Google’s Sergey Brin.” The Guardian. April 15, 2012. https://www.theguardian.com/technology/2012/apr/15/web-freedom-threat-google-brin.

    Markey, E. 2021. “S.4676 – 117th Congress (2021-2022): Net Neutrality and Broadband Justice Act of 2022.” Congress.gov. 2021. https://www.congress.gov/bill/117th-congress/senate-bill/4676.

    Matsui, D. 2021. “H.R.8573 – 117th Congress (2021-2022): Net Neutrality and Broadband Justice Act of 2022.” Congress.gov. 2021. https://www.congress.gov/bill/117th-congress/house-bill/8573.

    Meta Platforms. “Our Approach to Facebook Feed Ranking.” Transparency.meta.com, 19 Dec. 2024, transparency.meta.com/features/ranking-and-content/.

     NPR.org. n.d. 2013. “Google Chairman Eric Schmidt Plays Not My Job.” May 11, 2013. https://www.npr.org/2013/05/11/182873683/google-chairman-eric-schmidt-plays-not-my-job.

    Obama, Barack. 2016. “Net Neutrality: A Free and Open Internet.” The White House. June 14, 2016. https://obamawhitehouse.archives.gov/net-neutrality.

    Pelkey, Tina. 2017. “CHAIRMAN PAI CIRCULATES DRAFT ORDER to RESTORE INTERNET FREEDOM and ELIMINATE HEAVY-HANDED INTERNET REGULATIONS.” Federal Communications Commission. November 21, 2017. https://www.fcc.gov/document/chairman-pai-proposes-restore-internet-freedom.

    Perez, Paloma. 2022. “CHAIRWOMAN ROSENWORCEL STATEMENT ON NET NEUTRALITY LEGISLATION.” Federal Communications Commission. July 28, 2022. https://www.fcc.gov/document/chairwoman-rosenworcel-statement-net-neutrality-legislation.

     Statistica Research Department. 2022. “Worldwide desktop market share of leading search engines from January 2010 to July 2022.” https://www.statista.com/statistics/216573/worldwide-market-share-of-search-engines/

    Stacy, Christopher C. “Getting Started Computing at the AI Lab.” MIT Artificial Intelligence Laboratory, September 7, 1982. https://dspace.mit.edu/bitstream/handle/1721.1/41180/AI_WP_235.

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    [i]                 On October 29, 1969, Leonard Kleinrock successfully transmitted the first message over the ARPANET from UCLA to the Stanford Research Institute. The message was “LO” while the intended message was “LOGIN”, interrupted by a computer crash.

  • Rian C. Johnson–There Are No Good Games: Dismantling Canonicity in Videogame Studies

    Rian C. Johnson–There Are No Good Games: Dismantling Canonicity in Videogame Studies

    This text is published as part of a special b2o issue titled “Critique as Care”, edited by Norberto Gomez, Frankie Mastrangelo, Jonathan Nichols, and Paul Robertson, and published in honor of our b2o and b2 colleague and friend, the late David Golumbia.

    There Are No Good Games: Dismantling Canonicity in Videogame Studies

    Rian C. Johnson

    Broken Machines: An Ugly Ontology of the Videogame 

    Videogames are bad objects.[1] They proliferate hidden structures of control, concentrated power, and inequity (Golumbia 2009b, 154). They are vehicles for the ideology of neoliberal capitalism (Jagoda 2020, 44). They are the “paradigmatic media of empire,” and they operate as the “ideological avatar of play,” insisting on a correct way to play that isn’t even really play at all (Dyer-Witheford and De Peuter 2009; Boluk and LeMieux 2017, 281). They promulgate rhetorics of destruction, conquest, exploitation, colonization, and violence (Mukherjee 2018; Harrer 2018; Dooghan 2019). They are a medium steeped in misogyny and the objectification and aestheticization of women (Gray, Voorhees, and Vossen 2018; D. J. Leonard and Kishonna L. Gray 2018; DeWinter and Kocurek 2017). They minstrelize people of color when not erasing them entirely (Everett and Watkins 2008; D. J. Leonard and Kishonna L. Gray 2018; D. Leonard 2003). And they are inextricably embedded in the American military-industrial complex (Ivory 2015).

    Videogame culture is bad; it is “dark” and always has been (Paul 2018, 2). Popular videogame culture proselytizes the most toxic logic of the videogame in all its noxious glory. From booth babes to in-game harassment to eSports to GamerGate to the racist frenzy that forced a Japanese politician to declare official neutrality towards a Canadian-produced Samurai game in the Summer of 2024, videogame culture is toxic to everyone who sets foot outside of its punitive magic circle (Cryer 2024). The culture is the circle, and the circle is toxic. The magic circle of popular videogame culture is the proverbial embodiment of Hidetaka Miyazaki’s poisonous swamp, and like “hardcore” logic of Miyazaki’s Souls-like games, it reproduces the hidden hierarchy created through pseudo-meritocracy that ensures those who begin on top remain on top (Paul 2018, 13).

    The videogame industry is very, very bad. Born in the laboratories of Brookhaven and MIT, it reached maturity amid the capitalist parable of Atari that began with dorm room piracy, snowballed into the Magnavox vs. Atari lawsuit, and ended under concrete in the New Mexico desert. From Atari to Nintendo to Blizzard, the development of videogames has been inseparable from the exploitation, harassment, and abuse of workers: fan laborers, outsourced grunt coders, and white-collar American women in Irvine, California, alike (Bulut 2020). The videogame industry is both an arm of the American military entertainment complex and an agent of warfare in its own right (Milburn 2018, 173; Dyer-Witheford and De Peuter 2009, 98–105).

    Even videogame scholarship has its problems. The gendered undertones of the Narratology vs. Ludology debates, a tendency to smooth over unseemly edges, a longstanding aversion to politics, ludo-orientalist and techno-orientalist tendencies, the murky conflation of game development and critical game studies, even a cursory survey of the field indicates that it is far from tidy. Despite this mire, the field is also always attempting perpetual normalizations in the form of theories, methods, actions, and, indeed, canons. And yet, lest negativity be misconstrued as hatred, as I write this critique, like so many others, I am simultaneously producing works arguing for the liberatory, radical, anamorphic, ameliorative, or at the very least, harmless potential in videogames. I argue, however, that if videogames offer us any chance or experience of liberation from the oppressive weight of late capitalism, it is as a glitch, a bug, a tactical action informed either by hybridity, a reparative reading, or an oppositional gaze. Left to their own devices, videogames will not bring about a revolution; they will dehumanize global workforces through a simulation fever of ludic optimization.

    By nature, videogames are part and parcel of computation. Videogames are, after all, just software. If, as Tara Fickle poses in the Race Card, Eurocentrist and white supremacist cultural frameworks position Eastern cultures as ludic mirrors of Western culture, then videogames are the ludic mirror of functionalist software (Fickle 2019, 113–37). They are one and the same, operating under different mythologies. Stephanie Boluk and Patrick LeMieux suggest that if one gets close enough to the game, it ceases to be one (Boluk and LeMieux 2017, 287). Up close, all is reduced to computation.

    David Golumbia wrote that “computation is not a neutral technology; it is a means for expanding top-down, hierarchical power, for concentrating rather than distributing” (Golumbia 2009b, 151). It is perhaps easy to imagine macro-level computational infrastructures striating and concentrating power through systemic mechanisms of economic, political, and social control. However, it’s harder to imagine the logic of computationalism at play in our everyday micro-encounters with computer technology, especially the kind disguised as play. If I was once told that Golumbia was not really a videogames scholar, it is because he was a scholar of computation and software, the latter of which videogames are but one variety, like word processors, web browsers, and media players.

    As software, videogames operate as mechanisms for organizing power (and often towards the end of producing labor).[2] On games, Golumbia wrote that “within a wide variety of computer games, one can see a process exactly isomorphic to such software applications, in which quantified resources are maximized so that the player can win the game.” These games, he contended, “reveal exactly the oligarchical-monopolist, Statist, even fascist politics at issue throughout the computerized world” (Golumbia 2009b, 135). Videogames both materially concentrate their operational powers at the hidden level of the code and offer a simulation of power concentration to players through an interface essentialism that obscures everything that the player does not control. Like computers, videogames are inherently ideological objects. They are immersive, interactive, fictional worlds that invite simulational, speculative, and parasocial thinking on the part of players and, at the same time, mask the mechanics of their own functionality and material composition, projecting outward to the surface only that which is desirable, accessible, pleasurable, fun, interesting, exciting, or entertaining when what lies beneath is always, and only, binary code.

    If videogames are indeed bad, can they be fixed and made better? Can the videogame be redeemed? Can it be reborn anew, as it should have been, as factions of the independent and avant-garde games movements strive towards? No, nor should they be. Every attempt to reform the videogame reproduces in some other iteration what was problematic to begin with, simply shuffling its contents around and forcing the form’s most toxic ooze out of a different orifice. All we can do as game scholars and game players is confront them as they are and accept them for it. This is, of course, a monumental undertaking. Within the scope of this work, however, is one argument that I hope will serve as a small but necessary cog in the greater mechanism of critical videogame studies.

    If we are to acknowledge videogames as bad objects, we must stop trying to salvage our favorites among them, imbuing them with the nullifying powers of aestheticization in the market economy of cultural capital. We must cease construction on and dismantle the foundations that have already been laid for the “canon” of videogames that implicitly shapes videogame studies. Multiple scholars warn of the increasing stagnation, narrowness, and coalescence of game studies (Gekker 2021; Deterding 2017; Murray 2018; Phillips 2020; Paul 2018). They are correct. To begin to remedy this pressing threat, we must surrender our attempts at mimicking the cohesion of other fields of textual study in desperate attempts at legitimization or separatism. Despite the best efforts of videogame studies’ most prominent scholars to prevent the field’s “colonization” by literature, film, or visual studies, it has ultimately colonized itself anyway (E. Aarseth 2001).

    Almost twenty-five years after the discipline’s formal opening ceremony, videogame studies has colonized itself by promoting the hierarchical, bourgeois, and ultimately counterproductive economic logic of cultural capital. By arguing fervently for the legitimization of the videogame as an artistic, aesthetic object imbued with cultural capital, the videogame has been not only divorced from its origin as software but from the problematics of computationalism writ large. The result is the implementation of a logic of canonicity within videogame studies, culminating in the uneven allocation of cultural capital and the imposition of yet another layer of hierarchy upon objects that are always already incarnations of concentrated, hierarchical power.

    I contend that this hyperconcentration of hierarchy has created an intellectual choke point. Only the deconstruction, dismantling, and destruction of the extant canon of videogames can correct already-established trajectories of concern within videogame studies and cultivate a freer, more diverse, and more productive future for the study of videogames. A game studies discourse grounded in the deeply flawed nature of all videogames, can more easily describe their reparative potential than one couched in terms of “good” games, “bad” games, “real” games, and “junk” games.

    Culture, industry, and scholarly toxicity aside, videogames are still tricky, “grotesque” objects. They are profoundly unstable commodities and objects.  Like all new media, particularly those associated with analog gaming (and thus also with gambling), the videogame was born into a marginalized and subordinate status within the popular media landscape (Kocurek 2016). Outside of their hegemonic origins in the political and technological realms, videogames have an infamously low standing in the social and cultural hierarchy. Even if, as so many critics have argued, the videogame has or will soon achieve cultural and artistic legitimacy, this legitimacy is still largely meaningless outside of academic, industry, and entertainment gaming cultures. It should, moreover, already be clear that we cannot expect videogame culture to improve the medium’s standing in general culture.

    Dismissal, denigration, and disinterest in videogames as a medium still pervades Western cultural sentiment. In 2023, 13-year-old Willis Gibson became the first human recorded to “beat” Tetris, a typically unending and thus unbeatable game (Mohtasham 2024). This accomplishment is remarkable in terms of gaming as a hobby, sport, practice, and field of study and made more so by the roughly forty years between the game’s creation and the event. One would be hard-pressed to think of many other games, particularly as ubiquitous as Tetris, that required forty years of global effort to beat. And yet, Gibson’s accomplishment was overshadowed in the news cycle by a single snide remark from a Sky News anchor three weeks later (Rogers 2024).[3] John Walker’s Kotaku article from October of 2024 also iterates this point: Walker asks one simple and critical question about the failure of a 400-million-dollar game, “Sony’s Concord might be the biggest entertainment failure of all time, so why wasn’t it news?” (Walker 2024). Indeed, outside of Kotaku and other popular gaming presses, it wasn’t. However, the news cycle at that same moment in time did focus on a 200-million-dollar box office flop. [4]

    A lack of cultural capital is not the only way videogames have a unique relationship to the dominant culture. Like film, the history of videogames is filled with legends of lost, damaged, or unfinished games. Lost media is a feature rather than a bug in the production and circulation of the videogame, which is native to digitized late capitalism. From development to production, games have a “limited lifespan” enforced by interindustry apathy towards data preservation, techno-industrial practices of planned obsolescence, and the generational cycle of console development (Newman 2012). This ephemerality is reinforced by economic systems of release, trade-in and used sales, intellectual property laws, region-locking, digitally native releases and updates, the politics of backward compatibility, and finally (outside even of the control of publishers, manufacturers, or capitalism itself) bit rot. While bit rot and data discarding may be the only empirically objective factors currently contributing to the lifespan of the videogame, their effect is exacerbated by the industry. Videogames are a mortal medium.

    I am not arguing that this dismissal, disinterest, or resignation to decay is correct, good, or culturally beneficial. I am in firm agreement with Shira Chess and Mia Consalvo’s sentiment that “the future of media studies is game studies,” not because of some unique, essential power of the videogame to eclipse and supplant all other media, but because “as convergence culture becomes less of a special case and more of an everyday reality, the medium itself matters less” (Chess and Consalvo 2022, 160). Rather, I argue that the marginalization of video games as a form has not ended in mainstream culture, at least not yet. No matter how many canons have been constructed by games scholars, journalists, developers, or archivists, and how many treatises on games-as-art those same demographics publish, the game has not been elevated to an equal cultural evaluation as other, older mediums, including those that historically faced the same hurdles such as the novel, the film, or the television series. As such, these processes have accomplished little and have only limited knowledge production within game studies.

    I can’t deny that, in my day-to-day life, a videogame canon is appealing. Subjectively, perhaps the driving impetus of this article stems from my own disagreement with those games that have been deemed canonical within videogame studies. However, it is by being earnest about such sentiments that the more significant issue becomes visible. As John Vanderhoef argues, following Bourdieu’s work on cultural capital, videogame canons are the product of “taste cultures,” in which the taste of dominant groups shapes the perceived importance, legitimacy, and material value of individual cultural artifacts characterized as videogames (Vanderhoef 2012). Moreover, as Glas and Von Vught demonstrate through practical experience, these dominant groups are almost always white, male, cis-gendered, and heterosexual (Glas and van Vught 2019, 9). While I do not meet all of these criteria, I meet most of them. Thus, I must also recognize that the imposition of my own fantasy canon on the field at large would be nothing more than the slightest alteration of who exactly the dominant party is. Instead of canon reformation, I argue for self-awareness. I argue for the acknowledgment that it is not the current canon that is bad or even current games that are bad, but that these problematics or “badness” are inherent attributes of the videogame. We must instead work with them rather than fruitlessly attempt to breed out these sine qua non traits.

    In short, this negativity is not an argument for the obliteration of the videogame in some formalist eugenics any more than it is a call for the obliteration of any and all media that bear some problematic origin (as so many do). Rather, it is a reminder that the videogame was born in a network of power, politics, economics, and Empire, and acts of reclamation, redemption, subversion, or even radical liberation attempted with or through the videogame must neither set aside nor willfully ignore that origin. If we are to continue to study videogames, and if they are to be recovered, redeemed, or even simply neutralized, we must acknowledge their faults.

    The Invisible (Master) Hand: Of Canons and Videogames

    The current videogame studies canon is a fluid collection of works imbued with exceptional levels of cultural capital, and, like all canons, it does not really exist. There is no stone tablet engraved with the words World of Warcraft, Grand Theft Auto, EverQuest, Tetris, or the Sims preserved in the basement of the Strong Museum of Play, nor even the Library of Congress. The videogame canon is, as John Guillory wrote of the literary canon, “an imaginary totality of works” (Guillory 1993, 30). And yet, “what does have a concrete location as a list…is not the canon, but the syllabus,” and “every construction of a syllabus institutes once again the process of canon formation” (Guillory 1993, 30–31). Like literary syllabi, game studies syllabi certainly exist, and the games on them are, more often than not, canonical games by virtue of their citational, instructional, and analytic repetition. Game studies, like film and literature, shapes its canon through material acts of scholarship, research, theorization, and dissemination. Jonathan Frome and Paul Martin consider the five games listed above canonical through a disproportionately high citation frequency in the two most prominent game studies journals (Frome and Martin 2019, 6). Published in 2019, Frome and Martin’s study is profoundly limited in that it only surveys two journals, disregarding published monographs, edited volumes, and not exclusively game-focused journals. However, even in this microcosmic analysis, evidence of disproportionate citation and, thus, canonization is immediately evident. In 2017, two years before Frome and Martin put the word “canon” to print, Coavoux, Boutet, and Zabban gestured towards the presence of a canon in videogame studies. Yet, they argued against it without ever actually using the word, instead decrying the harmful limitations of “selective focus on a few particular games” (Coavoux, Boutet, and Zabban 2017, 573). While I agree with Coavoux et al. in positionality, I insist on calling a canon a canon, because only by doing so can we access the depths of its potential harm.

    If videogames are inherently problematic, so are cultural canons. Canons are hegemonies that confer cultural dominance upon a particular collection of artifacts. Hegemonies, however, are not static. Canons are lived hegemonies, and “a lived hegemony is always a process…it is a realized complex of experiences, relationships, and activities with specific changing pressures and limits” (Williams 2009, 112). They necessitate relationships of domination and subordination, and the dominant, in this case, is manifest in what is culturally accorded the status of art or literature, creating the familiar dichotomy of high and low culture or the distinction between art and culture (Williams 2009, 110). As Williams suggests and Liam Dee expands on in Against Art and Culture, “art and culture are thus clearly the concepts of human expression, transcending rational or natural dictates, but they have an important distinction. One makes this expression extraordinary [art]. The other makes it ordinary [culture]” (Williams 2009, 145; Dee 2018, 15). That is, art and culture are the same thing inside different rhetorical frames, and thus why Dee refuses the separation between them and instead writes against “art/culture” as a dyad “to make explicit the shared qualities of ‘high art’ and ‘popular culture’…and make clear that I am not referring to ‘skill’…nor an amorphous ‘way of life’” (Dee 2018, 17).

    One of the cultural frames that enforces this false dichotomy and hegemonic relationship is that of the canon. For John Guillory, “the problem of what is called canon formation is best understood as a problem in the constitution and distribution of cultural capital, or more specifically, a problem of access to the means of literary production and consumption” (Guillory 1993, ix). This is simply another means of describing Williams’ hegemony in which certain objects are attributed higher values of cultural capital than others and accordingly venerated, elevated, and distributed in controlled or institutional contexts. Ultimately, canonicity is intrinsically a problem of inclusivity and diversity, for “canonization of a work is nothing but the affirmation of the social values expressed in the work” even when that affirmation is hidden beneath a veneer of artistic aestheticization. As such, the social values expressed in canonical videogames (and indeed all videogames as pieces of software) are hierarchy, exclusion, and dominance (Guillory 1993, 270).

    While Guillory is not explicit in attributing the intentionality of canon formation to any individual or system, I would like to posit here that the process of canonization that has been churning in game studies for the last twenty years has been enacted through what Simone Winko theorizes as an “invisible hand.” Hans-Joachim Backe translates and synthesizes Winko’s theory as “a process in which countless individual (micro-level) actions—which may have altogether different goals—will result, in conjunction, in the (macro-level) phenomenon of canon formation” (Backe 2015, 11). In this light, canon formation is not enacted singularly or with necessary intentionality. Certainly, scholars’ selection and valuation of texts are intentional, but their usage in the canonization process is not. Canons are constructed through evaluation, and for literature, “evaluations can influence the act of writing either beforehand…or during the writing process” and are made by “literary mediators…television and radio producers…literary critics, scholars, and teachers” with the latter operating in the mode described above by the decision “to give the text more or less space” or “other works whose values have already been defined are used as points of comparison” (von Heydebrand and Winko 2010, 225). In what follows, I would like to briefly survey three significant moments of interaction between this invisible hand and the game studies canon that served to establish, legitimize, and reformat it over the nearly four decades since the field’s foundation. These moments are, chronologically, the beginning of videogame studies, the height of the videogame legitimation debate, and the recent (ironic) dominance of “independently developed” games. 

    In the primordial moment, 1985 and 1986, respectively, Mary Ann Buckles and Brenda Laurel separately and coincidentally completed the first videogame studies dissertations long before videogame studies existed. When Buckles and Laurel were researching and writing about interactive narratives within videogames, they were doing so within the German Literature and Theatre departments, respectively. Working without precedent, they established the first approaches to videogame analysis, and, with them, which videogames provided the most productive analytical fodder. Thus, they also established which games would become early canonical texts.

    Buckles’ dissertation is a close reading of the storied text-based role-playing game Adventure. In her introduction, Buckles delineates her area of study, distinguishing Adventure from contemporary arcade games: “Let me first emphasize what Adventure and other works of interactive fiction are not: they are not video arcade games. They do not resemble games like Donkey Kong, Space Invaders, or Pac-Man, which require good hand-eye co-ordination and quick physical reactions” (Buckles 1985, 6). Notably, Buckles does not disvalue “video arcade games” or place them in a value hierarchy with “interactive fiction” but rather creates a taxonomy based on the skills and actions required to play.

    Laurel creates a different taxonomy that, while divided along similar lines as Buckles’, introduces an element of hierarchy in its teleological orientation. Laurel’s primary area of study is what she calls “interactive fantasy systems,” which produce “interactive dramas,” a “first-person experience within a fantasy world, in which the user may create, enact, and observe a character whose choices and actions affect the course of events just as they might in a play” (Laurel 1986, 10–11). Her two primary examples are Zork! and Star Raiders, which both allow “the user to participate in the fantasy world as an active character” (Laurel 1986, 86). Arcade games are characterized as “antecedents to interactive fantasy” or “poetic interactive works” that generate affective experiences for the player but do not integrate the player into the world (Laurel 1986, 19–20). While Laurel does not position this class of “poetic interactive works” as oppositional to or less than “interactive dramas,” the connotation of antecedent implicitly argues for an evolutionary view of games in which the latter represent the more evolved, more complex and more capable (and thus more valuable) form of the former, creating a hierarchy between them.

    The establishment of both systems of taxonomy fragmented the vast body of media called video or computer games. From the starting point of Buckles’ analysis, Adventure has become a canonical text, representative of the literary qualities of the videogame.[5] As videogame studies, videogame history, videogame culture, and videogame development influence one another in a digital feedback loop, Adventure has remained relevant and briefly achieved prominence once again with the release and subsequent studies of the serially released 2012-2020 and acclaimed game Kentucky Route Zero which directly references and indirectly alludes to Adventure.[6] Conversely, while Buckles and Laurel may have purposefully omitted (and articulated their reasons for doing so) Space Invaders from their studies, it has hardly been omitted from the subsequent forty years of game studies. Returning to Frome and Martin’s survey, Space Invaders was cited 34 times, ranking 20th out of 38 in 2019 (Frome and Martin 2019, 6). In this, the game has come to stand as synonymous with both the arcade genre and a particular moment in video game history.[7] Moreover, the ludic turn in videogame studies in the early 2000s emphasized exactly the kind of highly structured, ludus games that Space Invaders represent as if in direct response to Buckles and Laurel’s emphasis on gamic fiction.[8] A direct correlation between Adventure and contemporary videogame studies is as clearly recognizable as its inverse: the omission of arcade games from these original studies, and the ludic fixation in early organized game studies.

    What I hope to bring attention to here in this first moment is the process through which games assume and maintain prolonged and disproportionate relevance within game studies over the course of decades, rather than Mary Ann Buckles and Brenda Laurel’s personal responsibility for the field’s subsequent trajectory. It matters that these games still receive citations in game studies survey texts when innumerable other early, influential, or impactful games do not.[9] However, no two games are alike, and this delicate negotiation of relevance shapes the ways we play, think about, study, analyze, and promulgate videogames and their study. There is a parallel universe in which the team at Cardboard Computer who developed Kentucky Route Zero made a game that takes place not around the Mammoth Cave National Park on which the world of Adventure was based, but in and around the highly fantastic Great Underground Empire of Zork! This is the power of the invisible hand that shapes canonization through individual evaluations.

    A second crucial moment in the formulation of a videogame studies canon comes in the late 2000s and early 2010s in the form of popular and scholarly legitimation discourse. In Felan Parker’s 2017 article for Games and Culture, “Canonizing Bioshock,” Parker untangles the structural and rhetorical actions that made 2K’s 2007 first-person shooter Bioshock the quintessential entry in the game studies canon. Parker argues that Bioshock’s rapid incorporation into the canon of videogame studies coincided with a different moment in videogame culture: the apex of the legitimization discourse, a discourse that has plagued videogame studies to various degrees since Laurel and Buckles’ time as doctoral students (Parker 2018, 83).[10] This discourse has always been predicated on the artificial dichotomy between “art” and “culture.” Were videogames doomed to be forever considered popular or “low” culture? Could they be art? Should they be art? Which games are art? And which games definitely are not art? These questions were voiced loudly by oft-cited works like Aaron Smuts’ “Are Videogames Art?” and Grant Tavinor’s The Art of Videogames. In both scholarly and popular culture, this phenomenon was most evident in what Parker called “Ebert versus Games,” in which, between 2005 and 2010, film critic Roger Ebert became the representative of “the prejudice against digital games as art,” disparaging the artistic legitimacy of videogames in his film reviews and on his personal blog (Parker 2018, 80).

    The question of whether videogames were or could be art inspired a moment of mutual panic for scholarly and popular videogame critics. This duality is a process accounted for by Winko and von Heydebrand’s schema and is evident in the canonization of Bioshock as described by Parker. Bioshock was used to produce a “special class of AAA game that is expected to excel commercially but has a distinction from other popular favorites and best sellers by the grace of its supposed artistic quality and canonical status,” known familiarly as the prestige game (Parker 2017, 740).[11] This definition purposefully conflates popular and scholarly consumers because, for these games to achieve the status of prestige and warrant canonization, they must be commercially, culturally, and critically successful. This formula produces games that feature dense textual experiences and raise philosophical, ethical, political, social, or cultural questions without limiting market shares by remaining “neutral enough in…politics to be widely marketable” (Parker 2017, 747). “Attractive, marketable gameplay is seen as a kind of delivery mechanism for the game’s highfalutin subject matter, and in this sense, the prestige game purports to be both more entertaining and more effective than other ‘message’ games” (Parker 2017, 748). That is, Bioshock and other prestige games juggle accessibility, entertainment, “literary” value, and novelty, culminating in an experience that Parker argues “is designed from the ground up to invite sustained reflection, debate, and criticism” and thus operates as a justification for “the whole enterprise of games criticism and scholarship” (Parker 2017, 751–52).

    The traits that render Bioshock legitimate art and warrant its canonization skew strongly to the technological and economic. The game includes “attractive, marketable gameplay” and requires the newly evolved technological capabilities of the seventh generation of videogame consoles, the PlayStation 3 and Xbox 360, as well as the ability of developers to anticipate and respond to the needs of broad audiences. As Grant Tavinor writes in The Art of Videogames, “the stunning representational advances may also provide one of the most compelling reasons to see videogames as a form of art” (Tavinor 2009, 70). Similarly, Smuts considers art to be those games that meet the following conditions: “integrated narratives, graphics, nearing photo-realism and elaborate three-dimensional worlds with rich and detailed textures” (Smuts 2005). We can see a clear correlation between technological capability and perceived artistic legitimacy. Notably, the games chosen as art by both Tavinor and Smuts, Grand Theft Auto IV, Max Payne, Halo, Tom Clancy’s Splinter Cell, and, of course, Bioshock, are all games that, while demonstrating cutting-edge technological capabilities, were also exceedingly successful on the commercial market. It should come as no surprise that these are hardly attributes that legitimize other cultural artifacts as “art.” After all, art films are collectively imagined to be the most inaccessible (and often unappealing) of films, and literary fiction is much less often profitable in the book and adaptation market than genre fiction. It matters that the attributes of “prestige videogames” are counterintuitive to other mediums’ conceptions of prestige. That these attributes are promoted and valued by popular videogame culture should be a point of, if not worry, then inquiry to videogame studies.

    These prestige games, as marked by their success in the marketplace and culture, are ideologically aligned with the dominant logic of computation and the oozing toxicity it produces within popular “hardcore” videogame culture. It is also these games that were used within academic and popular contexts to nullify any lingering arguments for the potential illegitimacy of videogames as art. Scholars arguing for the artistic legitimacy of videogames positioned themselves in opposition to social sciences research on potential correlations between videogames and violent or antisocial behavior, put succinctly by Liam Dee in Against Art and Culture, in that “the pathology of the obsessive gamer is such that computer game addiction is recognized as a mental addiction, while poetry addiction is not” (Dee 2018, 206). To finally move beyond this discourse, videogames must be legitimized as art, for as Dee argues, “once an image is deemed aesthetic, it is abstracted from the representational hurley-burley, no longer treated as a document of reality,” which permits the aesthetic image as art to bypass sociological concerns and discourses of obscenity (Dee 2018, 68). This is not to say that I believe in a narrow or reductive relationship between videogames, violence, or addiction as the social scientists of the day were investiating or that games scholars should not play or study Bioshock because it happens to be a favorite title of “hardcore” gaming culture and the reactionary Internet bigots and trolls “hardcore” gaming culture contains. Rather, I argue that the conversion of culture to art is an established remedy to such concerns. As art, neither a text’s content nor popular fandom can be used against it. This remedy is made all the more appealing by the fact that so many videogame scholars can be described, as Simon Deterding does, “as aca/fans who turn their passion into a research profession, defending their lifestyle through research that defuses moral panics and elevates gaming as a valuable cultural practice”(Deterding 2017, 525). Yet, this solution to the crisis of legitimation is ultimately harmful, concretizing and reduplicating some of video games’ worst aspects.

    But, is it possible these problems are exclusive to AAA games? Is there a form of game that has separated itself from the poisonous swamp of the mainstream games industry?  Perhaps the solution is simply to canonize different games as the “ludologists” once did to avoid the domination of the field by narrative and text heavy games like Adventure and Myst. Perhaps upon the release of Bioshock: Infinite, with its ludic stagnancy, implicit racism, and questionable political commentary, the problems in these new canonical texts, like those before them, would float to the discursive surface. This scenario could then allow for corrective actions without sacrificing the newfound artistic legitimacy of the videogame (Parker 2017, 753–55). This has happened over the last decade or so in game studies, in which a new dichotomy rivaling that of ludology and narratology has emerged: that of mainstream and independent (indie) gaming. It is this confrontation that emerges as the third and most recent moment of canonization.

    The advent of indie games has come with benefits, including greater insight into abstract procedural rhetorics, the trickle-down ideological effects of binary logic in computing, increased probes into and criticism of dominant gaming cultures, and a more welcoming venue for marginalized scholars to enter and thrive within game studies. That indie games offer salvation from the hellish mire of mainstream gaming is an explicit sentiment, unlike the presence of a canon. In the 2022 special edition of Critical Studies in Media and Communications dedicated to the future of game studies, Amanda L. L. Cullen et al. argues that “it is also the role of game studies to fight for the legitimization of creators who do not engage with the games industry in normative fashions,” ultimately working towards “making queer games a sustainable alternative” to mainstream gaming (Cullen et al. 2022, 203). In this scenario, we see queer used almost synonymously for independent, for it is posed as oppositional to the mainstream. The reader must assume Cullen’s “queer” games are not merely the inclusion of diverse identities in the newest $250 million Dragon Age game but the independent. In videogame studies, the subaltern speaks through itch.io.

    The veneration of the indie game as an alternative to mainstream AAA games imbues the indie game itself with a level of ontological benevolence that should immediately set off alarms. In fixating on indie games as a social good, one sees metaphysical reorientation that extrapolates more from legitimate art’s cultural function than gamers’ potential to accumulate cultural capital. As Cullen et al. conclude their argument for non-normative creators, their definition becomes apparent in their desire to look towards “creators who are making games and content for non-monetary practices” (Cullen et al. 2022, 203). Despite this, Stephanie Boluk and Patrick LeMieux      rightly characterize indie games as a concretized “genre” of videogames that are “games about games” (Boluk and LeMieux 2017, 28–29). And the games these indie games are about are, more often than not, the “mainstream” games to which they are positioned as alternatives (Boluk and LeMieux 2017, 31–32). On the level of creative production, indie games are created through the cannibalization and regurgitation of the mainstream, not its opposite regardless of the intentionality of their production.

    This is, in effect, the sort of “mystical bullshit” that Liam Dee argues still “dominates” the concept of art itself, in which “creative expression is seen as special and wonderful precisely because there is a non-creative quotidian for it to be contrasted with” (Dee 2018, 3; 24). The quotidian in question is, of course, day-to-day existence under capitalism. In art, however, “even when commercial relationships are explicit, there are many strategies that are undertaken to make it seem that commerce is not what our culture is really about and that, in fact, it is anti-commercial” (Dee 2018, 114).  When Cullen et al. and others praise the indie game for its ability to shirk the economics of the marketplace and instead free the artistic vision of the creator, they transpose onto videogames the bourgeois logic of literary hierarchy that begets canons in the first place. As Raymond Williams explained,

    Art is a kind of production which has to be seen as separate from the dominant bourgeois productive norm: the making of commodities. It has, then, in fantasy, to be separated from ‘production’ altogether, described by the new term ‘creation’; distinguished from its own material processes; distinguished, finally, from other products of its own kind or closely related kinds—‘art’ from ‘non-art’; ‘literature’ from ‘para-literature’ or ‘popular literature; ‘culture’ from mass ‘culture’ (Williams 2009, 154).

    Or, perhaps, Indie Game from AAA Game.

    Little exemplifies this problem better than Melissa Kagen’s resounding critique of the production and representational logic of the former indie darling Eastshade. Kagen argues that the game’s creator, Danny Weinbaum, “threads the needle between presenting himself as the visionary artist he is…and humble laborer” and that Weinbaum is not alone in this rhetoric of self-sacrifice for artistry amongst indie developers (Kagen 2022, 60). What is really happening “in this paradigm [in which] successful independent game development consists of a complicated cocktail of work, luck, and affect” is the possession of “enough privilege to survive precarity and the promise of overcoming it through hard work, patience, and (crucially) the subjugation of both personal needs and artistic vision in deference to player/consumers” (Kagen 2022, 62-63). In totality, Eastshade is “a fairy tale of late capitalist precarity,” in which “twenty-first-century ideologies and prejudices…make sense to have and do no harm. They aren’t underhanded, racist, or backstabbing, and they result in a gorgeous experience where everything is beautiful, and nothing hurts” (Kagen 2022, 63; 56).

    “Everything is beautiful, and nothing hurts” just as easily describes the now-canonical indie game Stardew Valley, which possesses a similar production narrative of the bootstrapping auteur in developer Eric Barone.[12] In Stardew Valley, the player experiences the quotidian of small-scale agriculture in a contemporary village in a simulacral Euramerica, farming, managing livestock, retailing crops, and marrying townsfolk. The game has been nearly universally acclaimed and ushered in a new wave of non-mimetic farming simulators, which are indeed the games that, as an indie game, Stardew Valley is about on a metatextual level.

    Stardew Valley is a quintessential indie game. It is emblematic of the manner in which “indie games circulate as a form of cultural imperialism that both colonizes profitable forms of independent production and sanitizes them for mass consumption” and which “reduces all independent development to this particular aesthetic and mechanic genre of videogames and also reduces all independent developers to those white, Noth American men able to make a living developing games” (Boluk and LeMieux 2017, 33). Like Eastshade, “Stardew Valley may appear anti-capitalist and environmentalist in its invocation of a slow, community-oriented life that leaves the office cubicle behind. The gameplay…suggests a different attitude” (Jagoda 2020, 68). Patrick Jagoda argues that this different attitude is the neoliberal ideology underpinning all videogames, indie or mainstream, problematic or ameliorative. For Jagoda, “Stardew Valley is something more than a representation of neoliberal life: it is a participatory training ground for the types of processes, modes of thinking, and habits necessary to survive and thrive within—and in many active senses to build—a neoliberal lifeworld” (Jagoda 2020, 69). And, as Golumbia once wrote, “a more apt name,” for the state of the contemporary world under computationalism itself “might be ‘neoliberalism” (Golumbia 2009b, 144; Jagoda 2020, 13).

    Indie games may appear to provide a break from the dominant concerns of mainstream gaming, such as technological development, homogeneity, conquest, and heroics, and that delicate balance of difficulty and accessibility that makes for a respectable prestige title. However, on a sublimated level, they replicate the same underlying ideologies of pseudo-meritocratic neoliberalism, bourgeois cultural hierarchy, and artistry while obscuring the harmful realities of the videogame as a medium. Even when the invisible hand attempts to correct itself, it cannot escape the systems that animate it in the first place. The only way out of the double bind is to get outside of it. To do so, we must acknowledge that the issues we take with some games are present at some level in all. This is to say, Stardew Valley is not special. It is not special either as a beacon of cozy comfort amidst the dominance of the epic and brutal conquests of mainstream gaming or as a reaffirmation of the neoliberal capitalist world order. Under a system of canonicity in scholarship, when only touchstone texts are ever given complete critical treatment, both our praise and critique of Stardew Valley have the same effect: reinforcing its canonical status and unrivaled cultural importance.

    The prominence of indie games brings forth one peripheral problem that haunts the videogame canon and the maneuvers of the hand itself. This is the specter of a stubborn, implicit Orientalism. That is to say, for all of the influx of interest in Stardew Valley within popular and scholarly gaming cultures, there has been little interest in uncovering, addressing, and analyzing the game’s immediate East Asian ancestor, the storied and still in production, Harvest Moon series.[13] Christopher B. Patterson argues that “videogames are Asiatic even when they contain no explicit racial representations, as they are manufactured and innovated upon in Asian contexts and remain colored by Asian associations as new media products” (Patterson 2020, 27). Meanwhile, the list of 38 canonical games compiled by Frome and Martin features only seven games developed in East Asia, and if we discount arcade cabinets which carry loose regional associations despite their origins, only five remain: Super Mario Bros., Final Fantasy, Resident Evil, the Legend of Zelda, and Metal Gear Solid. Much like the conversation around issues of inclusion and diversification in the Western canon, the canonical texts of game studies are remarkably homogenous despite the fact that East Asian products overwhelmingly dominate the global videogame marketplace. We must ask if the videogame is indeed Asiatic in the collective cultural imagination, how can a canon of videogames be no more than 13-18% East Asian in origin? The pivot to indie games over AAA titles has made no more room for a discussion of these regional biases. As Stardew Valley’s cannibalization of Harvest Moon demonstrates, the games that indie games are so often about are East Asian. An uneven distribution of cultural capital is visible, and it is predicated upon a reductive conception of regional origin. Geographically and racially coded exclusion is a profound consequence of sheer inattention to the systemic mechanisms at play in the discursive formation of a games canon.

     As the three moments detailed above demonstrate, the academy’s structural conditions empower the invisible hand of canonicity to propagate the generation, maintenance, and dissemination of cultural capital embodied through canon formation and organization. In this way, canonicity operates in a manner equivocal to computation by obscuring the operations of already-established systems that constantly accumulate, condense, and employ power. The presence of a canon in game studies doubles the relationship between the game and hierarchical power, manifest in both games themselves as software and in canons as creations of institutionalized cultural capital. When we write about games only because other scholars have discussed them, ignored them, undervalued them, or overvalued them, we replicate the binary logic of value judgments predicated on the individual tastes of others. When we endlessly discuss the merits and demerits of the same AAA games, we reproduce them and all that comes with them. When we value games made by individual creators or studios because of their relationship to an authorial or artistic presence, we reinforce the bourgeois ideology of art as a metaphysical product of genius, discrete from the material production of commodities. When we write about only those games we think other people want to read about, we allow imagined demographics to shape material knowledge production. Each of these moments arose because of the implicit presence, fluid though it may be, of a canon of games deemed worthy of research, which shapes the how, why, and for whom we research games at the cost of all possible alternatives. When we replicate and reinforce the shadow canon of videogame studies, we allow ourselves to be manipulated by an invisible, immaterial, and unnecessary presence created by and for institutions and cultural ecosystems very incongruent with the videogame.

    Player 3, Select Name, Double A: On Becoming the Hand

    Like many scholars working in and around the field right now, I am concerned for the future of videogame studies. Following Alex Gekker, I am concerned that “the emphasis on certain types of (commercial) gaming phenomena” within the field, e.g. canonicity, “leads to a path of dependence that pushes game scholars to focus on a limited number of highly visible games, genres, and related practices, limiting publishing opportunities to those lacking in certain gaming capital” (Gekker 2021, 74). These limitations are what Kelly Bergstrom worries are a defining reason for the lack of diversity within videogame development and videogame studies, encapsulated by young scholars’ (including my own) worry that “their work [is] too niche, too concerned with edge cases, and too far afield to be considered within the boundaries of game studies” (Bergstrom 2022, 178). Gekker suggests a solution grounded in reframing game studies as a post-humanities field in which scholars intermix “various forms of humanities and social sciences analyses to better account for the material shift in media technologies,” or essentially, an opening up of the boundaries of game studies to include all scholars who work on, around, with, or even in videogames (Gekker 2021, 78). Bergstrom’s suggestion is similar. She asks that “we reframe our field’s genesis point,” positioning issues of identity and culture at the forefront (Bergstrom 2022, 178).

    While I do not disagree with either of these suggestions, and attempt to uphold them in my own work, I question whether the amount of coalescent organization required from the field of game studies to make an organized and concerted effort of reform is not simply a reproduction of the problem itself. An organized game studies that can make a majority decision to correct its own course is a narrow game studies. This narrow game studies then once again excludes those who, Gekker writes “might be participating in game studies but not defining themselves according to their affinity with the field” (Gekker 2021, 75). Simon Deterding has already pointed out that game studies is an “increasingly narrow inter-discipline” intellectually dominated by humanities scholars and game developers within the field, and as such, an orchestrated reorientation of the field predicated on identification with the extant field only replicates the same omissions (Deterding 2017, 532).

    I am also concerned that taking on any actions at the strategic level reinforce Soraya Murray’s worries about the effects of neoliberalism in the university. Like Gekker and Bergstrom, Murray is troubled about the state of game studies, emphasizing “the residue” of game studies’ origins in “entertainment writing” and “the overwhelming priority given within the academy” to “technical, training, development, and interaction” (Murray 2018, 9; 12). However, as a post-colonialist scholar, Murray is also concerned that “the neoliberalism of the university has resulted in an environment in which the critical cultural theorist of technological forms is often made to feel that, as they are not ‘making’ something, what they are doing is not productive” (Murray 2018, 17). That is to say, we do not need to make videogames, make things from video games, or (re-)make the field of videogame studies to produce insight into the cultural functions of the videogame. And yet, because videogames as objects and videogame studies are closely tethered to production, both in the material production of games themselves or the theorized production of new skills, affinities, attitudes, and information through interaction with them, it is often especially difficult to escape the logic of productivity when dealing with them in any capacity. This potential to lapse into the whims of neoliberal capitalism is especially worrisome, considering that, as we have already seen, the videogame can often double as a rhetorical instrument of neoliberalism itself. As such, instituting a post-humanities turn, reframing our field’s genesis, the promotion of specific creators, or even Christopher A. Paul’s “obligation” to address problems within videogame studies, while noble and beneficial projects, verge on simply other ways to “make” things, to prove productivity under neoliberalism (Paul 2018, 2).

    What I suggest here, then, is tactical action, attention, and inattention to the field in tandem so as to produce scholarship that responds to inquiry and need. The implicit production of a canon that results in numerous chapters on Bioshock, treatises on Stardew Valley, and conference panels on The Last of Us is simply one of many components that maintain and limit the purview of game studies. It is one boundary spurring on an “increasing coalescence” of game studies “into a relatively closed community” (Deterding 2017, 536–37). Despite the depth to which canonicity is ingrained in Western scholastic culture and textual studies, de-canonization seems to be one of the easiest reparative projects to initiate within game studies. When players over 100,000 players gather in the subreddit for Palia or when Splendid Land, the working name for developer and artist Samanthuel Louise Gillson, publishes simple, short, metatextual games like Franken which comment on and promote the consumption of other niche or dying genres, they are doing de-canonization through the selection and rendering visible of these works. For, if the canon is crafted in the shadows by an invisible hand who picks and chooses, values and devalues, remembers and forgets, includes and excludes, and if we can agree that the presence of a canon in game studies is as, if not more, problematic than the existence of a canon in literary or film studies, then we must render the hand visible in game studies, as well.

    The title of this subsection refers to the glitch through which the final boss of Super Smash Brothers Melee, Master Hand, a hostile, disembodied, gloved hand, can become a playable character. By plugging in two controllers, one in the 3rd slot of a Nintendo Gamecube, loading the character select screen, lingering over the select name option on Player 3’s character slot, and pressing A on both controllers simultaneously, the player can enter battle as Master Hand. As neat as access to an otherwise forbidden character may be, playing as Master Hand is less than fun. It freezes frequently in battle and is unusable in certain game scenarios. The Super Smash Brothers fan wiki describes the pros and cons of utilizing Master Hand succinctly: “if Master Hand is allowed in a game, he may at first appear to have a considerable advantage, as he does not take knockback and thus cannot be KOed at all,” but “since the Master Hand glitch most often causes a major disadvantage to the player using it, few players even consider the option, preventing the situation from being a competitive issue” (“Master Hand Glitch” 2024). As a boss, Master Hand is a hostile NPC and a part of the encoded structures of the game itself, an unchangeable, essential quality of it. With the glitch, however, Master Hand becomes interactive, controllable, and strategically deployable as a broken character capable of breaking itself, others, and the game it inhabits. I suggest here that the system of canonization that has taken place over the last forty years of game studies has occurred through an invisible hand that we, as games scholars, might do well to think of as Master Hand. To ameliorate some of the harm it has enacted on the field, we might consider using the glitch and becoming Master Hand.

     To become Master Hand, we must become aware of our own actions in the field and how they shape it. If we want to see it changed, we must be willing to make those changes on an individual, tactical level in our own scholarship. This could mean anything from a fundamental refusal to acknowledge the existence of Bioshock to a persistent, granular inquiry into those games that are neither prestigious nor subversive like Madden ’13, Cat Quest, or The Sims: Medieval. If we desire not only the survival of game studies but the realization of its transformative power, we must accept games as they are: as a diverse array of commodified software. Eventually, if the structural logic of canonicity is left in place, the field will be reduced to a true echo chamber, appraising and sponsoring the same games, the same types of games, the same players, and the same game cultures. We cannot kill our personal Master Hand any more than we can kill the one that lives inside a tiny disc for the Nintendo Gamecube; attempting to do so will only cause it to respawn, perhaps a bit wilder this time, as Crazy Hand. Rather, we must control the Hand. Before this sounds too much like the neoliberal reforms suggested above, I want to clarify that the control I imagine is that of small, imprecise, and often ineffective gestures, just as controlling Master Hand for a round of Smash feels.

    To control the Hand, we must become it and simultaneously ignore it. And as the Master Hand, we could study and theorize those games that we are interested in, that our students (all of them) are interested in, that the world at large is interested in, and those games that carry meaning for us, for others, or no one. We could study games broadly, diffusely, and carefully. We could contradict ourselves and others within our field and allow those contradictions to hold without the easy answers of reform or replacement. We could both continue to write, as we have, about the ways in which Stardew Valley offers the image of liberation from the oppression of late-stage techno-capitalism and simultaneously reinforces it under a more quaint, rural veneer. We could also write about the way the game plays, the way it was created, the way it was received culturally, its lineage as a Western descendent of East Asian non-mimetic farming simulators, and its relationship to ultra-realistic Western-produced farming simulators, and who plays it, why they play it, where they play it, and why they enjoy playing. We are also able to ask and answer all the same questions for those quaint, cozy, lightly fantastic farming games that came before it and the genre of “cozy” indie games that have come after it, and finally, we must compare our answers. We could ask if Stardew Valley is exceptional amongst its peers, and if so, try to articulate why, even if that answer turns out to be, disappointingly, nothing more than a matter of historical timing. We could acknowledge that videogames as objects are computational commodities, born in the military-industrial complex and nurtured to maturity on the sustenance of exploited labor, resource extraction, abuse, hate, and profound misogyny just as often as we rightfully acknowledge the radical, liberatory, speculative, ameliorative, healing, and educational possibilities equally embedded within the medium. Acknowledging these things means choosing not only what we say about games but also what games we say things about and why. Even when Master Hand freezes up and cancels out the game, we could always continue to try to control it to prevent it from controlling us.

    Rian C. Johnson is a doctoral candidate in the Media, Art, and Text program at Virginia Commonwealth University, where he is also an adjunct instructor in the English department. His primary areas of interest are critical video game studies, speculative fiction studies, and cultural studies. Rian is currently in the process of completing a dissertation exploring representations of the mundane, the quotidian, and the everyday in high-fantasy single-player Japanese role-playing games.

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    [1] No matter how hyperbolic, provocative, or subjective it may sound to call videogames bad objects, I am not the first. Ian Bogost once characterized games as “gross, revolting heaps of arbitrary anguish” in which players engage in a desperate, unnecessary “attempt to get a broken machine to work again” (Bogost 2015, 1). Videogames are, Bogost claimed, “grotesque” (Bogost 2015, 1). As the theorist behind procedural rhetoric, Bogost’s orientation towards games has always been markedly more computational than most of the field and equally hyperbolic. While Bogost was referring to Flappy Bird in the above quotation, his descriptors apply to videogames in general and should do so explicitly.

    [2] See Golumbia’s “Games without Play” for more on the inextricable relationship between games and labor (Golumbia 2009a). 

    [3] The anchor, Jayne Secker, received substantial online blowback, including demands for an apology from anonymous netizens. Yet, an apology was never issued, nor was the comment acknowledged by the anchor or the network which in and of itself demonstrates a pervasive cultural, if not dismissal of, or at least disinterest in videogames as valuable artifacts.

    [4] Unlike Concord’s simultaneous flop, publications ranging from film news to entertainment news more broadly and to mainstream general news platforms like CNBC, NPR, BBC News, and the Guardian were all invested in the post-mortem of Todd Phillips’ Joker: Folie a Deux (Kim 2024; Barber 2024; Whitten 2024; Hoad 2024).

    [5] On Adventure’s equivocation with storytelling and literary textuality in early game studies see Espen Aarseth’s 1997 monograph, Cybertext, which takes the game as a primary case study, Chris Crawford’s 2003 chapter “Interactive Storytelling” which names Adventure as a sort of videogamic proto-narrative, Aarseth’s 2004 chapter “Genre Trouble” in which he does much the same, taking Adventure’s narrative identity as a priori, Jesper Juul’s Half-Real, in which Adventure is used again as an early prototype of Juul’s category of “progression” games in which linear, teleological ludic and narrative progression is valued above freeplay or exploration, and finally, Nick Montfort’s 2003 Twisty Little Passages, named after a quotation from the game itself. (E. J. Aarseth 1997; E. Aarseth 2004, 51; Crawford 2003, 259–60; Juul 2005, 76; Montfort 2003)

    [6] For more recent research on or around Adventure, see Reed, Murray, and Salter’s 2020 Adventure Games, which encapsulates both Adventure and Kentucky Route Zero, Stuart Moulthrop’s 2021 chapter on the legacy of hypertext fiction, “Hypertext Fiction Ever After,” Andrew Reinhard’s 2021 archaeological investigation of the game, Jérémie LeClerc’s work on race, Adventure, and Kentucky Route Zero, Dennis G. Jerz, Tiffany Funk, and Jesse Snider’s work on the relationship between the in-game world and the real Mammoth Cave complex, and finally, Aubrey Anable’s phenomenal affective reading of the metatextuality between both games in Playing with Feelings (Reed, Salter, and Murray 2020; Moulthrop 2021; Reinhard 2021; LeClerc 2024; Jerz 2007; Funk 2022; Snider 2023; Anable 2018, 1–37). 

    [7] A few exceptional examples are Mark J.P. Wolf’s early article on video game spatiality utilizing Space Invaders as a primary example, King and Krzywinska’s formal analyses of Space Invaders, Raiford Guins’ discussion of the Space Invaders cabinet, Jaroslav Svlech’s semiotic reading of the depiction of enemies within Space Invaders, and works from within popular video game culture like Steve Bloom’s Video Invaders or Martin Amis’ Invasion of the Space Invaders. (Wolf 1997; King and Krzywinska 2006; Guins 2014; Švelch 2023; Bloom 1982; Amis 1982)

    [8] The most glaring relation between this turn and Space Invaders as an early “non-canonical” text that was then incorporated into the canon is Jesper Juul’s “Games Telling Stories?” which uses the game as a primary example in investigating the existence and presentation of narratives within videogames, but the phenomenon is what Sky LaRell Anderson considers “ludic anxiety” and provides a discursive summary in “Start, Select, Continue,” (Juul 2001; Anderson 2013)

    [9] Consider the fundamental relation between texts like Ultima IV, Dragon Quest, Missile Command, Mystery House, or even Puyo Puyo and contemporary, canonical video games as well as their relative absence from anglophone video game scholarship.

    [10] For insight into Mary Ann Buckles’ time as a graduate student, see Michael Erard’s 2004 profile (Erard 2004).

    [11] AAA games are those games produced by major video game studies which receive the largest investment of resources, including economic, creative and skilled labor, manufacturing and distribution, and the most popular attention within and without gaming culture.

    [12] For a particularly succinct and ostentatious example of this, see GQ’s 2018 photoshoot-accompanied feature on Barone as the “alchemist” of gaming (White 2018).

    [13] The series’ first iteration was released in 1996, and new installments have been released regularly since then. However, in 2015, the series changed its title in the Anglosphere from Harvest Moon to Story of Seasons due to changes in licensing, localization, and publication deals. Despite this, the Japanese title, Bokujō Monogatari, and the series continuity have remained unchanged. 

  • Adin Lears–Bitcoin Vitalism and the Elixir of Life

    Adin Lears–Bitcoin Vitalism and the Elixir of Life

    This text is published as part of a special b2o issue titled “Critique as Care”, edited by Norberto Gomez, Frankie Mastrangelo, Jonathan Nichols, and Paul Robertson, and published in honor of our b2o and b2 colleague and friend, the late David Golumbia.

    Bitcoin Vitalism and the Elixir of Life

    Adin E. Lears

    At the 2021 Bitcoin convention in Miami, Michael Saylor, CEO of the business intelligence company MicroStrategy, lauded Bitcoin as a form of energy:

    Bitcoin is a system for collecting, channeling, and storing energy in the most efficient way we’ve ever invented. It is storing potential energy to stay alive. You have fat on your body? If I cut you off from food for ninety days, you’d still be alive…When you’re putting energy into Bitcoin, you’re storing fat. Fat is organic energy. Bitcoin is monetary energy (Saylor qtd. Stephenson 2022: 33).[1]

    Saylor seems to imagine Bitcoin here as an energy that is economic as well as biophysical: it is an energy that supports the condition of being alive. He seems to confuse the actual and the metaphorical, taking a metaphor—Bitcoin as energy—and treating it as an actuality—Bitcoin is life-energy. In doing so, he conflates the domains of the economic and the physical in a way that would seem to correlate material wealth with greater strength and longevity. There is a kind of vitalism to this thinking, which can be characterized as a belief that the foundations and processes of life are dependent on a force beyond the physical realm. What that force is—God? Money?—remains unclear.

    Saylor’s vitalist and specifically physio-economic thought is the logical extension of a rationale for cryptocurrency writ large. Proponents of crypto believe that the US dollar has been devalued at the whim of an establishment of banking “elites,” effectively breaking down the strength and vigor of the US economic system. Saylor—and other proponents—believe Bitcoin offers a better, stronger alternative. It is a means of bringing economic control, autonomy, and “sovereignty” back to the people. Ultimately, as I will show, proponents like the economist Saifedean Ammous believe that this will bring about a social and cultural revitalization, improving the quality of art, ending war, and even restoring nutrients to the soil.

    Tracing the ideologies of Bitcoin back to the formation of the John Birch Society in the 1960s, David Golumbia (2016: 14-16) has detailed how such an emphasis on freedom and individual sovereignty—among other techno-utopian promises—evinces a form of cyberlibertarianism particular to the alt-right. Here I find early quickenings of such vitalism in another techno- utopian pursuit driven by a desire for both economic and physical vigor: the alchemy of the European middle ages. Since its inception among ancient natural philosophers, alchemy sought to purify and vivify matter, turning base metal into gold and restoring youth with the elixir of life. Through the European middle ages, alchemical pursuits were often informed by the promise of alchemical knowledge as a means of restoring the perfection humans had lost as a result of the biblical Fall. For many of its proponents, Bitcoin offers a similar means of eluding the constraints of government and banking “elites” and revivifying a “fallen” culture. As Elizabeth Povinelli (2016: 20) reminds us, a spirit of vitalism undergirds capitalism writ large in its impulse to see in all things a volatile potential to create profit. Bitcoin’s vitalism literalizes this perspective, yoking an animist language of material communalism with processes of economic and social exploitation and extraction. Attending to this long history of economic vitalism allows us to look past the rationalist logic favored by proponents of Bitcoin to identify its quasi-mystical appeal.

    Medieval Alchemy and the Elixir of Life

    In recent decades, alchemy’s vitalism has been a vexed subject among historians of science, many of whom have sought to rescue alchemy from the realm of occult esotericism by accentuating its concern with physical materials, processes, and transformations. Indeed, the influence of early alchemical theories and practices on modern chemistry and pharmacology has been well-established (DeVun 2009; Chang 2011). Yet, as scholars like Leah DeVun (2009: 102-105) and Zachary Matus (2017: 7-14) have demonstrated, alchemy’s spirituality and materialism are mutually imbricated: its theology underpins its understanding of the material world and material practices drive its spiritual aims. It is hardly necessary to keep these two realms separate in the study of medieval alchemy. This is especially true in the realm of alchemy’s metaphors, which frequently draw from religious imagery and ideas in the process of describing alchemical materials and processes. As DeVun (2009; 102-28) argues, such spiritual metaphors reveal the complexly theological basis that underpins much medieval alchemy and, moreover, serve at least two rhetorical aims: first, to render abstract scientific processes in more widely comprehensible terms and second, to imbue alchemical programs with the heft of the spiritual, even revelatory. As we will see, in articulating the meaning and value of Bitcoin, its proponents walk a similar line, melding “hard” science with the spiritual affects and feelings of religious belief.

    Medieval alchemy was, in a fundamental sense, a life science. It drew from Aristotelian natural philosophy and other intellectual traditions, seeking to create an elixir or “Philosophers’ Stone” that would purify metal and prolong human life. Medieval natural philosophers drew on the ideas of Arabic naturalists, who posited a “medicine” that would heal metals, turning them from base metal into gold and silver (DeVun 2009: 84). The original aim of alchemy was this transmutation of metal; the Arabic word al-iksīr, from which the word elixir derives, originally referred only to the perfection of metals (Matus 2017: 40-41). Yet medieval thinkers like the thirteenth-century English philosopher and Franciscan friar Roger Bacon (d. 1292), perhaps influenced by earlier Chinese Taoist ideas about the prolongation of human life, combined the aim of purifying or tempering metal with treating the human body (DeVun 2009: 84).

    The relationship between the purification of metal to gold and the prolongation of human life was not a metaphor: the same alchemical principles governed each one. For early alchemists who sought to turn base metal into gold, all metallic matter was constituted by “primary qualities”—hot, dry, wet, or cold—which could be transformed through alchemy, along with the metal’s appearance. The primary quality of tin, for example, was dry. But this quality could be transformed into the heat attributed to gold or the cold attributed to silver, through the elixir. In this way, alchemy was believed to transform both the constitutive substance and the superficial appearance of metal. Yet these primary qualities—hot, dry, cold, and wet—constituted not only metal but elemental matter—fire, earth, air, and water. And these elements, in turn, comprised the humoral matter that made up the human body: yellow bile, black bile, blood, and phlegm. This material correspondence between matter and the human body enabled medieval thinkers to extend the logic of the elixir from the purification of metal to the prolongation of human life (Matus 2017: 40-41). Bacon, for example, held that all material substances, including both metals and flesh, were composed of elemental humors (Newman 1997: 319-23). The goal of alchemy was to encourage a state of what Bacon called “equal complexion”: to temper matter—metallic or fleshly—so that all of its elemental qualities or humors were in perfect balance (Newman 1997: 328-32).

    Bacon’s theory of alchemical medicine offers a useful example of medieval alchemy’s techno utopianism: its aim to improve the state of the physical body, and also the value of the immaterial soul. The elixir had the capacity for moral as well as physical improvement. Bacon’s ideas on the possibility of achieving “equal complexion,” and with it the perfection of the body and soul, were grounded in biblical accounts of both prelapsarian corporeality and Pauline accounts of the resurrection of the body. In his Opus Majus, Bacon wrote:

    For this condition [of immortality] will exist in our bodies after the resurrection. For an equality of elements in those bodies excludes corruption forever. For this equality is the ultimate end of the natural matter in mixed bodies, because it is the noblest state, and therefore in it the appetite of matter would cease, and would desire nothing beyond. The body of Adam did not possess elements in full equality, and therefore the contrary elements in him acted and were acted on, and consequently there was waste, and he required nourishment. For this reason, he was commanded not to eat the fruit of life. But since the elements in him approached equality, there was very little waste in him; and hence he was fit for immortality, which he could have secured if he had eaten always the fruit of the tree of life. For this fruit is thought to have elements approaching equality; and therefore it was able to continue incorruption in Adam, which would have happened if he had not sinned (DeVun 2009: 85-86).

    Bacon stresses that the equal complexion of the resurrected body can be achieved on earth. He reasons that Adam’s prelapsarian body was subject to humoral imbalance that could be adjusted and equalized by consuming from the tree of life; if Adam had not sinned, consuming the tree of life might have sustained him forever. Significantly, Bacon equates alchemical “equal medicine” with the fruit of the tree of life: both possess material elements in perfect balance and both have the capacity to transfer this perfection to the body of Adam (Matus 2017: 44-46; Newman 1997: 325; DeVun 2009: 85-86). Here and across his corpus of work, Bacon stresses a direct relationship between sin and the physical body: sin caused the body to deteriorate and lose its life force; purification from sin could make the human body more vigorous and extend life. His aim was to use alchemy to turn the human body to a more pure state: a natural balance of equal complexion that approached immortality. In comparing the therapeutic effects of the alchemical elixir to the effects of the resurrection, Bacon reveals his aim to promote the perfection of heaven on earth (DeVun 2009: 86).

    Indeed, for Bacon, alchemy was not simply a potent medicine. It also offered a means of converting the physical complexions and corresponding morals of non-Christians. In outlining alchemy’s purpose in this endeavor, Bacon drew on the purported advice from Aristotle to Alexander the Great presented in the pseudo-Aristotelian text the Secret of Secrets. Because various regions had their own complexions, which in turn influenced the physiology and morals of the people who dwelled there, the Secrets-author reasoned that changing the landscape would influence the bodies and minds of the inhabitants, “pacifying” them into submission. In the absence of details supplied in the Secret of Secrets, Bacon offered his alchemical elixir as a means of accomplishing this change in landscape, physiology, and moral make-up (Matus 2017: 49-52).

    Bacon was not alone in his desire to draw the perfection of heaven into the earthly realm. Writing several decades after Bacon, the early fourteenth-century French Franciscan alchemist John of Rupicessa (b. 1310) elaborated on the alchemical theory of Bacon to articulate a “quintessence” that might extend life (DeVun 2009: 81-89). Rupicessa’s alchemical quintessence was based on a “fifth element,” drawn in part from Aristotelian and Stoic conceptions of the pneuma, or vital spirit pervading all things, which Rupicessa understood as a manifestation of heaven on earth (DeVun 2009: 67). Whereas the primary qualities of the four earthly elements were fixed—fire is hot and dry and cannot become cold or moist—Rupicessa held that the fifth element could shift in its quality when it is necessary, making it “strong against all opposing things” (DeVun 2009: 66). It was a kind of universal cure, adding any “quality” needed to balance the humoral complexion.

    Like his predecessor, Roger Bacon, Rupicessa’s description of the process of the creation and operations of the quintessence sought the restoration of spiritual purity. He extended this ideal, by additionally emphasizing that such purification could be achieved through a distinctly human ingenuity.  Describing the quintessence, Rupicessa wrote:

    [T]hrough the virtue which God contributed to ornamented nature and subjected to human magisterium, man is able to cure the inconveniences of old age—which impeded the works of the Evangelical life too much among the ancient men of the gospel—and to restore the loss of youth and to recover the pristine powers and to have them again….This is what all who have worked to seek the thing created for the use of humans desire, to be able to protect the corruptible body from putrefaction and to conserve it without diminution so that it may be conserved, if it is possible, in perpetuity. This is the thing that all desire naturally: never to be corrupted, nor to die” (DeVun 2009: 65).

    Though he does not frame the operation of the quintessence in terms of the biblical Fall, as Bacon does, Rupicessa’s account here nevertheless evinces a similar desire to “restore” and “recover” a “pristine power” that has been lost. Significantly, Rupicessa’s account emphasizes human exceptionalism as a foundation for scientific ingenuity. Nature has “virtue” (virtutem)—an early term for vital power or force. But this natural force is ultimately “subjected” to “human magisterium.” Such an emphasis on human power over nature implicitly recalls the prelapsarian condition of Genesis, in which God created Adam in his own image, giving him dominion over all other creatures (Genesis 1:26).

    Rupicessa’s emphasis on restoring purity through human control over nature extends into his account of the materials of the quintessence. For Rupicessa, the quintessence should be made of:

    something which is in itself incorruptible (if it exists in eternity), and which always makes anything that comes into unity with it uncorrupted, most of all flesh, something which nurses the virtue and spirit of life and augments and restores it; something which digests all rawness, and reduces all that has been digested to equality, and which removes from anything all excess of any quality and restores to it any lost quality (DeVun 2009: 66).

    The elusive “something” Rupicessa seeks is a substance that is entirely original and sovereign; it is incorruptible “in itself,” i.e. through its own force or power, and not through something added. Its originary power allows it to exert a force that influences any matter it comes in contact with, including corruptible human flesh. Using a viscerally material metaphor of digestion, Rupicessa describes the work of the quintessence as a process of breaking human flesh down to an essence and adding back what has been lost. The originality of this substance—its purity and self-sufficiency—gestures to the ways that Rupicessa’s ideals of purity inform a related standard of sovereignty. His quintessence, in short, sought a substance of such purity and sovereign force that it could transfer such qualities to the human body and soul, restoring some of the perfection lost in the Fall.

    Indeed, Rupicessa’s ideal of human sovereignty is particularly evident in his rationale for the quintessence, which emerged from the theory that humans suffered three kinds of death: natural death, violent death, and “death [that] arrives sooner than the end predetermined by God.” Medicine was fruitless against the first two. But the last kind was “because of too much regeneration and dissolution, or through too much austere abstinence or despair, or through negligence in avoiding danger of death, one kills oneself” (DeVun 2009: 64-65). In other words: Rupicessa’s third form of death was due to human error and failure to avoid danger. His quintessence sought to address this last kind of death. By acknowledging that some, not all, deaths could be prevented, Rupicessa maintained that supreme power lay in the hands of God. At the same time, he suggests a kind of human culpability for certain illness, corruption, and death, a premise undergirded by a belief in human free will. Medieval theologies of the Fall understood the postlapsarian condition as a state of spiritual slavery, defined by the sinful violation of divine law (Wyatt 2009: 248-49). Nevertheless, unlike animals, humans could exercise free will, enabling them to attain a certain freedom, even in their sinful lapsed state (Shannon 2013: 135-41; Davis 2016: 158-60).  By situating his quintessence as a remedy for “bad” human choices, Rupicessa reinforces the theology of the Fall as a crucial cornerstone of his alchemical theory. Eschewing foundational religious ideals of poverty, humility, and charity, such theory weaves the alchemical pursuit of longevity with a desire for a sovereign self-sufficiency and control.

    Indeed, such individualism informed Rupicessa’s political program for the quintessence.  As DeVun has shown, Rupicessa’s “apocalyptic alchemy” was informed and made urgent by a millenarian mindset that predicted the imminent arrival of the Antichrist (DeVun 2009: 57). His quintessence promised to bolster the strength of the institutional Church at multiple levels. The alchemical production of precious metals could be used to buy necessities for Christians, and therefore contribute to funding the Church’s war against the Antichrist (DeVun 2009: 58). At the same time, alchemy’s medicinal uses could help to heal the bodily injuries resulting from that war; stronger human bodies would in turn mean longer-lived evangelizing, more powerful adversaries for the Antichrist and allies for the Church (DeVun 2009: 61-62). In this way, Rupicessa’s religious beliefs and ideals were fundamental to his alchemical theories and aims. Attending to the convergence of spiritual and material registers in medieval alchemy can amplify its emphasis on physical and moral purification, as well as human ingenuity and mastery over the natural world—all ideas that also emerge in the vitalism that undergirds much contemporary discourse on Bitcoin.

    Bitcoin Vitalism

    As Golumbia (2016: 14-16) has shown, the conspiratorial affects and cyberlibertarian ideals around Bitcoin arguably found their origins in the paranoid economic theory popularized by the John Birch Society, whose founder Robert Welch was among the first to give voice to notions of economic control by government and banking elites. Welch’s essay, “The Truth in Time” (1966) framed social welfare programs—many of them emerging directly from the New Deal—as a means of reducing the responsibility and thus autonomy of individual citizens while building the authority and reach of the federal government. Other John Birch Society publications outlined how the US Federal Reserve has devalued the US dollar while maintaining sole control over the issuance of bank notes. Bitcoin’s emergence as a “decentralized” or “distributed” economic system responds in part to this paranoia about government control over banking. The software does not exist in a single physical location, nor is it hosted by a single company like Amazon or Google. It is, instead, networked across multiple machines. For these reasons, proponents of Bitcoin have lauded it as a form of “distributed authority” which places economic power back in the hands of ordinary people rather than banking elites. Yet, as Golumbia shows, this idea of distributed authority masks a commitment to the sovereign individuality of Bitcoin’s users, who remain free from government regulation and interference (Golumbia 2016: 27-32; 2024: 281-96).

    These alt-right impulses toward freedom and individual sovereignty masked in an anti-authority, even quasi-communalist ethos are evident in Bitcoin’s vitalist currents. In his book, The Bitcoin Standard (2018: 75-76), the economist Saifdean Ammous argued that, as a sound money system less subject to the fluctuations in value emerging from fiat-systems, Bitcoin could cultivate the low time preference that he believes is essential for a flourishing human culture. For Ammous, those with low time preference are more apt to think about the future; they are more likely to delay gratification and invest, thereby yielding higher returns on their investments. In contrast, those with a high time preference tend to live in the moment, seeking instant gratification. For Ammous, this is the prevailing economic atmosphere today, a form of Keynesian economics centered on “a creed of consumption and spending to satisfy immediate wants.” He continues:

     By constantly expanding the money supply, central banks’ monetary policy makes saving and investment less attractive and thus it encourages people to save less and invest less while consuming more. The real impact of this is the widespread culture of conspicuous consumption, where people live their lives to buy ever-larger quantities of crap they do not need…The financial decisions of people also reflect on all other aspects of their personality, engendering a high time preference in all aspects of life: depreciating currency causes less saving, more borrowing, more short-termism in economic production and in artistic and cultural endeavors, and perhaps most damagingly, the depletion of the soil of its nutrients, leading to ever-lower levels of nutrients in food (141).

    The baggy environmentalism of this passage—Ammous loosely links overconsumption of resources to depletion of nutrients in the earth’s soil, without explaining the relationship—amplifies a vitalist current in Ammous’s thinking: as a sound money system, Bitcoin can repair cultural and environmental devitalization.[2] More pointedly, the logic of the passage moves seamlessly from economic value to cultural value to organic value: an inability or failure to accumulate wealth dilutes cultural production to cheap “crap,” which in turn diminishes nutrients from the soil. Humans are not living up to our full potential, Ammous implies. Our civilization is watered down and as a result, the environment around us is failing to support our basic needs. We may not even be fully human anymore, since, as Ammous makes clear in an earlier passage, animals have a higher time preference than humans (74).

    Indeed, Ammous’s logic of devolution implies a desire to return to a more pure, vigorous, and human state of being, proposing that Bitcoin offers a means for such a return. He writes at length on the “artistic flourishing” of Europe under systems of sound money, juxtaposing the work of Bach and Beethoven with the “animalistic noises” produced in contemporary recording studios, which turn a profit by “selling to man the titillation of his basest instincts.” A prior  “golden era” produced music that “spoke to man’s soul and awakened him to think of higher callings than the mundane grind of daily life.” In contrast, “today’s musical noises speak to man’s most base animalistic instincts, distracting him from the realities of life by inviting him to indulge in immediate sensory pleasures (99).” Similarly, Michelangelo spent four years painting the Sistine Chapel, eating very little in order to perfect his craft. Modern art—Ammous has a particular disdain for Rothko—could have been made in several hours by “a bored six-year-old” (100). Today’s art is animalistic and childish, a devolution from the mature vigor of the past. With tremendous self-control, the great artists of prior centuries eschewed base materialism, holding their minds on the higher spiritual realm of beauty and “refined tast[e]” (101). For Ammous, Bitcoin approaches a social ethic, through which human culture can return to a thriving and peaceful state—his discussion of sound money and individual freedom makes a claim that unsound money creates the conditions for “perpetual war” (145-49). Yet it is a vision not of mutual aid, but of individual self-sufficiency. The purity implied in his logic of devolution—the “return” to material potency in both high value cultural production and greater health—underscores Ammous’s claim that sound money generates the individual freedom and self-governance that undergirds an idealized golden age of high culture.

    There is a fascistic impulse to these ideals of purity and self-governance—one that becomes apparent as we consider the strange aesthetics and materialism that emerges in the use of another blockchain technology: non-fungible tokens (NFTs), a digital identifier recorded on blockchain, which typically compiles visual and audio digital files into a kind of collage of digital art. As Arne De Boever (2021) has shown, NFTs enact a strange transfiguration of value that reinforces a fetishistic affirmation of the sovereign individual, even as it purports to distribute authority. With their emphasis on the creation of art in a digital space through copies of previously existing works, NFTs have been lauded as a more “democratic” art form, unmoored from categories like authorship, ownership, and value that tie art to the market. Yet, as De Boever argues, NFTs reinforce the very categories of authenticity, creativity, and eternal value they seem to refute, buttressing an “aesthetic exceptionalism” that accentuates the singular, even transcendent qualities of the work of art and the artist. The value of NFTs is so exceptional, in fact, that the material work of art does not matter. Rather than physical objects of art, buyers of NFTs receive “cultic objects”—a token, a certificate, even a clump of hair—to signify their ownership. Such objects refer obsessively to the gross materiality of the human body. Buyers of work by the NFT artist known as Beeple, whose art sold for a record $69,346,250 at Christies in 2021, receive a small token with a cloth, which can be used to clean the token, or “to clean yourself up after blasting a hot load in yer pants.” De Boever calls this “alt-right materialis[m]” a kind of trolling assertion of excess and often sexualized materiality to mask the immateriality of the NFT. The vitalist currents that circulate through Bitcoin discourse are another example of such alt-right materialism. Though such gross tokens are a far cry from the high culture promised by Ammous, both ultimately reinforce individual sovereignty through ideals of aesthetic exceptionalism. And they hide their immaterial nature with a persistent emphasis on matter: the stuff of the human body and the living earth.

    The vitalism and alt-right materialism that is implicit in Ammous’s purist vision of Bitcoin becomes far more explicit in Michael Saylor’s insistent assertion that Bitcoin is energy. In an interview with Robert Breedlove, the influencer and host of the Bitcoin-promoting “What is Money?” podcast, Saylor compares Bitcoin to other digitally networked systems like Apple, Google, and Facebook. Once they reach a certain point of economic development, these corporations are “fires that have been unleashed into society…and the effect is exothermal.”[3] He goes on:

    We have the collapse, the dematerialization of some product or service or virtue or some ineffable quality, be it friendship, or mobile devices, or information. It’s collapsing into a lower energy state. And as it collapses into a lower-energy state, huge amounts of energy in the form of profit, cash flow, and value, get given off….Facebook can improve the way you communicate to your loved ones overnight for a nickel…[W]hen you have these massive dematerializations of value and they get on a network with a network effect, it’s almost like… a crystallizing structure: you’ve got an amorphous substance and as it crystalizes we go from steam to water to ice. It collapses, it gives off energy. [Bitcoin] is that first digital monetary system: it’s collapsing into a much more efficient form; it’s giving off energy. And that just brings us back to the entire subject of how important is energy to the human race.

    Saylor moves freely between descriptive and analogical modes here with a rhetorical style suitable to a venue promoting itself as “a podcast about Wisdom, Intelligence and Meaning” and “one of the most powerful philosophy podcasts in the world.” The effect is to muddle the relationship between the literal and the metaphorical, so that the analogy of Bitcoin as geothermal energy lends a vital physicality to an abstract monetary process: Bitcoin “gives off energy.” This confusion of the literal and the metaphorical is a rhetorical extension of the alt-right materialism that DeBoever identifies in NFT tokens. Just as the gross and often sexualized materiality of the token stands in for the fact that there is no material piece of art, Saylor’s Bitcoin vitalism occludes the immateriality of the currency. The stakes are higher with Saylor, however. The cultic fetish objects that stand in for NFTs make no claim they will help extend life (indeed, while their common references to masturbatory climax suggest virility, it also implies an expense of life force). For Saylor, Bitcoin can make a claim to such longevity.

    The animating energy Saylor attributes to Bitcoin suffuses it with agency: later in his interview with Breedlove, Saylor describes how monetary energy “leaps from gold to Bitcoin” and “leaps from fiat to Bitcoin.” Humans can harness this energy for their own ends. Saylor explains “Money is the highest form of energy that human beings can channel. So if I went back through time, human beings as a species prosper by channeling energy. When we mastered fire, we channeled chemical energy. When we mastered missiles, we channeled kinetic energy…” Adopting Bitcoin is the next phase in human technological development necessary to prosper as a species. Like Frankenstein’s monster, the paradigmatic “creature” or “created thing” animated through the genius of human ingenuity, Bitcoin has come alive. And Saylor seeks to harness its life force.

    Indeed, Saylor inadvertently places himself within a Shelleyan historical and literary genealogy of animated technology, invoking the corporation as a creature. In an interview with the Austrian podcaster and Bitcoin enthusiast Robin Seyr, Saylor responds to a question Seyr poses about what a future might look like under a Bitcoin standard:

    I think, if you look at economic creatures, the classic economic creature in modern society is the corporation. The average life expectancy of the corporation is something like ten years…The number of corporations that are more than a hundred years old [trails off]. What percentage of people live to be more than a hundred, like .1 percent or .01 percent? What percent of corporations live to be more than a hundred, .0001 percent. Well, what if I told you I could make your company live forever?

    In his comparison between the corporation and the “creature,” and in his attention to the lifespan of the corporation, Saylor’s response amplifies the etymological root of “corporation” in the post-classical Latin corporare: “to form into a body.” In doing so, it frames Bitcoin as a kind of vital medicine that can heal and protect the corporation, extending its lifespan to previously unseen proportions. Significantly, Saylor moves back and forth between corporate endurance and human longevity. His explicit claim is that the animating force of Bitcoin can invigorate corporations, making them “live forever.” But submerged within his response is the implicit claim that such economic energy might extend the human lifespan as well.

    The logistics of Bitcoin’s capacity to improve human lifespan are unclear, beyond the simple fact that a currency perceived to build wealth might also offer more resources to live longer—better food, exercise, and healthcare, to name a few. But Saylor never substantively acknowledges the effects of economic imparity. He asks vaguely, “What’s the difference between perfect money and imperfect money?” And responds “Perfect money is economic immortality. Imperfect money is: we all have a short, brutal life.” He juxtaposes “people living in skyscrapers on the 80th floor” with “people in Africa living in mud huts.” His answers set aside any concern for the ways Bitcoin might offer practical material improvement for economic imbalances, nor does he make any attempt to understand the culturally-specific context of such conditions, in Africa or elsewhere. Instead, he is animated by a zealous drive for human improvement. Bitcoin as a new phase in human development, one in which science has realized aims that had previously been consigned to the realm of thought alone—the domain of art and religion:

    Projecting economic energy through time and space has really been more of an aspirational fantasy…or an art than it was ever a science or engineering discipline. Bitcoin takes something from the artistic and from the religious and from the political domain and it moves it into the engineering domain where now there is actually a precise way to move capital…How will the world change? Profoundly [shrug]. I can create an AI that can live in cyberspace capitalized by Bitcoin that will live forever, that will have economic immortality that is completely sovereign from a company, a person, a country. That AI could, in theory split itself…spawn ten million more AIs that are all sovereign. It’s a life form….I could endow a university or nonprofit with Bitcoin that could conceivably last a thousand years without anybody working for it….I can create a company with a likely life expectancy of one hundred or five hundred or a thousand years.

    Here is Saylor’s clearest turn to rhetorical alt-right materialism. By proposing that Bitcoin will materialize what has previously been consigned to the realms of art and religion, he makes literal the ideas that have dwelled in the domain of imaginative speculation and spiritual faith, sealing them with the certainty of science. In doing so, he proposes a future out of science fiction itself, one in which a new and sovereign life form is capable of spawning itself into an infinite number of other sovereign beings: a chilling vision of sovereignty on steroids.

    Conclusion

    I have argued that attending to the ways science and technology was—and is—imbricated with certain religious and spiritual affects amplifies the political ideals—freedom, individualism, sovereignty—behind both. Without drawing a direct line of influence between medieval alchemy and contemporary Bitcoin, I have shown how they are similar techno-utopian projects, seeking to use advances in science and technology to “perfect” society, or to bring about a utopian ideal. What is clear from the alchemical theory of Bacon and Rupicessa is that the purifying impulses of medieval alchemy could be used in the service of assuring Christian dominion: a totalizing project demanding the power of the one—the sovereign individual, nation, or faith—over the rest. Bitcoin poses a similar threat.

    Alchemy was a contested subject and practice in the middle ages. Some of its critics saw it as a form of counterfeiting: if false gold entered economic circulation it could lead real gold to lose its value in the marketplace. Others took a more theological view, asserting that alchemy was a dangerous improvement on God’s creation by hubristic scientists too focused on earthly power and authority (Newman 2004: 34-114; Principe 2012: 59-60). In his under-appreciated Canterbury tale, The Canon’s Yeoman’s Tale, Geoffrey Chaucer (d. 1400), offered a powerful critique of the wasting effects of alchemical labor in fruitless pursuit of the Philosophers’ Stone. The tale is, in part, a fictional autobiography or confession from the perspective of an apprentice alchemist on the verge of shucking the ideals of mastery that have been hammered into him by a domineering master alchemist (Lears 2024). In one passage, the Yeoman describes how

    He [the Philosophers’ Stone] hath ymaad us [the alchemists] spenden muchel good,

    For sorwe of which almoost we wexen wood,

    But that good hope crepeth in oure herte,

    Supposynge evere though we sore smerte,

    To be releeved by hym afterward.

    Swich supposyng and hope is sharp and hard;

    I warne yow wel, it is to seken evere.

    That future temps hath maad men to dissevere,

    In trust therof, from al that evere they hadde (Chaucer 2008: 274).

    The passage vividly attests to the “sharp” and “hard” feeling of hope as the yeomen alchemists invest both their money and their bodies in the pursuit of the Philosophers’ Stone. Such desperate labor has affected them both physically and spiritually in their loss of “good”—both material goods and the more abstract quality that comprises what is good about them. The allure of “future temps”—of some promise of wealth or happiness—has resulted in the laborers’ separation from “al that ever they hadde.”

    Chaucer wrote in a time of great social and civil unrest, as England was still recovering from the ravages of the plague and the economic and social transformations it had wrought. The enchanted promise of gold is keenly alive in the Yeoman’s tale; and Chaucer is sensitive to it. He acknowledges both alchemy’s promise of happiness and the ways that the pursuit of such happiness creates the very conditions the Yeoman seeks to escape: the feelings of a life dulled by work, of being used up. The mystical promise of medieval alchemy was a very real and human response to the material conditions of living in the European middle ages. As Zachary Matus has argued, alchemy was an extension of the emphasis on embodied and affective experience that suffused late-medieval religiosity (Matus 2017: 8-9). The blood of the suffering and dying body of Christ was a reminder of one’s own fleshly vulnerability and, for many alchemists, a potent symbol of the everlasting life they sought through the elixir (DeVun 2009: 116-27).

    Behind the rationalist quasi-logic of Bitcoin is a similar mystical appeal. At the time of writing this essay, the Crypto platform Kraken was running an ad during Premier League soccer coverage, comparing Bitcoin to “digital gold” and promising that “it can never be counterfeited,” and that “no one can decide to just print more or shut it down.” The ad concludes with the image of a hand holding a golden ball of light, currents of buzzing electricity coursing from it, against the claim: “it puts the power back in all our hands.” In our current moment, as market-oriented government, economic, and healthcare institutions bear down upon us, foreclosing our capacity to thrive, who wouldn’t want such autonomy—for themselves and for everyone? The ad promises both.

    The appeal of Bitcoin and other cryptocurrencies and blockchain-based technologies has weathered a host of controversies since Bitcoin’s inauguration in 2009. Its ascendancy appears to be all but assured, particularly after the 2024 election of Donald Trump. David Golumbia’s critiques of the alt-right origins and ideals of Bitcoin offer a powerful and real model of critique as care. Attending to the mystical aspects of Bitcoin’s appeal is, I hope, an extension of this impulse—one that seeks to identify not only the dangers of Bitcoin and its misleading rhetoric, but also to look deeper, probing the dangerously wounded spirit at its core.

    I thank the editors and guest editors at b2o for including me in this special issue on “Critique as Care” in honor of my friend and colleague David Golumbia. Special thanks must go to the memory of David himself, who first made me believe I might have something to say about Bitcoin and alchemy. This essay is for him.

    Adin E. Lears is the author of World of Echo: Noise and Knowing in Late-Medieval England (Cornell, 2020) as well as articles and essays on medieval embodiment and poetics and their implications for thinking about contemporary life. Her current book project offers a premodern history of life force and its social and literary effects in post-plague England. She is an Associate Professor at Virginia Commonwealth University.

    References

    Ammous, Saifedean. 2018. The Bitcoin Standard: The Decentralized Alternative to Central Banking. Hoboken, NJ: John Wiley and Sons.

    Breedlove, Robert. “Michael Saylor: Bitcoin, Energy, and Humanity.” Swan Bitcoin. https://www.youtube.com/watch?v=07nAJvGoU9g&t=160s (accessed February 25, 2025).

    ____. “Robert Breedlove.” https://www.youtube.com/@RobertBreedlove22 (accessed February 25, 2025).

    Chang, Ku-Ming. 2011. “Alchemy as Studies of Life and Matter: Reconsidering the Place of Vitalism in Early Modern Chymistry.” Isis 102, no. 2: 322-29.

    Chaucer, Geoffrey. 2008. “The Canon’s Yeoman’s Tale” in The Riverside Chaucer, gen. ed. Larry D. Benson, 3rd ed. Oxford: Oxford University Press. 272-81.

    Davis, Rebecca. 2016. Piers Plowman and the Books of Nature. Oxford: Oxford University Press.

    De Boever, Arne. 2021. “The End of Art (Once Again).” boundary 2https://www.boundary2.org/2021/03/arne-de-boever-the-end-of-art-once-again/ (accessed February 25, 2025).

    DeVun, Leah. 2009. Prophesy, Alchemy, and the End of Time: John of Rupicessa in the Late Middle Ages. New York: Columbia University Press.

    Golumbia, David. 2016. The Politics of Bitcoin: Software as Right-Wing Extremism. Minneapolis: University of Minnesota Press.

    ____, 2024. Cyberlibertarianism: The Right-Wing Politics of Digital Technology (Minneapolis: University of Minnesota Press.

    Huestis, Samuel. 2023. “Cryptocurrency’s Energy Consumption Problem.” Rocky Mountain Institute. https://rmi.org/cryptocurrencys-energy-consumption-problem/ (accessed February 25, 2025).

    Kraken Crypto Exchange. “See What Bitcoin Can Be.” https://www.youtube.com/watch?v=W4YkblM3McM (accessed February 25, 2025).

    Lears, Adin E. 2024. “Corruption, Consumption, and Chaucer’s Reenchantment of Craft in the Canon’s Yeoman’s Tale.” Studies in the Age of Chaucer 46: 37-65

    Matus, Zachary. 2017. Franciscans and the Elixir of Life: Religion and Science in the Late Middle Ages. Philadelphia: University of Pennsylvania Press.

    Middle English Dictionary, s.v. “god n.2,” https://quod.lib.umich.edu/m/middle-english-dictionary/dictionary/MED18946/track?counter=4&search_id=173783 (accessed February 25, 2025).

    Newman, William R. 1997. “An Overview of Roger Bacon’s Alchemy.” In Roger Bacon and the Sciences: Commemorative Essays, edited by Jeremiah Hackett, 317-36. Leiden, NL: Brill.

    ____.  2004. Promethean Ambitions: Alchemy and the Quest to Perfect Nature. Chicago: University of Chicago Press.

    Oxford English Dictionary, s.v. “creature (n.),” December 2024, https://doi.org/10.1093/OED/8061309761.

    Oxford English Dictionary, s.v. “corporation (n.),” December 2024, https://doi.org/10.1093/OED/1200365536.

    Povinelli, Elizabeth. 2016. Geontologies: A Requiem to Late Capitalism. Durham, NC: Duke University Press.

    Principe, Lawrence M. 2012. The Secrets of Alchemy. Chicago: University of Chicago Press.

    Seyr, Robin. “Michael Saylor: ‘Bitcoin is Economic Immortality’.” https://www.youtube.com/watch?v=A60jVnAIX40 (accessed February 25, 2025).

    Shannon, Laurie. 2013. The Accommodated Animal: Cosmopolity in Shakespeare. Chicago: University of Chicago Press.

    Stephenson, Will. 2022. “Cryptonomicon: Among the Bitcoin Maximalists.” Harpers Magazine 344, no. 2062: 25-34.

    Wyatt, David. 2009. Slaves and Warriors in Medieval Britain and Ireland, 800-1200. Leiden, NL: Brill. 

    1 There is, of course, an irony to the idea that Bitcoin might be a boon to the environment. Energy consumption is a leading cause of the current climate crisis and in 2023, Bitcoin alone (setting aside other cryptocurrencies) was estimated to consume 127 terawatt hours per year; more than many developed nations (Huestis 2023).

    2 Quotations from Saylor have been lightly edited for clarity and to avoid repetition.

  • Michelle Chihara–Return of the Repressed: Oceanwide’s Angeleno Ghost City

    Michelle Chihara–Return of the Repressed: Oceanwide’s Angeleno Ghost City

    This article is part of the b2o: an online journal Special Issue “The Gordian Knot of Finance”

    Return of the Repressed: Oceanwide’s Angeleno Ghost City

    Michelle Chihara

    In the early 2000s, the American press became fascinated with Chinese “ghost cities.” Images of darkened condo towers in new but empty districts appeared across the media, from Al Jazeera to CNN.  In Ordos, at the edge of the Gobi desert, a modernist museum like a flattened Lego egg sat surrounded by canyons of silent skyscrapers. Tianducheng was a faithful mini-recreation of the city of Paris, France, complete with flower boxes and Tour Eiffel, that stood eerily quiet. Other extravagant developments were never finished or occupied, from Chenggong to Guangzhou.[1]

    China’s unprecedented boom cycle had provoked a building frenzy far beyond what the economy could absorb. When the bubble burst, thousands of newly middle-class Chinese investors lost their savings and never received the homes they had been promised. The results looked post-apocalyptic. Trampled banners in deserted ballrooms and parkways gathered dust, among row upon row of echoing McMansions, with vines crawling up the unused walls.

    Across the press, and in Chinese official discourse itself, the ghost city trope “supplied a charged new metaphor through which to report on China’s property sector” (Woodworth 2017, 1273). The idea never gained a precise sociopolitical definition. It was always a phrase that served as a lightning rod for controversy and debate, even as it gained currency within China itself. The state worried about ghost cities, as it sought to balance its command-and-control policies with the actions taken by Chinese families now free to use real estate—in the proud US tradition—as both shelter and primary investment strategy (Ibid.).

    Most of the journalists writing for North American audiences assumed that ghost cities were the problems of a planned economy not our own. Some economic papers on the topic also functioned on the premise that authoritarian capitalism and its failure to respond to market signals were to blame for “government subsidized overbuilding.”[2] Both presumed that the ghosts were exotic and foreign, fallout from misguided policies. But the realities of the global economy have brought these specters back to haunt the West.

    One critic calls London’s architectural trend of catering to the needs of empty luxury dwellings the necrotecture of the global super-rich (Atkinson 2019). Dubai and South Korea have ghost cities; the website Vacant New York tracks empty commercial and residential properties; historic chateaux listed as short-term luxury rentals on AirBnB dot the French countryside amongst the overcrowded and under-funded banlieues. To many Marxist critics, this is garden-variety over-accumulation. These are simply the busts at the end of the boom cycles, they’re endemic to capitalism, authoritarian or liberal. And it’s true that, like the original ghost towns of frontier California, the Ordos Municipality was built on speculative mining profits.

    Even if they’re not new, however, the dynamics that created ghost cities in China persist and metastasize. If anything, they’re getting more severe. The Western coverage of China may have been laden with the ironies of Orientalist clichés, and yet, the aesthetics were a transnational means of involving the public. Ghost cities give democratic stakeholders a way to see the severity of the problem, a way to grasp the local consequences of finance’s Gordian knot, in all its international interconnectedness.

    ***

    In downtown Los Angeles, about a year ago, base jumpers and graffiti artists claimed an abandoned development as their own by filming viral videos from inside the empty towers. On Instagram, one video is captioned “the calm before the storm.” It opens with a wide shot, drone footage set to hip hop.

    Two young men stand at the top of an unfinished building. On iron girders high above the city, they swim in golden sunset light. As they move catlike across the bare beams, they look deliberate but impossibly relaxed. They control the swoop of their cameras with their thumbs.

    In the next beat, they base jump. A series of five narrow rectangular parachutes glides down, flashes popping off all around. But if the silks spiraling between the graffitied towers were the main attraction, the preamble at sunset best captures the lonely dangerous beauty of the act.

    Every floor of these unfinished high-rises–on every level, in every window–was tagged by a graffiti crew. Leaving a mark on the buildings became, through online subcultures, a sine qua non of street self-branding. The aesthetic additions to the abandoned towers, at the heart of the city, brought press attention and sparked global interest. The police stationed themselves around the perimeter, parked at every corner of the lot, to shut it all down.[3]

    Most of the public discussion at the time centered on whether or not the graffiti was art. Should taxpayers should be responsible for the clean-up and police patrols? But in February, the Los Angeles Times’ last article about the empty buildings called them a “Capital Fail”(Miranda 2024). Of the many journalistic articles about the towers, this one, in the Arts and Culture section, came the closest to articulating what the ghost towers in eye of the storm truly represented: The fact that land use in global cities, including in the heart of urban America, is being driven by the opaque needs of international capital.

    ***

    The original project in the heart of downtown L.A. was built by a Chinese company called Oceanwide (now Tonghai), through a funding mechanism known as the EB-5 visa program. This program has been inviting foreign investment into the US since the 1990s, giving predominantly Chinese and sometimes Indian people a way to transform their home currencies into dollars, while essentially purchasing green cards. If they invest a certain amount, they receive a financial path to permanent residency and citizenship. The program is a highly-contested set of rules, subject to multiple news investigations and Senate hearings, with detractors labeling it “Citizenship-for-Sale.”[4] EB-5 investments have raised persistent concerns about fraud and money laundering.[5] And yet, despite recent controversies around Trump’s son-in-law Jared Kushner using the program to finance part of a deal in New York, the program was recently renewed (Hackman and Putzier 2022; Democracy Forward 2022). EB-5 was originally supposed to create American jobs in rural areas or districts with high unemployment. The evidence suggests that it has, instead, primarily served the needs of international real estate developers.

    Oceanwide is down the block from the Metropolis, another EB-5 project created by some of the same players. The Metropolis was completed, and it includes a finished boutique hotel with requisite rooftop pool and spa, plus luxury condos. The developer sold the complex at a loss in 2022 (TRD staff 2022). The owners have had trouble filling the sparkling columns. It’s not so much a ghost city as a glass zombie.

    Commercial vacancy rates are at a record high in downtown Los Angeles, and EB-5 investments have contributed to a glut of overly-vacant luxury units, in an area desperately in need of affordable housing.[6] Some of the Oceanwide contractors are now suing to get paid. The property was named in an FBI warrant targeting the corrupt city councilman, Jose Huizar, who is serving time for fraud related (of course) to real estate development and a bribery scheme with yet another Chinese developer.[7] The results, in other words, for the city, are an aesthetically interesting mess. And as with the scandals around the mayor of New York taking bribes from Turkey, local politics have become inseparable from the demands of far-flung developers.

    During China’s boom, unsurprisingly, the economy provided Chinese investors with myriad methods of circulating their funds into global dollars, like EB-5. But this isn’t exactly what Xi Jinping wanted. Since 2016 or 2017, Jinping has been cracking down on capital controls. By 2020 and 2021, the Chinese state was locked in a game of chicken with its own real estate giant, Evergrande. The Communist Party had generally worked to backstop problems in its economy, to stop them from spreading. But in the face of $300 billion debts and the need to slow overheating markets, Evergrande was ultimately forced to back down, all the way down, into liquidation (Wu and Steinberg 2017; Saeedy and Feng 2024). You can now see some of Evergrande’s ghost cities being demolished online.

    The CCP wanted to water its local economy with more of its own funds, it wanted investors to spur growth at home. It also wanted to discourage high-risk, high-reward speculation. These goals are sometimes at odds.

    Money created quickly is fast money. It carries a certain momentum when it goes looking for high rates of return. It needs appreciating asset classes in which to park itself. Much of the capital that has fled China has gone against the wishes of the CCP, but not all, and not all fast money can technically be counted as fraud.

    Money laundering, in the original sense, meant hiding the criminal source of profits by routing the funds through legitimate businesses. But much of the fast money coming out of China falls into more of a grey area, within systems that obscure all profit sources equally. Drug cartels, Eastern European oligarchs, crooked Malaysian prime ministers, American tech entrepreneurs, and middle-class Chinese investor—they all share the same access to financial anonymity.

    Capital flees into dark money, increasingly out of reach of the regulations of any one nation. As soon as Chinese developers amass a certain level of capital, they become international players. Once fortunes reach a certain size, they enter a space in some ways above and between Wall Street and The City, above and between the laws on the books in any one center of global finance—what one financial journalist calls Moneyland (Bullough 2019a).

    The US national security state does sometimes lash out against truly illicit money, with tools largely provided by the Patriot Act. The Department of Justice has powerful allies and works with NGOs like Global Financial Integrity. And at the same time, the US is the fastest growing tax haven in the world (Bullough 2019; Bullough 2019b). It has brought the race to the bottom of the deregulation barrel back to its own shores. While the US is the home base for the most powerful shadow banks and hedge funds, capital flows with no restrictions across borders, hunting for the next loophole or program that might provide an edge or an arbitrage opportunity. The aftermath of the 2008 crisis has only entrenched the dynamics that knit high-end real estate developers across the globe into one unstable, highly speculative market.

    Many middle-class Chinese investors have lost out through the EB-5 program, alongside Angeleno taxpayers. But the needs of finance’s big dogs never jibed with the needs of regular people. International capital pushes funds into luxury building trends that don’t take their cues from local markets. The result is almost never good local jobs, the erstwhile promise of EB-5. It’s empty towers in the midst of a housing crisis, as the tent cities continue to rise around the tagged and abandoned monuments to indifferent global wealth.[8]

    ***

    The drone footage at sunset—with the bright painted letters popping against a tangerine sky and the young people dangling their legs off sky-high rafters—was created by young street artists and influencers. They were looking to create value, for themselves, on the social media platforms owned by corporate America. They incidentally aestheticized faultlines in the global regime. But the images haunted the public and drew audiences because they expose a tear in the fabric of the city.

    The display of daring by the base jumpers invites comparison with an iconic 1932 photograph of iron workers in New York City. The New York Herald-Tribune’s black-and-white image of “Lunch Atop A Skyscraper” similarly captured the public’s attention. In that moment, workers on a beam 850 feet in the air—eating and smoking— sat in for the aspiration and hopes of a generation of immigrants. Their bravado became the symbol of the skyscraper itself, an incarnation of the zeitgeist.

    Today, the young men on the girders with their drones are the dystopic version, Miracle on 34th Street reshot as Blade Runner. Romanticizing the bravery of the Irish laborers in the ‘30s validated their role in the emerging financial order, just before the New Deal. The 21st century ghost towers in L.A. are more counter-cultural, more cyberpunk than daily news, more dystopic carnival than imagined community.

    At the same time, the taggers and base jumpers created a kind of impromptu and spontaneously vibrant public space. They acted as a reminder that in the wake of hollowed-out cultural institutions, in search of least a certain density of weak ties, people will take back the city center. The aesthetic is the only way for the public to engage, on the ground, with the consequences of dark global finance.

    ***

    In moneyland, it’s almost impossible for local municipalities like Los Angeles to hold developers accountable. The concrete construction of the Oceanwide towers means the luxury units can’t be remodeled into smaller apartments. Even demolishing the towers represents an extraordinary expense in a dense urban context.

    Corporate partnerships that span both countries, and currency-sterilization in a dollar-based global economy, are pulling China and the US deeper into an increasingly complex relationship. Conflict has been growing around everything from the Belt and Road program to China’s push to control resources in Africa to the data and IP policies of social media giant TikTok. International security concerns and trade wars, state capitalism and crony capitalism and the gray areas in-between, all are increasingly enmeshed. Local interests are increasingly pit against the needs of capital, with no resolution in sight, as the temperature rises (Loughlin and Grimsditch 2021; Ip 2024).

    There are coalition groups like the Hedge Clippers (as in, they clip the excess growth of hedge funds) trying to address issues like the carried interest tax loophole, a boring-sounding but multi-billion dollar glitch that lets hedge funds avoid massive amounts of taxation. Organizations like LAANE and SAJE, here in Los Angeles, are doing the long slow work of organizing community stakeholders across sectors. These groups seek to hold big, international money locally and democratically accountable. Aesthetics will always play a part in that organizing work.

    Ghost cities may once have seemed exotic and foreign. But the street artist Nick Sozonov’s drone shots of Oceanwide bring the trope home and give local audiences purchase on the topic. Attention spans now move at the speed of TikTok. It’s hard to keep people focused on the details of financial loopholes, they keep slipping away behind a cat meme. But art reminds us that when we look in the mirror, the empty towers are still there, looming right behind us.

    Michelle Chihara is Associate Professor of English at Whittier College, where she teaches media studies, contemporary American literature, and journalism. Recent peer-reviewed publications include chapters in Money and American Literature and Los Angeles, A Literary History, both forthcoming in Cambridge University Press (2025. Other essays have appeared in Post45: Contemporaries, Politics/Letters, Bloomberg, n+1 and Avidly.org. She was formerly the section editor for Econ & Finance at The Los Angeles Review of Books, where she also served as Editor-in-Chief. Her current book project is a journalistic trade book about behavioral economics, working title Behave! The science of influence in American culture.

    References

    Atkinson, Rowland. 2019. “NECROTECTURE: Lifeless Dwellings and London’s Super-Rich.” INTERNATIONAL JOURNAL OF URBAN AND REGIONAL RESEARCH 43 (1): 2–13. https://doi.org/10.1111/1468-2427.12707.

    “BASE Jumper Leaps from Graffitied Towers in Downtown L.A.” 2024. KTLA News at 5. KTLA. https://www.youtube.com/watch?v=x9dEFqbgX-Q.

    Bullough, Oliver. 2019a. Moneyland. New York: NY: St. Martin’s Press.

    ———. 2019b. “The Great American Tax Haven: Why the Super-Rich Love South Dakota.” The Guardian, November 14, 2019, sec. World news. https://www.theguardian.com/world/2019/nov/14/the-great-american-tax-haven-why-the-super-rich-love-south-dakota-trust-laws.

    Chan, Melissa. 2009. “China’s Empty City.” Al Jazeera, November 09, 2009. YouTube https://youtu.be/0h7V3Twb-Qk?si=1p3oQJcXuaBSuBcB

    Chung, Stephy. 2016. “Abandoned Architectural Marvels in China’s Largest Ghost Town.” CNN, November 21, 2016. https://www.cnn.com/style/article/china-ordos-ghost-town/index.html.

    Democracy Forward. 2017. “Uncovering Kushner’s Involvement in Renewing Visa Program,” 2017. https://democracyforward.org/lawsuits/uncovering-kushners-involvement-in-renewing-visa-program/.

    Hackman, Michelle, and Konrad Putzier. 2022. “Congress Set to Revive EB-5 Program Giving Green Cards to Foreign Investors.” The Wall Street Journal, March 9, 2022. https://www.wsj.com/articles/congress-set-to-revive-eb-5-program-giving-green-cards-to-foreign-investors-11646861559.

    “Hearing on ‘Citizenship for Sale: Oversight of the EB-5 Investor Visa Program’ before the Senate Committee on the Judiciary on June 19, 2018 | USCIS.” 2018. June 19, 2018. https://www.uscis.gov/tools/resources-for-congress/testimonies/hearing-on-citizenship-for-sale-oversight-of-the-eb-5-investor-visa-program-before-the-senate.

    Huang, Josie. 2017. “As DTLA Vacancies Rise, Landlords Increase Breaks on Rent, Parking | LAist,” September 15, 2017. https://laist.com/news/kpcc-archive/in-high-vacancy-dtla-landlords-offer-move-in-speci.

    Ip, Greg. 2024. “America Is Sliding Toward Chinese-Style Capitalism.” The Wall Street Journal, March 21, 2024. https://www.wsj.com/economy/america-is-sliding-toward-chinese-style-capitalism-fff67df4.

    “L.A. Joins Ranks of Cities with ‘ghost Towers’ with Graffiti-Covered Oceanwide Plaza.” 2024. Los Angeles Times. February 10, 2024. https://www.latimes.com/entertainment-arts/newsletter/2024-02-10/la-oceanwide-plaza-essential-arts-arts-culture.

    Lloyd, Annie. 2017. “Downtown L.A. Vacancy Rate Highest In 17 Years | LAist.” LAist, September 16, 2017. https://laist.com/news/downtown-la-vacancy-rate-highest-in.

    Loughlin, Neil, and Mark Grimsditch. 2021. “How Local Political Economy Dynamics Are Shaping the Belt and Road Initiative.” Third World Quarterly 42 (10): 2334–52.

    “Newly-Discovered EB-5 Scam Highlights Fraud, National Security Weaknesses, Need for Long-Term Reform.” 2017. https://www.grassley.senate.gov/news/news-releases/newly-discovered-eb-5-scam-highlights-fraud-national-security-weaknesses-need.

    “Our Latest Report: Housing Shortage on the Rise in LA – The Angeleno Project.” 2023. https://theangelenoproject.org/the-hard-facts/.

    Saeedy, Alexander, and Rebecca Feng. 2024. “Evergrande Was Once China’s Biggest Property Developer. Now, It Has Been Ordered to Liquidate. – WSJ.” The Wall Street Journal, January 20, 2024. https://www.wsj.com/articles/evergrande-faces-imminent-liquidation-after-talks-with-top-creditors-break-down-4af5f657.

    TRD staff. 2022. “Greenland Sells Metropolis Apartment Tower for $504 Million.” The Real Deal, November 9, 2022. https://therealdeal.com/la/2022/11/09/greenland-sells-metropolis-apartment-tower-for-500m/.

    Witthaus, Jack. 2023. “Downtown in Distress: Los Angeles Signals Why Nation’s Office Space Headaches Could Last for Years.” CoStar, March 19, 2023. https://www.costar.com/article/531623023/downtown-in-distress-los-angeles-signals-why-nations-office-space-headaches-could-last-for-years.

    Wu, Jane, and Julie Steinberg. 2017. “Big Chinese Deals Stall on Capital-Outflows Clampdown.” The Wall Street Journal, January 27, 2017. https://www.wsj.com/articles/big-chinese-deals-stall-on-capital-outflows-clampdown-1485563072?mod=article_inline.

    Zahniser, David, Emily Alpert Reyes, and Joel Rubin. 2019. “FBI Corruption Probe Goes beyond L.A. Councilman Jose Huizar to Include Other City Hall Figures.” Los Angeles Times, January 12, 2019, sec. California. https://www.latimes.com/local/lanow/la-me-ln-huizar-warrant-20190112-story.html.

    [1] Al Jazeera (Chan, 2009) and CNN (Chung, 2016) are just two of many examples.

    [2] See Ghost Cities of China website at MIT (http://ghostcities.mit.edu/)

    [3] This was widely covered in the news, but see (“BASE Jumper Leaps from Graffitied Towers in Downtown L.A.” 2024)

    [4] See (“Hearing on ‘Citizenship for Sale: Oversight of the EB-5 Investor Visa Program’ before the Senate Committee on the Judiciary on June 19, 2018 | USCIS” 2018)

    [5] See (“Newly-Discovered EB-5 Scam Highlights Fraud, National Security Weaknesses, Need for Long-Term Reform” 2017)

    [6] See (Witthaus 2023), (Huang 2017) (Lloyd 2017)and (LA CAN) and (SAJE) reports.

    [7] See LA Times article for a link to the federal warrant (Zahniser, Reyes, and Rubin 2019)

    [8] (“Our Latest Report: Housing Shortage on the Rise in LA – The Angeleno Project” 2023)

  • Janet Roitman–Teleological Limits: Value Creation on Financial Platforms

    Janet Roitman–Teleological Limits: Value Creation on Financial Platforms

    This article is part of the b2o: an online journal Special Issue “The Gordian Knot of Finance”.

    Teleological Limits:  Value Creation on Financial Platforms

    Janet Roitman

    There is a widespread but unspoken, bedrock assumption: finance is always already effective. It therefore seems, from the durable perspective of that foundational premise, impossible to untie the Gordian knot of finance.[1] One response to the challenge of the Gordian knot is to forgo attempts to loosen it and instead find the fissures in the rope – the fault-lines of change. The fault-line approach admits to the profound structuring effects of financial practices, financial devices, and financial institutions. But it raises the question of the very notion of “financial power.”

    To address that question of power, we need to consider the following questions: What are the limits of finance? How are specific financial practices expressed in heterogeneous terms? How are they instantiated in diverse ways – and thereby create fault-lines, generating the grounds for what Arjun Appadurai (1986) called paths and diversions?

    The Limits of Finance

    While establishing the limits to finance might be a metaphysical endeavor insofar as it seems to imply that we can define the essence  of finance, some scholars have documented the limits to processes of financialization, or the limits to efforts to extend financial institutions, services, and products both geographically and to new consumer markets (Christophers 2015; Davis and Walsh 2017; Mader 2018, Engelen 2008; Bernards 2019a, 2019b). These limits are both empirical and analytical.

    First, as Brett Christophers has argued, the intensification of financialization in an increasing number of domains (i.e. the financialization of “everyday life”) is not inexorable. Attempts to generate financial assets have resulted in particular responses.  For instance, Christophers (2010 and 2015: 194-5) examines limits to the financialization of land – perhaps the Ur-asset – which is instantiated through recourse to cash economies and other exit options.  And, while land might be the asset of original capitalist sin, we can observe something similar more recently established asset classes, based on data sets, for instance, which one might deem the forefront of capitalist transgression. In those instances, as well, we see the limits: in Sub-Saharan Africa, for example, although the implementation of national digital identities and thereby automated taxation would seem to close the door to exit options, it has incited an overwhelming return to the anonymity of cash (and cryptocurrencies).

    Second, there are analytical limits to finance, which is not a totalizing institution nor expressed in a seamless logic. Similarly, financialization is not a totalizing, seamless practice. This doesn’t mean that it is possible to locate the “outside” of finance; that would assume a bird’s-eye view – a God perspective or absolute truth vision – from which to do that. What we encounter here is precisely the problem of immanence: financial objects and financial practices are constantly produced as constituent elements of socio-technical networks, which we can observe in terms of particular epistemologies, but not know as ontological entities (cf. Latour 2003).

    But, even in spite of the empirical and analytical limits to finance noted above, we nonetheless typically posit finance as a totalizing concept and assume its teleology – that it achieves its endpoint, that it ties and always tightens into a Gordian knot.

    However – and this is where we get to the knot’s internal fissures -, finance signifies heterogeneous terrain.  When we refer to finance, are we referring to investment banks, asset management firms, central banks, pension funds, stock markets, bond markets, capital markets, consumer credit markets, sovereign wealth funds? When we refer to finance, are we referring to the operations of finance, which includes pricing, trading, hedging, intermediation, accounting, computation, modeling, automation, etcetera?  Or are we referring to the practice of finance – also an expansive terrain, since we’d have to account for the myriad instantiations of financial practice in the world today (China, India, Singapore, United Arab Emirates, South Africa).

    Despite this heterogeneity and these open-ended questions, we seem to assume that “finance” is a unified system and that it has a particular unidirectional logic which is always already effective. It seems that – while we evidently took heed of the critique of the teleology of developmentalist thinking – articulated in the 1980s, but harking back to the critique of 1950s modernization theory – we reproduce developmentalist logic with regard to finance and financialization.

    Kinks and Fissures in the Gordian Knot

    To illustrate my point about the limits to finance and the political significance of its expression in specific financial practices expressed in heterogeneous terms, I’ll walk through a scenario. And I’ll do so with reference to a place considered the most subjugated by global finance: Sub-Saharan Africa (SSA).  My illustration refers to infrastructures of emergent financial technology (fintech) platforms across the continent.

    Financial platforms are perhaps best defined as infrastructures for the extension of financial technologies. Fintech platforms are the basis for modes of intermediation in commercial banking and retail payments through non-bank payment rails – that is, through financial entities that don’t have banking licenses.  And they’re increasingly – if not gingerly – becoming a means to manage the historical subjugation of non-convertible currencies.

    How does that work? In SSA, payments and transfers between different African states are international operations involving international currency exchanges. This is because African currencies are non-convertible: they are “soft” currencies, not openly traded on the forex market. Due to the non-convertibility constraint, transfers both into and across Africa are the most expensive in the world, especially when they transmit through legacy systems like commercial banks or Western Union. On average, the cost of an international transfer of $200 is 7.9 %, compared to the world average of 6.9%. And, amazingly, the costliest transfers are between African neighbors. For instance, a $200 remittance transfer from Tanzania to Uganda costs 39.1% (World Bank/KNOMAD 2023: 43). Because most cross-border payments and transfers are international currency operations, settlement involves buying and selling dollars and clearing through non-African banks. In 2017, only about 12% of intra-African payments were cleared within the continent. This obligation to route settlement through overseas banks adds an estimated $5 billion a year to the cost of intra-African currency transactions (Wellisz 2022: 47). When we add to this the fact that African sovereigns are constrained to the Eurobond markets for debt issuance (see Gabor 2021), we can say that this schematic description is evidence of the structural power of global finance.

    The combination of US dollar hegemony and currency hierarchy, along with the abiding centrality of neocolonial banking institutions that service the commodities sectors (oil, mining) but not retail banking, creates a tight Gordian knot that speaks to the problem of financial sovereignty in contemporary currency regimes.  And since it’s extremely unlikely that global banking institutions will adopt the South African rand or the Nigerian naira as a reserve currency, it’s very likely that resistance can only come from within, per Michel Foucault (1978).

    It’s worth digressing to note that while Foucault didn’t focus on cutting the Gordian Knot, he did lament that we “still have not cut off the king’s head,” a reference to our monolithic and monological conception of power. We might wonder whether such a conception of power as sovereignty is perhaps reproduced in our approaches to finance either as an always already effective teleology; or, in the terms that have dominated recent debates in political economy, as an effective infrastructural power.  The latter approach illustrates – convincingly – the effects of infrastructures that participate in processes of politico-economic subordination, such as what I just described with regard to currency subordination in SSA (Braun 2018, Braun and Gabor 2020, Rethel 2010, Hardie 2012, amongst others). This work maintains that infrastructural power translates into the power of financial agents. Though there are real merits to this research, the conclusion is somewhat tautological: by virtue of infrastructural power, agents exercise power. But, more importantly, those living in SSA (consumers, but also financial sector actors) focus on the extent to which there are fault-lines in the operations of infrastructures, which is a worthy view.

    New Modes of Intermediation: Mobile Money and the Float

    One sector which has exhibited the potential to generate fault lines is the non-bank payments and mobile money sector. Mobile money sounds like some kind of monopoly money, but the value of transactions in the global mobile money sector for 2022 totaled a massive 1.26 trillion USD, about half the GDP of France. In SSA, mobile money platforms and non-bank payment service providers are the overwhelming services of choice for payments and money transfer operations. This is true for both international and intra-African transactions.

    Again, the scale of this should not be underestimated: in 2022, the African continent hosted 763 million registered mobile money accounts (of the 1.6 billion global accounts).  There were 218 million monthly active accounts (more than half the global amount); and the continent represented $32 billion of the global $1.26 trillion transaction value (GSMA 2023a). Sub-Saharan Africa is the “global epicentre of mobile money” (GSMA 2023b), which involves peer-to-peer and business-to-business transactions as well as $1.3 billion in international remittances processed per month for that same year.

    Mobile money is a financial service provided by the mobile network operators/mobile money issuers. It’s a money transfer tool. Because mobile network operators don’t have banking licenses and hence can’t take deposits, they create subsidiaries, which are licensed nonbank entities. Through these nonbank subsidiaries, the telecoms establish a trust account with a partner bank, where the fiat money equivalent to the e-value of customer base digital wallets is held.  This is ‘the float,’ which is one of the primary forms of value generated by the mobile money financial platform. It’s a liquidity pool generated by the e-money/fiat money interface. And it’s significant: the mobile money transaction float value in Ghana alone in April 2023 totaled over $1 billion (Bank of Ghana 2024: 13).

    In commercial banking, regulations stipulate that floats be held as liquid assets, or in accounts that are classified as current accounts, typically earning 0% interest. In the fintech sector, this has been a blind spot. In the US and Europe, fintech and big tech firms pay customers zero interest to digital wallets and yet collect interest on the float held by banks (Carstens 2019). In SSA, there has been conflict over the attribution of interest accrued to these funds held in commercial bank custodian accts, which involves debate over the status of digital wallet accounts. Regulations have been implemented that prescribe profit-sharing arrangements, most of which entail returning interest to digital wallet holders.

    This contestation and consequent redistribution indicates how digital platforms represent new modes of intermediation that tighten the Gordian knot of finance through the extension of financial institutions and associated markets and yet generate fault lines, which fray the strands of that knot (for elaboration, cf. Roitman forthcoming). Apart from minor instances of revenue sharing, liquidity pools are also increasingly used for treasury and foreign currency management. And this practice is increasingly seen as a means to circumvent – if not eliminate – the costs of soft-currency subjugation.

    To do this, the liquidity pool generated by the non bank financial service providers (the float) is used to solve nonconvertible currency and liquidity constraints. Increasing numbers of pan-African payments companies enable interoperable cross-border and domestic digital payments. Their services include payments and settlement, as well as foreign exchange and treasury management across multiple countries and currencies. These firms are effective alternatives to the international correspondent banking system, which is costly and is a vestige of colonial banking and currency regimes.

    These platforms are cognizant and often explicit about the political stakes of their services. At a digital finance sector industry conference held in 2022, the CEO of “ABC Finance” [pseudonym] underscored a central problem: no one will hold African currency in the national banking systems across the continent. Because the vast majority of government and corporate bonds are denominated in dollars, African central banks are mandated to support the value of their respective currencies, which means rationing dollars and other hard currencies. ABC’s response is to become the largest non-bank foreign exchange broker in Africa: it buys and sells currencies using its own balance sheet. In other words, it sells balance sheet liquidity and offers wholesale foreign exchange (sometimes using crypto stablecoins). Hence the CEO characterizes ABC’s financial platform as a means to “deconnect Africa from the US dollar.”

    That wild aspiration aside, we have seen a recent, though very modest, decrease in the share of US currency usage in payments clearing, which dropped from 50% in 2013 to 45% in 2017.  During the same time, the use of the British pound decreased from 6.2% to 4.6%. These declines result from the increased usage of regional currencies (e.g. West African franc) and the South African rand (SWIFT 2018). [Note that figures reported by SWIFT don’t account for the use of cryptocurrencies]. We can also note an increase in intra-African trade that relies on regional payment platforms, facilitated by emerging solutions to real-time multi-currency clearing across the continent. A key element in the advancement of this trend is the development of payment systems denominated in local currencies. Thus, for example, existing regional payment systems – such as the East African Payments System (EAPS), the Southern African Development Community’s Real Time Gross Settlement System (SADC-RTGS), and STAR-UEMOA, the Automated Transfer and Settlement System led out by the Central Bank of West African States – are currently formulating plans to operationalize interconnections between their organizations with the aim to establish a pan-African settlement platform.

    Importantly, these aren’t just private market-based ventures. In 2021, the Pan-African Payment & Settlement System (PAPSS) was established with the explicit mission to enhance financial sovereignty. PAPSS is a cross-border, financial market infrastructure that enables real-time gross settlement through participating central banks.  It aims to reduce the need for banks to source hard currencies to support transactions between two African parties. It serves commercial banks, payment service providers, and fintech firms; and it provides an alternative to the high-cost transactions that transpire through correspondent banks located outside of the continent. Also, as an aside, it is devised to generate the conditions for local currency lending instead of dollar financing, or the development of local currency bond markets (see Gabor 2021). Ultimately PAPSS displaces the role of non-African intermediaries, such as the European-based SWIFT system. In that sense, it’s a concrete response to hard currency subjugation and an effort to “free foreign exchange in Africa” (Wellisz 2022).

    ***

    Is the freeing of foreign exchange in African transpiring through processes of financialization?  Yes. But these are equally concrete practices that serve to loosen the Gordian Knot, or to generate fault lines in existing financial infrastructures. In other words, what I’ve described herein could be subsumed into the “logics of finance” arguments – the extension of the tentacles of financial institutions into the Dark Continent. But Africans, like the Chinese or those living on the Indian subcontinent and in the Middle East, have always had finance. In Sub-Saharan Africa, finance existed from the days of the great Ashanti gold empire through to today’s interoperable mobile money platforms. In that sense, finance hasn’t “come to” Africa.  And, like everywhere, those living on the continent are subjected to financial practices and institutions as much as they create kinks in the Gordian knot through appropriation and transgression.

    Janet Roitman is a professor at RMIT University. She is founder/director of the Platform Economies Research Network (PERN) and an Associate Investigator with ARC Centre of Excellence for Automated Decision-making and Society (ADM+S). Her research focuses on digital financial technologies and emergent forms of value. She is the author of Fiscal Disobedience: An Anthropology of Economic Regulation in Central Africa (Princeton University Press) and Anti-Crisis (Duke University Press). She sits on the editorial boards of The Journal of Cultural EconomyFinance & SocietyPlatforms & Society, and Cultural Anthropology. Prior to joining RMIT, Janet was a University Professor at The New School in New York. Her research has received support from the Ford Foundation, The MacArthur Foundation, The US Institute of Peace, Agence française du developpement, The American Council of Learned Societies, The Institute for Public Knowledge, and The National Science Foundation.

    References

    Appadurai, A. 1986. The Social Life of Things. Cambridge University Press.

    Bank of Ghana. 2024. Summary of Economic and Financial Data. May 2024: www.bog.gov.gh

    Bernards, N. 2019a. The Poverty of Fintech? Psychometrics, Credit Infrastructures, and the Limits of Financialization. Review of International Political Economy, 26(5), 815–838.

    _____. 2019b. Tracing Mutations of Neoliberal Development Governance: ‘Fintech’, Failure and the Politics of Marketization. Environment and Planning A: Economy and Space, 51(7), 1442–1459.

    Braun, B. 2018. Central banking and the infrastructural power of finance: The case of ECB Support for repo and securitization markets. Socio-Economic Review 107. 515.

    Braun, B., & Gabor, D. 2020. Central Banking, Shadow Banking, and Infrastructural Power. In P. Mader, D. Mertens, & N. van der Zwan (Eds.), The Routledge International Handbook of Financialization. Routledge, 241-252.

    Carstens, A. 2019. Big Tech in Finance and New Challenges for Public Policy. SUERF Policy Note, 54, 1–12.

    Christophers, B. 2010. On Voodoo Economics: Theorizing Relations of Property, Value and Contemporary Capitalism. Transactions of the British Geographers 35: 94-108.

    _____. 2015. The Limits to Financialization. Dialogues in Human Geography, 5(2), 183–200.

    Davis, A., & Walsh, C. 2017. Distinguishing Financialization from Neoliberalism. Theory, Culture & Society, 34(5–6), 27–51.

    Engelen, E. 2008. The Case for Financialization. Competition & Change, 12(2), 111–119.

    Foucault, M. 1978. The History of Sexuality. Vol. I (trans. R. Hurley). New York: Random House.

    Gabor, D. 2021. The Liquidity and Sustainability Facility for African Sovereign Bonds: Who Benefits? (Eurodad Report):https://www.eurodad.org/the_liquidity_and_sustainability_facility_for_african_sovereign_bonds_who_benefits

    GSMA. 2023a. The State of the Industry Report on Mobile Money 2023. GSM Association.

    GSMA. 2023b. State of the Mobile Money Industry in Sub-Saharan Africa 2023. GSM Association.

    Hardie, I. 2012. Financialization and Government Borrowing Capacity in Emerging Markets. Palgrave Macmillan.

    Latour, B. 2003. The Promises of Constructivism. In, D.Ihde and E. Selinger, eds. Chasing Technoscience.  Indiana University Press: 27-46.

    Mader, P. 2018. Contesting Financial Inclusion: Debate: Contesting Financial Inclusion. Development and Change, 49(2), 461–483.

    Rethel, L. 2010. Financialisation and the Malaysian Political Economy. Globalizations, 7(4), 489–506.

    Roitman, J. forthcoming. Financial Platforms: Beyond the North-South Divide. in Westermeier, C., Campbell-Verduyn, M., Brandl, B. eds. Cambridge Global Companion to Financial Infrastructure. Cambridge University.

    SWIFT. 2018. African Payments: Insights into African Transaction Flows. White Paper.

    Wellisz, C. (2022). Freeing Foreign Exchange in Africa. IMF Finance & Development. https://www.imf.org/en/Publications/fandd/issues/2022/09/Digital-Journeys-Africa-freeing-foreign-exchange-wellisz

    World Bank/KNOMAD. 2023. Migration and Development Brief 39, December.

    [1] This contribution is based on research supported by the US National Science Foundation. It also benefitted from discussions at the “Cutting the Gordian Knot of Finance” Symposium, University of Sydney, 4-5 April 2024.

  • Dick Bryan–Functionalism, Token Economies, and Money Design

    Dick Bryan–Functionalism, Token Economies, and Money Design

    This article is part of the b2o: an online journal Special Issue “The Gordian Knot of Finance”

    Functionalism, Token Economies, and Money Design: Slipping Past the Gordian Knot of Finance

    Dick Bryan

    It’s quite standard for orthodox explanations of money to go immediately to its three core functions: means of exchange, store of value and unit of account. Such a functionalist definition of money does not define what money is; just what its ideal social roles are.

    The emergence of privately issued tokens, sometimes referred to as ‘crypto’, presents a significant challenge to functionalist framings of money. The concern here is not some holistic defense or critique of ‘crypto’, for there are so many tokens (the current estimation is 2.5 million[1]) and each has its own objective, its own protocol, and its own credibility. Some are best understood as creative and reliable record-keeping and trading infrastructure, others are best understood as memes or cultural expressions. Their quality and viability is variable. Instead, my concern is to explore the challenge to mainstream functionalist definitions of money, and ultimately to capitalist formalism, that come with the emergence of privately issued tokens.

    Perhaps they point to the Gordian knot of finance as a specifically capitalist knot, and the solution is to build ways to go around it; not to try and unpick it.

    Functionalism

    The theoretical foundation of a functionalist approach is the proposition that the institutions that make up society, be they education, religion, family of the economy, all perform a purpose that maintains society as a stable system of norms and values. So, when money is defined by its functions, it is by reference to its ability to maintain social stability. For Durkheim, often credited with being the father of functionalism, a shortage of functional norms resulted in the growth of anomie and could over time even lead to the breakdown of social order and stability. We see, then, that a functionalist account of money immediately, embeds a conservative agenda that systematically delimits what gets called ‘money’. When we see the current Gordian knot, the appeal of anomie, at least in relation to money and financial design, starts to grow.

    Before we move to alternatives to functionalism, it is important to see how functionalism systematically shuts down innovations in money and finance. Although the functionalist definition of money makes no explicit reference to the state, it has been clear for the last hundred years or so that money tied to the state – chartalist money relying on the state’s reputation, capacity for enforcement and underwriting capacities – represents the contemporary money standard. Functionalism is therefore tied to the capacities of the state, and alternatives without comparable governmental affiliations, be they crypto-based or other, become defined outside the category of money.

    There are many examples where the state’s role is invoked as the delineator of ‘money’ and ‘non-money’. Are community or local currencies, such as Sardex or the Bristol pound, money? Generally, they are not defined as money; they get called ‘complementary’ currencies in that they are used to substitute for ‘real’ money in particular and limited contexts. They are seen by money conservatives to lack in any of three domains: a) they are only local (national scale is inserted into the functionalist criteria as an implicit condition of being ‘money’); b) many are digital (and so are currently thought of as existing outside of state financial regulation) and c) they are not recognized by the state as ‘legal tender’ (so they cannot be used in monetary relations with the state).

    Does a token have to be stable in order to be money? The conventional answer is emphatically ‘yes’. Indeed, the claim is that state money is not just stable; it defines stability. A prominent argument is that bitcoin can’t be money because it is not a stable store of value; it is often called a ‘volatile speculative asset’.  Leaving aside the fact that for many lengthy parts of the last 15 years – since bitcoin’s initial appearance – bitcoin has been by far a better store of wealth than bank deposits, why does volatility preclude something being a store of value? It may be considered a volatile store of value, but why is there the condition that money must be ‘stable’? If people are actually using the asset to store wealth, its volatility per se cannot be a constraint on its moneyness. Indeed, the question could eventually be posed as to whether bitcoin is volatile with respect to the US dollar, or whether it is the dollar that is volatile with respect to bitcoin?

    There are further twists here, for connection to the state does not in fact always guarantee money’s stability. The Zimbabwean dollar, for example, has had an average annual inflation rate of over 600 percent per year over the past 20 years, reaching a peak rate in the global Financial Crisis in the billions, and at various times in that duration the government has ceased issuing dollars, letting other national currencies be used instead. Yet the Zimbabwean dollar is still called ‘money’, even though it clearly lacks money functionality, because of its connection to the state, though it is certainly not ‘functional’ for Zimbabwean society.[2]

    Money or ‘moneyness’

    Functionalism uses secondary criteria, such as state, scale, and stability, to create a binary differentiation of ‘real’ money from its various digital and local contenders. Yet in the practices of financial markets, the issue is really one of degrees and dimensions of ‘moneyness’, where the condition of moneyness is not legal tender, scale, or stability, but liquidity. Liquidity itself once meant how close to cash an asset is, so economics could define degrees of liquidity that start with cash-as-money (‘cash is king’) followed by a series of asset classes defined on the basis of their distance from cash: money in the bank is a bit less liquid, term deposits even less liquid, etc., on up to treasury bonds. This was the basis of definitions of money supply associated with central banks’ adherence in the 1980s to ‘monetarism’(i.e. measures such as M1 (money in circulation) and M2 (M1 plus savings deposits and mutual funds, etc.) that once dominated debates about monetary policy). The problem that became apparent was that these different measures started moving at different rates, leaving central banks unsure as to which version of ‘money supply’ they should be targeting. Yet this framing of money and liquidity remains dominant.

    The other meaning of liquidity is how readily an asset can be sold at its ‘full’ price (the narrowness of the bid-ask spread); that is, whether instant sale requires a significant price discount or sale at full price takes significant time. This alternative definition is important, for as financial markets and communication technology develop, liquidity can be found outside of conventionally-defined ‘money’. One aspect of this is that cash, once the liquidity benchmark, has itself become less liquid – increasingly vendors refuse to handle cash, and various central banks have raised the possibility of fees for use of cash, to cover the costs of its provision. The other aspect is that certain financial markets, especially financial derivative markets, have such high turnover that their bid-ask spread is negligible: any asset can be converted to any other asset almost instantly and without the need to discount from the current price. Assets in these markets appear to have a degree of moneyness. Crypto markets are also achieving these liquidity conditions, particularly the largest tokens.

    The point here is that derivatives and crypto tokens have moneyness in that they meet certain attributes of money. In the official functional binary, they are deemed ‘non-money’, but they are actually breaking down the coherence of that binary. Derivatives are designed to bridge financial categories, for example, between money and commodities (derivatives are themselves produced in financial houses, as commodities to be sold) and between debt and equity (total return swaps or convertible bonds have attributes of each financial claim). Similarly, crypto tokens are part financial assets, part money, and they can substitute for money in certain settings. The desire by central banks to exclude them from the definition of money has a clear state policy pragmatism: if their issuance cannot be controlled by central banks they are deemed outside the domain of stabilizing monetary policy – it is simpler to define them as ‘not money’. Yet central banks themselves are starting to introduce digital money, recognizing the virtues of blockchain technology to offer fast, verifiable transactions. With shifts in crypto ledger verification systems from proof of work to proof of stake, the energy costs of blockchain transactions are now lower than the costs of conventional financial clearing houses.

    Functionalism may save us from ambiguity about money, giving greater apparent clarity to definition, but it does so by simply taxonomically precluding ‘real’ financial developments that are breaking down that clarity, so forcing that definition of money towards incoherence. This doesn’t, of itself, make privately-issued tokens either usable or coherent, but it must open the space where their potential role is addressed more openly.

    Unit of account

    The unit of account function of money is probably the least discussed, as it seems to be a passive function. Most explanations point to it as the unit in which records (accounts, ledgers) are kept, and immediately slip to the nomination of a national currency as the form of the unit of account (the baht is Thailand’s unit of account; the birr is Ethiopia’s, etc.).

    Several critical issues slide by in this framing. First is the connection of the unit of account to the naming of a national currency. The baht is not a ‘function’ of money, it is a unit of denomination of (a particular) money, and that denomination is an insufficient condition for being a unit of account. What matters, when we think of the production and sale of a cup of coffee for $4, is not that it is denominated in dollars (a somewhat trivial insight), but that it ‘scores’ a 4, while a sandwich may score 3 times higher, and a bottle of water half.  Economic and accounting practices and conventions specify the processes by which these relative scores are attributed, and money simply offers the units in which they are expressed.

    J.M. Keynes, in his 1930 A Treatise on Money, using the term “money of account” rather than “unit of account”, contended that money of account is the “primary concept” of a theory of money.

    Perhaps we may elucidate the distinction between money and money of account by saying that the money of account is the description or title and money is the thing that answers to the description. Now if the same thing always answered to the same description, the distinction would have no practical interest, but if the thing can change, whilst the description remains the same, the distinction can be highly significant. (emphasis in original) (Keynes, 1930: 3)

    Keynes went on to the illustration that debt denominated in gold equal to the weight of the king varies with who is appointed king. But the point applies also to Zimbabwe: money (the thing) is changing in ways unrelated to the description. It is apparent, then, that popular depictions of the unit of account tacitly rely on precisely the functionalist presumption that ‘the same thing always answers to the same description’, such that the money thing and the unit of account can indeed stand in for each other.

    However, if things financial, economic, and social are not stable, then this presumed passive function of money itself becomes volatile. A functionalist approach does not want to engage the possibility of disparity, and it will try to ignore emerging volatility until it expresses itself as a monetary crisis. Such volatility can have various origins. It can stem from a rapid buildup of assets on the books of central banks and raise the question of whether the underwriting of financial market stability is infinitely sustainable. Another challenge could be a looming failure of accounting conventions, for instance the inability to account for the value of intellectual capital, which makes up the predominant value of the world’s big tech companies, and hence the incongruity of  these companies’ share prices remaining so exceptionally high relative to company earnings.[3] Another expression of failure, ‘external’ to current accounting would be the incapacity to deliver modes of measuring and recording that depict the real costs of environmental damage.

    A further assumption in the functionalist depiction of a unit of account is the notion that there should be just one unit: just one way to attribute value, for a value monologic is functional to social stability. Two related issues arise here.

    First, two countries with different currencies may well share a unit of account. Britain and the United States have different currencies, but they adopt basically – though certainly not completely – the same ways of measuring (accounting conventions; state levies and bounties). Indeed, it is only because they have this shared base that shifts in exchange rates can give information about ‘the economy’ rather than just about the money thing itself. Put simply, focusing on different currency denominations as different units of account exaggerates state autonomy and diminishes the underlying level of globality in economic processes.

    Second, we should challenge the functionalist premise that a singular unit of account is itself an expression of social stability and consider whether it is actually a statement of power, asserting the hegemony of one discourse of value over all others. Specifically, the (single) unit of account in capitalist countries reflects capitalist modes of calculation and the rule of the conditions of profit. The coffee scores 4 and the sandwich 12 because these are the profitable number of dollar units at which these goods are supplied to the market. Corporate assets are, by convention, valued according to the expected future capacity to deliver profit (which is why the extraordinary valuations of the tech giants is such a transgression of coherence).

    For most progressive political movements, challenging the unit of account is out of reach, so politics becomes the process of demanding the state modify the power of the rule of profit: to tax polluters and to subsidize the living standards of the poor, etc. One of the potential virtues of ‘crypto’ token systems, as privately issued ‘money’, is that they could trigger challenges to the state’s unit of account: a new ‘money’ could provide the space for new criteria for measuring the values of goods and of assets and liabilities.

    At the base of all tokens are accounting practices: recording transfers on a reliable ledger. So defining a unit of account – or the protocol by which units of account will be socially defined and enacted – is one of their genesis design questions. The problem is, however, that most leading crypto designers are not seeing this potential. Bitcoin embeds no alternative ‘views’ on the unit of account, so it operates just as an aspiring contender with state monies, utilizing their units of account. Stablecoins, managed to maintain parity with the dollar, are heavily invested in treasury bonds as collateral, so they too operate within the units of account of state money.

    Other crypto designers are rather entranced by the deceptive simplicity of Hayek’s libertarian economics, and his advocacy of private money competing with state money for popular use resonates with their deeper politics. But Hayek is by no means challenging the capitalist unit of account: indeed his challenge is to the propensity of states to meddle with the profit-based unit of account by ‘distorting’ market signals. We may consider whether we find here an economic basis for the alliance of libertarianism and authoritarianism that is so visible in political life right now.

    To move away from a capitalist economic framework, we must start by challenging functionalist definitions of money and seek disruptive, but creative, reframings of what money can become. One such project, with which I am involved, uses financial technology and distributed ledgers to create postcapitalist protocol, designing the conditions of an economy with multiple, coexisting units of account and allowing members of a network to express which value criteria they wish to endorse. Perhaps some will support capitalist profit criteria, but others will support investments and outputs with environmental and social criteria embedded in their value propositions and ledger systems. The challenge is how to keep these multiple value systems coexisting and determined in distributed, not centralized, processes, and preclude collapse to a monologic. I invite you to read our recent book Protocols for Postcapitalist Expression (Bryan, Lopez and Virtanen 2023)[4] which seeks to build protocol to meet those challenges.

    Dick Bryan is emeritus Professor in Political Economy at the University of Sydney where he has worked on the digitization of financial assets and its relation to financial risk. He is also Chief Economist at the Economic Space Agency, a digital ledger organization building the protocol for a postcapitalist economic network.

    References

    Bryan, D. Lopez, J. and Virtanen, A. 2023 Protocols for Postcapitalist Expression. London: Minor Compositions.

    Keynes, J.M. 1930 A Treatise on Money. London: Macmillan.

    [1] This compares with 180 national currencies and 334 million joint stock companies (companies listed on stock exchanges. In 2024, 5,300 new tokens are launched each day.  See  https://www.coingecko.com/research/publications/how-many-cryptocurrencies-are-there?utm_source=newsletter&utm_campaign=Data%2BVisualization&utm_medium=email

    [2] A similar, though less extreme case could be made regarding the currencies of ​​Turkey and Argentina

    [3] See, for example, https://www.ft.com/content/308541a8-5f14-42c8-9b7d-e314059dadb4.

    [4] See https://postcapitalist.agency/

  • Amin Samman–Capital of Lies

    Amin Samman–Capital of Lies

    This article is part of the b2o: an online journal Special Issue “The Gordian Knot of Finance”

    Capital of Lies

    Amin Samman

    What metaphors should we use to talk about finance? There are many provocative formulations to choose between. A relentless machine, processing everything in its path; a bulimic stomach, spitting out all that it chews up; a central nervous system, sensing and sending messages for capital; a firm hand that has a chokehold on policymaking; a giant squid sucking on the face of humanity.[1] Each of these opens up a different way of thinking about the power of financial mechanisms. But what happens when thought itself is imagined as integral to financial power? What role do “mechanisms of the mind” play in maintaining the rule of finance? Neither political science nor political economy is well-equipped to answer this question. The philosophical and literary discourse on nihilism gives us a language much richer in possibility. There are lies and there is the lie. The lie keeps us coming back for more, generating yet more lies. It never pays to unmask the lie. Lies are more lucrative. Perhaps this is why public policymakers persist in imagining and administering the world in financial terms.

    ***

    What is “the lie”? The lie is not the same as lying as we normally understand it. Lying is something we do with words. One lies when one intentionally deceives others with words. The lie entails something else—namely, deceiving ourselves about the status of words and of thought. Words are not things; concepts are not reflections of entities or worldly configurations; symbolic systems are not the expression of a cosmic mechanics. All of these things—words, concepts, theories—are ultimately metaphors. This was Nietzsche’s point. “Truth” is an effect achieved through the repetition of metaphors. Nietzsche makes this case in a posthumously published essay called “On Truth and Lie in an Extra-Moral Sense”:

    What, then, is truth? A mobile army of metaphors, metonyms, and anthropomorphisms—in short, a sum of human relations, which have been enhanced, transposed, and embellished poetically and rhetorically, and which after long use seem firm, canonical, and obligatory to a people; truths are illusions about which one has forgotten that this is what they are; metaphors that are worn out and without sensuous power […] (Nietzsche 1976: 46-47)

    There are two important points to draw from this commentary. First, if truth is nothing but worn-out metaphors, then the lie is that these metaphors are something else: classifications, descriptions, windows onto the structure of the world. We tend to forget that metaphors are none of these things. And this is why forgetting is a form of lying. We lie to ourselves when we imagine that there is something rather than nothing at the bottom of our words. This amounts to a psychology of denial, repression, or self-deception. The second point, which Nietzsche immediately goes on to make himself, relates to a group dynamic. To be truthful means to employ the usual metaphors, “to lie according to a fixed convention” (47), to lie with the herd.

    These points correspond to the opposing poles of Western nihilism. On one side, an emptiness at the bottom of words that haunts existence (the problem of religious nihilism), on the other, a social formation that turns this condition into a plastic cage (the nihilistic condition of postmodernity). This duality provides a potentially valuable perspective on financial power. During the heyday of neoliberalism, it was common to hear about the power of financial ideas, ideologies, and imaginaries. This was the case with neo-Gramscian political economy and constructivist political science, for example, which sought to explain our enduring attachment to the neoliberal-financial worldview.[2] But these theoretical projects failed to reach their goal because they did not go far enough. They did not follow their suspicions about discursive framing and sloganeering through to their logical conclusions. And for good reason: any attempt to get to the bottom of words can only end in self-sabotage.

    Theoretical projects sabotage themselves by wearing out their metaphors and hardening into an edifice of interlocking concepts. An economy of ideas, interests, and institutions coagulates around a founding lie, be that rational choice or historical necessity. This is self-deception playing out at the level of theory. But it is also the consequence of a more basic self-deception. We want to lie to ourselves.

    ***

    What makes the lie so appealing, so lucrative? Cioran had an answer. Though influenced by Nietzsche and often compared to him by critics, Cioran was suspicious of even the most sensuous illusions. Hence the exquisitely wrought but dark vision he paints, in The Temptation to Exist, of lies piling up on top of one another.

    everything which keeps us from self-dissolution, every lie which protects us against our unbreatheable certitudes is religious […] We last only as long as our fictions. When we see through them, our capital of lies, our religious holdings collapse. To exist is equivalent to an act of faith, a protest against the truth, an interminable prayer […] (Cioran 1968: 221)

    Cioran’s metaphors mix here to startling effect. The lie appears as a religious craving to cover over the absence of truth, and existence, in turn, assumes the form of a financial challenge: to manage one’s religious holdings, to accumulate a capital of lies, ultimately, to “profit by one’s share of unreality” (210).

    There are two ways of bringing this idea to bear on financial society. The first entails using it to think through the technical operations of finance. Joseph Vogl (2022: 105) has recently done something like this, describing the financial sector as an elaborate arrangement of “profitable truth game[s].” Valuations and therefore fortunes emerge “from opinions mirroring opinions about opinions” (34), giving us a society heavily invested in “value ghosts” and “referential illusions” (103). This point should by now be relatively uncontroversial. The second route, yet to be adequately explored, runs in the opposite direction. It entails thinking about the entire financial system as a gigantic decorative fantasy, a Baroque structure whose primary purpose is to “obscure the truth of the absence of the truth” (Pefanis 1991: 114). It is not the only such structure, but it appears to be among the more captivating, the more transfixing, of our time.

    A concrete example: In March 2024, the Financial Times reported a global stock market rally driven by the boom in Artificial Intelligence (Steer et al. 2024). It is easy to think about this as an outcome of the financial process, the product of its temporal mechanisms and the way these spiral into an ecstasy of speculation (see, for example, Szepanski 2024). But we can also think about it as a “façade to the void” (Cioran 1975: 48). And this façade will not survive too much scrutiny. As it happens, the markets never threaten this kind of scrutiny. They are too busy linking one thing to the next to worry about the absent foundations of finance or value. Meanwhile, the rule makers find themselves in a different situation. They must do exactly the same as market traders, only without appearing to do anything of the sort. Baudrillard wrote about this delicate balancing act in Forget Foucault:

    the secret of the great politicians was to know that power does not exist […] To know that it is only a perspectival space of simulation […] and that if power seduces, it is precisely […] because it is simulacrum and because it undergoes a metamorphosis into signs and is invented on the basis of signs. This secret […] also belongs to the great bankers, who know that money is nothing, that money does not exist […] Power is truly sovereign when it grasps this secret and confronts itself with that very challenge. When it ceases to do so and pretends to find a truth, a substance, or a representation […] then it loses its sovereignty […] it dies also when it fails to recognize … itself as a void […] (Baudrillard 1987: 58-59, emphasis in original)

    The business of finance thrives on runaway lies. The politics of finance consists in a carefully renovated façade that maintains the illusion of truth. These are important points that the critique of finance has yet to fully grasp.[3]

    ***

    Why can’t we just unmask the lie and get on with it? This is key to the hegemony of finance and our seeming inability to break free from its spell. The cultural turn in political economy led to the naïve belief that this was a simple matter of mobilizing competing ideas and countervailing ideologies. If only we could swap out one discourse for another, we could win a whole new world. It was a cul-de-sac and this kind of theory had next to nothing to do with the demise of neoliberalism, which was already on its own reincarnation cycle. Constructivism and neo-Gramscianism may no longer be in vogue, but the underlying impulse has migrated to the fringes of economic theory, where it blends legal scholarship with policy activism. The entire Modern Monetary Theory project should be understood as a political attempt to implement the theory of economic constructivism.

    Perhaps the best example, at least the most revealing, is the Mint the Coin movement. Founded in 2011 against a backdrop of mounting fiscal crisis, it proposes to harness the fictitious character of money by minting a trillion-dollar coin and paying off US government debt in one fell swoop. Scott Ferguson speaks about this kind of measure as rekindling and partaking in the plenitude of the holy fisc. Money is a “boundless center of abstraction” (Ferguson 2018: 167), he says, and if only we were able to embrace this, we could enjoy a world of limitless generosity and care. The problem is we remain wedded to “cruel fiction[s]” (3) like finite money, unsustainable debts, and so on. Ferguson is far too optimistic about our ability to do without fictions.

    Consider the following model, which appears in a 1994 essay by Mark Taylor called “Discrediting God”:

    The currency of psychological investment is the libidinal current whose flow is regulated by the constantly shifting difference between credit and debit. Though seeming to tend toward equilibrium, the psychic economy can only operate if books do not balance. When the positive and the negative or pluses and minuses cancel each other, we reach the null point where eros becomes thanatos and being becomes non-being. (Taylor 1994: 604, emphasis in original)

    He continues:

    While the establishment and maintenance of equilibrium might appear to be the aim of economic systems, the achievement of this purpose would result in the annihilation of the structure. (617)

    Libidinal economists like Deleuze and Guattari would tell you that none of this is metaphorical. That may well have been the key to their success, but only because libidinal economy itself is nothing more than the circulation and exchange of metaphors (Bennett 2016). And in this case, Taylor’s model provides an interesting metaphor for our relationship to metaphysical fictions. Imagine belief in terms of credit and disbelief in terms of debt. One can disbelieve some things and believe others, one can disbelieve everything and believe nothing, one can even believe everything and disbelieve nothing. But the books cannot be allowed to balance. One cannot reach the point where belief and non-belief neutralize each other. One needs to keep moving, keep believing and disbelieving.

    The next question is how to allocate one’s credulity, how to manage one’s portfolio of lies. Going all in on disbelief is to court metaphysical bankruptcy. Not for the faint of heart. The other extreme—total credulity—is the way to delirium. A decadent pursuit that normally requires a considerable outlay of resources. The normal thing to do is to maintain a more balanced portfolio; to use the usual metaphors, to lie and to believe according to fixed convention, to go with the herd.

    Modern Monetary Theory (MMT) now appears in a new light. MMT identifies a number of cruel economic fictions. It then presents the world with a theoretical fiction of its own, albeit one that alleges to do away such things. But the MMT project, at least in its current form, is doomed to fail for two reasons. First, because it underestimates the psychological value of our fictions. We know this because it sets out to rob us of our most important fiction: namely, that we live in a “real” economy composed of something other than illusions. Second, because it overestimates the political value of unmasking our fictions. If the art of power is keeping its emptiness a secret, then MMT commits the mortal sin of exposing the secret. Instead of renovating the façade of power, it draws attention to the void beneath.

    The implications of this stretch beyond the political fate of MMT. Indeed, the case of MMT suggests a much broader lesson about the interplay between heterodoxy and the lie in public policy. Lying against the herd is one thing, but at least one can accumulate a capital of lies amongst a group of new believers. Unmasking the lie in order to harness the fictitious quality of economic order is much more treacherous. If one’s capital of lies were to evaporate, if one’s religious holdings were to collapse, what would happen to one’s constituency of believers? It would disappear. In short, the psycho-political arithmetic of unmasking the lie is all wrong. The only way to make it add up is to tell more lies. This raises some extremely thorny questions about duplicity and politics. Would not the most effective platform for MMT be to lie in order to acquire the status of a truth, instead of try in vain to unmask the lies of public finance? In which case, would it not then have to choose between power and transparency?

    ***

    All this comes back around to the riddle of what sets or keeps the financial world in motion. The only satisfactory way to approach this question is through an unusual metaphor, a metaphor that we still remember to be a metaphor. And this metaphor, which likens lies to capital and existence to a portfolio of lies, opens up a new perspective on the value of orthodoxy. The image of an economic world consisting of all the usual metaphors masquerading as truths offers a considerable degree of consolation, a significant metaphysical return on psychic investment, enabling everyone to get on with the business of managing their capital of lies. It is no wonder, then, that economic policymakers cannot or will not trade in the market worldview for anything else, especially not the idea that we can choose any worldview we want. The psychic payoff attached to the idea of market rule is of greater political value than the one attached to various efforts to harness the fictitious quality of economic order. That is why policy discourse struggles to part ways with economic and financial orthodoxy.

    Amin Samman is Reader in International Political Economy at City, University of London, and author of History in Financial Times (Stanford University Press, 2019). He is Editor-in-Chief of the journal Finance and Society, as well as Director of the Finance and Society Network. He is currently completing a book manuscript with the working title Currency of Nihilism.

    References

    Abdelal, Rawi, Mark Blyth, and Craig Parsons, eds. 2010. Constructing the International Economy. Ithaca, NY: Cornell University Press.

    Baudrillard, Jean. 1987. Forget Foucault. Translated by Philip Beitchman, Lee Hildreth, and Mark Polizzotti. New York: Semiotext(e).

    Bennett, David. 2016. Currency of Desire: Libidinal Economy, Psychoanalysis and Sexual Revolution. London: Lawrence & Wishart.

    Best, Jacqueline, and Matthew Paterson, eds. 2010. Cultural Political Economy. London: Routledge.

    Cioran, E. M. 1968. The Temptation to Exist. Translated by Richard Howard. Chicago, IL: Quadrangle Books.

    Cioran, E. M. 1975. A Short History of Decay. Translated by Richard Howard. New York: Viking Press.

    Crockett, Andrew. 2011. “What Financial System for the Twenty-First Century?” In Per Jacobsson Lecture, 3–25. Washington, D.C.: International Monetary Fund.

    De Boever, Arne. 2018. Finance Fictions: Realism and Psychosis in a Time of Economic Crisis. Bronx, NY: Fordham University Press.

    Deleuze, Gilles, and Félix Guattari. 1983. Anti-Oedipus: Capitalism and Schizophrenia. Translated by Robert Hurley, Mark Seem, and Helen R. Lane. Minneapolis: University of Minnesota Press.

    Ferguson, Scott. 2018. Declarations of Dependence: Money, Aesthetics, and the Politics of Care. Lincoln: University of Nebraska Press.

    Konings, Martijn. 2015. “What is Constructivism For?” Progress in Political Economy, February 18. https://www.ppesydney.net/what-is-constructivism-for/.

    Konings, Martijn. 2024. “Symposium: Cutting the Gordian Knot of Finance.” Finance and Society Network. https://financeandsocietynetwork.org/gordian-knot-symposium

    Nietzsche, Friedrich. 1976. “On Truth and Lie in An Extra-Moral Sense.” In The Portable Nietzsche, edited and translated by Walter Kaufmann, 42–47. London: Penguin.

    Pefanis, Julian. 1991. Heterology and the Postmodern: Bataille, Baudrillard, and Lyotard. Durham, NC: Duke University Press.

    Steer, George, Harriet Clarfelt, Kate Duguid, and Stephanie Stacey. 2024. “AI Boom Drives Global Stock Markets To Best First Quarter In 5 Years.” Financial Times, March 29. https://www.ft.com/content/1f471c88-d49f-4a52-8619-cc5c0c506008

    Szepanski, Achim. 2024. Capitalism in the Age of Catastrophe. Basingstoke: Palgrave Macmillan.

    Taibbi, Matt. 2010. “The Great American Bubble Machine.” Rolling Stone, April 5. https://www.rollingstone.com/politics/politics-news/the-great-american-bubble-machine-195229/.

    Taylor, Mark C. 1994. “Discrediting God.” Journal of the American Academy of Religion 62, no. 2: 603–23.

    Vighi, Fabio. 2016. “Capitalist Bulimia: Lacan on Marx and Crisis.” Crisis and Critique 3, no. 3: 415–32.

    Vogl, Joseph. 2022. Capital and Ressentiment: A Brief Theory of the Present. Translated by Neil Solomon. Cambridge: Polity.

     

    Notes

    [1] These formulations echo Deleuze and Guattari 1983, Vighi 2016, Crockett 2011, Konings 2024, and Taibbi 2010, respectively.

    [2] The interested reader should consult Abdelal et al. 2010 or Best and Paterson 2010 for the particulars. Konings 2015 provides one of the few sane commentaries on this development.

    [3] There are of course notable exceptions. See, for example, De Boever 2018.

  • Stefan Eich–Democracy and the Political Limits of Monetary Politics

    Stefan Eich–Democracy and the Political Limits of Monetary Politics

    This article is part of the b2o: an online journal Special Issue “The Gordian Knot of Finance”

    Democracy and the Political Limits of Monetary Politics

    Stefan Eich

    There are by now two deeply familiar stories about the nature and origin of money. One is the well-worn standard economic story that used to dominate economics textbooks, and still does to a surprising extent. In this Commercial Origin Story, money emerges out of commerce and becomes more efficient over time. Over the past decade this account has, rightly, been heavily criticized, in particular by anthropologists (Graeber 2011).

    In its stead, a different narrative has emerged: the Chartalist Origin Story, which has by now in an important sense become the new orthodoxy. Here money emerges not from commerce but essentially from the force of taxation. It is essentially a token that states create and then force subjects to pay taxes with it. This second story helpfully brings the state into the picture, but to a surprising extent the two accounts nonetheless mirror each other more than they can themselves admit.

    Both tend to be introduced as origin stories. Both are “just so” conjectural histories that make sweeping generalizations. Crucially, both lack an actual political theory of money. Politics and the state are of course marginal at best in the commercial account. But even in the chartalist account, which purports to overcome this impasse, politics appears as an undifferentiated mass of tax power. All too often, the modern state is simply presumed and not itself historicized or theorized. What is missing is an actual account of political struggle and with that a historically attuned theory of the modern state.

    This matters all the more because how we describe the workings of the monetary system, and how we situate it in relation to the modern state has vast ramifications for debates about how to craft better monetary institutions and how to democratize money. Instead of ever more elaborate origin stories we need accounts of the actual political workings of money.

    That includes better accounts of the ways in which money inevitably raises complex questions of power, that render it suspended between trust and violence (Aglietta and Orléan 2002). Translated into political theory, this means that money is an institution of collective belief with rich performative, communicative and temporal dimensions. Money appears in all these aspects as a fragile project of political language and trust, with the coercive powers of the state always on the horizon, creating unique promises and challenges for democratic politics. As such, money is a “constitutional project” (Desan 2017), albeit of a peculiar kind.

    Acknowledging these wider social forces at the same time highlights the temporal nature of money as a form of collective belief—perhaps even faith—about the future. As Keynes (1936: 294) famously put it, money is first and foremost an institutional embodiment of temporality. As the unit of account in which credit claims are articulated and recorded, money embodies and refracts clashing collective beliefs about the future. Money is in this sense not only the battlefield of clashing expectations about the future, but also embodies clashing ideas of the very conception of “the future”.

    This framing allows us to build on the most promising credit theories of money but to also appreciate that credit (or debt) is usually accepted because of a combination of trust and force. All this amply illustrates the ways in which money is not merely a neutral economic technology but always entangled in questions of power and clashing conceptions of the future. It is moreover a site of manifold political struggles in which certain expectations about the future can easily become self-fulfilling.

    In the economic sociology literature this power has recently come to be denoted as an instance of “infrastructural power” (Mann 1984; Braun 2018; Braun and Gabor et al 2020; Wansleben 2023). But there is a crucial ambiguity in how the concept of monetary infrastructural power has been taken up, namely whether we are dealing here with the power of the state or of financial markets—whether infrastructural power is primarily public or private. As Krippner (2024) has recently perceptively remarked, shared invocations of the term easily obscure significant disagreements. Whereas many locate central banks as genuine agents at the heart of this infrastructural power, others (Braun and Gabor, for example, but also Krippner herself) stress instead the dependencies of central banks on financial market imperatives. In short, on their reading it is not the state that wields infrastructural power, but the first movers are instead financial market actors. Gabor (2021) has captured the underlying paradox by describing the ways in which central banks seem today more powerful than ever and are yet at the same time without genuine political agency.

    Governing Hybridity

    While money is thus deeply political, that politics cannot be reduced to a sovereign will or decision. Rather, modern money is a complex hybrid that is both private and public, always economic and political at once. Money and banking are never purely private but they are tethered to the state and its central bank—and banks are fundamentally unlike other companies. But this also means, inversely, that even the state’s capacity to steer money creation is embedded in a capitalist frame of value. Here, Keynes’s understanding of money of account meets Marx’s value theory. To adapt Marx’s quip about historical agency from the Eighteenth Brumaire (Marx 1978: 595): states make money but they do not always do so as they please.

    It is possible to theorize that hybridity in a number of different ways, as perhaps the original act of privatization, as a public-private partnership, as a finance franchise, and so on. But in all these approaches, the underlying relationship of mutual dependence—financial, political, and strategic—needs to stand at the very heart of any account of the contemporary financial and monetary system. States, central banks and societies at large are dependent on the banking system as a payment system, as a tool of credit creation and provision, but also as a transmission channel for monetary policy. Today that interdependence can easily feel like a form of blackmail in which banks are able to leverage their own systemic significance. But it is worth remembering that banks also need the state—and the safe assets created by the state—at least as much as the state needs finance. This relationship of interdependence poses a set of undertheorized political questions, but also points to underexplored openings for strategic action.

    In addition to the hybridity of the system there is another political dimension that can get lost in the infrastructural account. To speak of infrastructural power easily suggests a misleading impression of concrete solidity, an image of monetary systems as highways. But money is more peculiar than a simple road. It is, to use Adam Smith’s image of paper money, a “wagon-way through the air” (Smith 1981: 321). And its levitation is ultimately a product of our beliefs and expectations. Money has a profoundly reflexive dimension that operates at the level of the collective imagination. In the realm of money, beliefs matter irrespectively of whether they are true or false. Any political theory of money has to take into account this reflexive logic. The central political question that emerges thus is: how to govern the hybridity of modern money, with the interdependence between state and finance that it continuously recreates, but also with its peculiarly reflexive character?

    Political Limits of Monetary Politics

    The point of insisting that money is always already political is thus not to suggest that it is perfectly malleable. To be sure, we develop critiques of social constructions to escape the ways in which these constructions hold us captive. That does mean piercing the veil of naturalizations in order to demythologize. But just because something is constructed does not mean it can be reshaped at will. The point therefore cannot simply be to re-assert state control. Instead, we need to recognize that state control is already part of the hybrid system yet in ways that easily frustrate notions of democratic control. In some sense this was Marx’s profound point: even if a state were to take over the monetary system but would leave the underlying structures of production untouched, it would be unable to escape the capitalist value concept. Even its ideal money would become commodified.

    My point is thus not simply to underwrite nominalist claims of monetary malleability but to locate more precisely the scope for and limits to monetary politics. To posit the political construction of an institution does not imply an effortless ability to cash out the democratic promise of said institution. Nowhere is this more evident than in the realm of money, and yet it is precisely this fundamental political problem that has gotten lost in the monetary standoff between the orthodoxy and chartalism. These limits, though very real, are neither external “economic” limits, nor are they static or fixed. Instead, they arise from the fact that the construction process is not transparent to itself. Foregrounding the constructedness of money does not do away with constraints but offers us a different way of understanding the problem by emphasizing that the limits and binds are internal to the politics of money.

    Monetary Democratization

    And yet I remain convinced that this critique leaves considerable space for articulating substantial political demands for the democratization (the gerund matters here) of money even under contemporary conditions. That does not mean that our chains are merely imaginary but rather that democratic politics requires struggling within a system whose horizon of realization we can never reach (Taylor 2019). Here it is easy to fall into two traps that mirror each other.

    The first trap is that of misrepresenting and downplaying the scale and scope of the kinds of political interventions that are available in the realm of monetary power even under capitalism—a mistake that characterizes some parts of the Marxist tradition, though as I have argued elsewhere Marx’s own position is more interesting (Eich 2022: 105-138). The state is not simply restricted to setting the unit of account, but it can and does constantly, if largely invisibly, intervene in the process of credit creation and allocation. There are of course clear limits to a state’s ability to force citizens—let alone foreign investors—to accept its own tokens. But even within the confines of contemporary central banking there are nonetheless discretionary decisions of enormous scope with vast stakes that are all entirely compatible with the existing relations of value. The power of central banks extends to their ability to reject or accept pleas for convertibility of different forms of private monies from the bottom of the money pyramid into fiat monies at the top. Whose credit claims are converted, which assets central banks buy and hold on their balance sheets, and who can count on an emergency liquidity injection are all decisions that fall under the broad heading of monetary politics and the answers to these questions are fundamentally underdetermined by the forces of capital alone.

    But it would inversely also be a mistake to misrepresent and downplay the challenges that nonetheless remain for any state seeking to wield monetary power under capitalism. Modern Monetary Theory (MMT), which has done an enormous service in highlighting the actual workings of the monetary system, can sometimes be guilty of supposing that once the spell has been broken, states will somehow be liberated to wield fiscal power as they please. But not only is the state’s capacity to steer money creation still ensnared in the capitalist value form, there are also various internal political struggles over the public finances that pit defenders of fiscal and monetary orthodoxy against any attempt of reform. The underlying divergences in political and economic interests are real and they run right through any account of monetary power and the politics of credit creation. The real task in the face of these two traps must be to develop a more complex picture of monetary power that is aware of these internal limitations and that nonetheless asks what it would mean to insist on the democratization of these forces.

    We can productively relate this framing back to debates on the constitutional dimension of monetary systems (Desan 2017). Constitutions are institutional expressions of the paradoxical attempt to channel and arrest political change. If they lack workable ways of amendment, constitutions can become suffocatingly conservative as dead hands of the past. And yet constitutions can also be designed in more democratic ways or can change in more democratic directions. So just as constructedness does not equate to malleability, so does constitutionalization not equate to democratization. The question for us is then whether the monetary constitution is so self-referentially shielded against external intervention as to frustrate any attempted amendments? Or are there ways in which one could at least begin to democratize the monetary constitution?

    What would it mean to democratize a monetary system under contemporary capitalism and all the constraints internal to the peculiar kind of money that it produces and demands? How we spell out a vision of democratizing money varies according to how we conceptualize the constraints of the construction process but also what we take democracy to consist of. As an initial starting point, it helps to loosely distinguish between three strands of democratic theorizing: those that place emphasis on representative institutions, those that stress deliberation, and those that focus on contestation. The most persuasive theories of democracy tend to combine all three strands, not least because these seem to be interdependent in important ways. If approached through the first lens of representative (usually legislative) institutions, the politics of central banking largely appears as a problem of democratic delegation and how to make such delegated power more accountable. But greater democratic accountability of central banks would in turn arguably require more robust structures of both deliberation and contestation, namely institutionalized and non-institutionalized channels for demanding justifications and challenging power. Democratic deliberation requires a form of contestation, just as contestation often—though not necessarily—has a deliberative dimension.

    What ties these three aspects of representation, deliberation, and contestation together for me is, however, not a fixed ideal of institutionalized rule but instead an acceptance and indeed embrace of indeterminacy and uncertainty as the true features of democratic life. As Claude Lefort (1988) insisted, democracy is necessarily open-ended and unfinished. The objective of my argument about democratizing money is thus emphatically not to offer an institutional blueprint but instead to make, in a Lefortian spirit, a meta-democratic point, one that is less interested in issuing policy recommendations or institutional fixes and rather insists that grappling with questions of monetary power requires bringing monetary politics back into public debate and opening it up to the indeterminacy of open-ended, democratic contestation and critique. At that point we would be touching on the element of greatest discomfort and anti-democratic suspicion among central bankers who are raised on the idea that uncertainty is poison for financial markets. The question of uncertainty might then be the most concentrated moment of real tension between financial capitalism and democratic politics.

    We can no longer sidestep this question. Ever new kinds of uncertainty, from climate to geopolitical risks, intrude into monetary policymaking. Both feed the “uncomfortable knowledge” (Best 2022) of central bankers concerning the depth of their own ignorance which they can neither ignore nor ever fully acknowledge. Moreover, excluding questions of monetary governance and credit creation from democratic life and democratic debate will have pernicious consequences not just for monetary policy and our monetary systems but also threaten the health of democracy itself.  Bracketing questions of monetary design from democratic decision making  and leaving crucial policy decisions—who gets to create money, where credit flows, and who gets bailed out—in the hands of unaccountable private actors or unelected technocrats will inevitably hollow out the democratic self-understanding that we are ultimately engaged in an experiment of self-rule. Democracies would thus do well to develop better avenues for articulating the underlying political questions and the inevitable encounter with uncertainty they entail.

    Conclusion

    Capital rules supreme, and yet—as Walter Bagehot (1873: 20) already put it—“[m]oney will not manage itself.” All monetary systems need governance. That inevitably raises political questions of who gets to decide who governs and based on what values. The hybridity of the system constrains the political responses that are possible, but it nonetheless also affords political openings. Money is always already political, even where it appears in the guise of a privatized anti-politics; but at the same time, to say that something is political cannot be reduced to the possibility of shaping things at will. This allows us to move beyond the misleading choice between the “depoliticization” versus the “re-politicization” of money and central banking. Monetary depoliticization is itself necessarily a mirage that obscures the ways in which what might appear as depoliticization is much better understood as itself a political project of de-democratization. This does not necessarily disqualify calls for the “depoliticization” of money, but the underlying values and goals have to be articulated and defended in the language of democratic politics. Inversely, calls to “politicize” money are empty—even potentially reckless, given the current popularity of this idea on the extreme right—if they fail to articulate what kind of politics is meant to be injected. Is the objective to bundle money power in one hand or instead to open it up to democratic decision-making?

    Just as we need to escape the misleading binary between the politicization and depoliticization of money, so we must transcend artificially narrow debates that reduce questions of democratizing monetary power to the nominal status of central banks. Central banks can only ever be as democratic as the monetary system through which they govern and on which they depend. Overcoming our current impasse thus requires that we ask a more fundamental question than simply whether we are for or against central bank independence. We ought to ask instead: independence from what? While “independent” central banks are shielded against democratic politics, they are entirely dependent on commercial banks for credit creation and for the transmission of interest rates. Any such central bank, even if it were to be directly elected or guided by a democratic deliberative body, will necessarily find itself in a reactive position of subservience. A genuinely independent central bank is entirely compatible with greater democratic accountability precisely by shielding it both against the executive and by making it more independent from financial markets.

    The central task must thus be to create the democratic spaces in which open debate about these questions can actually take place. That means on one level to better understand the hybrid interdependence of finance and the state in the realm of capitalist money, including any strategic openings afforded by that interdependence. But it also means to look beyond the current, deeply flawed system in order to develop alternative demands for what a more egalitarian financial and monetary system could look like that actually serves as a peculiarly reflexive piece of public infrastructure.

    Stefan Eich is Assistant Professor of Government at Georgetown University. He is the author of The Currency of Politics: The Political Theory of Money from Aristotle to Keynes (Princeton University Press, 2022), which was awarded the 2023 APSA Foundations of Political Theory Best First Book Prize.

    References

    Aglietta, Michel and Orléan, André. 2002. La monnaie entre violence et confiance. Paris: Odile Jacob.

    Bagehot, Walter. 1873. Lombard Street: A Description of the Money Market. London: Henry S. King.

    Braun, Benjamin. 2018. “Central banking and the infrastructural power of finance.” Socio-Economic Review, 18, no. 2: 395–418.

    Braun, Benjamin and Gabor, Daniela. 2020. “Central banking, shadow banking, and infrastructural power.” In: Mader, P., Mertens, D., and van der Zwan, N. (eds.), The Routledge International Handbook of Financialization. London: Routledge: 241–52.

    Desan, Christine. 2017. “The Constitutional Approach to Money,” in Nina Bandelj, Frederick F. Wherry, and Viviana A. Zelizer, eds., Money Talks: Explaining How Money Really Works. Princeton: Princeton University Press: 109–30.

    Eich, Stefan. 2022. The Currency of Politics. The Political Theory of Money from Aristotle to Keynes. Princeton: Princeton University Press.

    Gabor, Daniela. 2021. Revolution without Revolutionaries. Berlin: Finanzwende and Heinrich-Böll Foundation.

    Graeber, David. 2011. Debt. The First 5,000 Years. New York: Melville House.

    Keynes, John Maynard. 1936. The General Theory of Employment, Interest and Money. London: Macmillan.

    Krippner, Greta. 2024. “Leviathan financialized?,” Finance & Society 10, Issue 1: 59–64.

    Lefort, Claude. 1988. Democracy and Political Theory. Translated by David Macey. Cambridge: Polity.

    Mann, Michael. 1984. “The autonomous power of the state: Its origins, mechanisms, and results” European Journal of Sociology, 25, no. 2: 185–213.

    Marx, Karl. 1978. “The Eighteenth Brumaire of Louis Bonaparte [1852].” Robert C. Tucker (ed.), The Marx-Engels Reader. New York: W.W. Norton: 594-617.

    Smith, Adam. 1981. An Inquiry into the Nature and Causes of the Wealth of Nations [1776]. Indianapolis: Liberty Classics.

    Taylor, Astra. 2019. Democracy May Not Exist But We’ll Miss it When It’s Gone. London and New York: Verso.

    Wansleben, Leon. 2023. The Rise of Central Banks: State Power in Financial Capitalism. Cambridge MA: Harvard University Press.

  • Martijn Konings–The Modern Money Tangle: An Introduction

    Martijn Konings–The Modern Money Tangle: An Introduction

    This article is part of the b2o: an online journal Special Issue “The Gordian Knot of Finance”

    The Modern Money Tangle: An Introduction

    Martijn Konings

    It is increasingly evident that the existing economic policy paradigm is a recipe for ongoing economic stagnation, political polarization, and ecological degradation. But this growing awareness often seems peculiarly inconsequential, incapable of driving even minor shifts in the most conspicuously harmful policy settings, including governments’ enormous subsidies for fossil fuel extraction and the near-perfect exemption of extreme private wealth from taxation. Even as electoral systems have become almost as volatile as the stock market, it seems that, when it comes to economic policy, the political center holds, inexplicably.

    We tend to call that paradigm “neoliberalism”. The epithet was first used by academics. But, as during the decade following the Global Financial Crisis wider communities of observers found themselves increasingly puzzled by the immunity of economic policy to feedback from social and ecological systems, the label became used more widely (Slobodian 2018, Monbiot and Hutchinson 2024). The problem, by this account, consists in politicians’ and policymakers’ unexamined belief in an expanded role for market mechanisms as the obvious solution to any and all social problems. Moreover, that erroneous belief is self-reinforcing, as the persistence or worsening of social problems is only ever taken to mean that not enough market efficiency has yet been applied.

    In the social sciences themselves, neoliberalism has become a contested concept. A general definition – neoliberalism as the reformulation of a classic liberalism in response to the rise and crisis of Keynesianism – is unlikely to encounter many objections. But the critical force of the neoliberalism concept is premised on a more specific claim – namely, the ability to capture the diminishing role of the state and the expansion of the market. It is not at all clear, however, that such a shift in society’s center of gravity, from public to private, has taken place. The very period during which the concept of neoliberalism established itself as a common descriptor was also the era of “quantitative easing” (asset purchases by the central bank) and “macroprudential regulation” (concerning itself not just with the health of individual firms but with macro-level stability) during which Western governments took on an unprecedented level of responsibility for maintaining the balance sheets of large financial institutions (Tooze 2018, Petrou 2021). Entirely contrary to what the neoliberal schema would suggest, the functioning of government institutions has become deeply entangled with the expanded reproduction of private wealth (Konings 2025).

    Supported by the significant historical and conceptual nuance that recent scholarship has provided, some have argued that the neoliberalism concept can accommodate such developments. But such qualifications undercut the critical thrust of neoliberalism as an off-the-shelf diagnosis of our current predicament. Others have gone further in questioning the suitability of traditional categories of state and market for capturing structures of power and exploitation that appear simultaneously archaic and futuristic. Neoliberalism, from such a perspective, may simply have buckled under the weight of its own contradictions, and we are now seeing a transition to a very different kind of society – neo-feudalism or technofeudalism (Dean 2020, Varoufakis 2024). Such takes align with the self-image of many Silicon Valley billionaires, who often see themselves less as capitalist entrepreneurs than as the founders of new dynastic bloodlines. But treating such heroic or nihilistic self-stylings as reliable guides to current transformations rather than publicly lived mental health struggles may well be a symptom of what Stathis Gourgouris (2019: 144) understands as social theory’s own “monarchical desire”.

    A more helpful angle has been advanced by Modern Monetary Theory (MMT), a perspective that understands economic value as a public construct and found considerable traction by pointing out that such public capacities for value creation had been appropriated by the property-owning class (Wray 2015, Kelton 2020). Taking a leaf from the Marxist book of dialectical historical change, MMT authors propose liberating the machinery of public value creation from the pernicious regime of property relations that it has been made to serve and instead to press it into serving “the birth of the people’s economy”, in the words of Stephanie Kelton (2020). If governments can afford to bail out banks, they can fund programs with actual social value.

    MMT precursor Abba Lerner (1943, 1947) viewed his perspective on money as a public token as nothing more than a rigorous statement of the assumptions underpinning Keynes’ General Theory. Keynes himself had tried to make his work acceptable to establishment opinion by concentrating primarily on the role of fiscal policy, leaving the overarching financial structure of the capitalist economy go unquestioned. Even during the heyday of Keynesian hegemony, attempts to wield the public purse were always constrained by the fact that control over monetary policy settings was firmly in the hands of central banks (Major 2014, Feinig 2022). That was a key institutional precondition for the rise of neoliberal inflation targeting. But the absurdity of putting monetary decision-making beyond democratic control became fully evident following the Global Financial Crisis, when central banks made permanent an extensive range of subsidies and guarantees for the holders of financial assets, while governments tightened the public purse strings by cutting social programs.

    In this context, arguments that had long been dismissed as crank theory were able to bypass the censure of mainstream economics and find purchase in the public sphere. The vicious response of mainstream economics to the popularity of MMT has done more to underscore than to refute the salience of its provocation – that there exist no actual economic reasons why we can’t repurpose the institutions of the bailout state, away from the gratuitous subsidization of private wealth accumulation and towards shared prosperity.

    Finance, MMT understands, holds no secret: it’s just a ledger of society’s transactions and commitments. And if these records are in principle as transparent as any other system of accounts, then what is there to prevent the public and its representatives from taking charge and correcting the perverse misallocations embedded in the current system? According to MMT, the main obstacle here is the flawed, arch-neoliberal idea that governments, like private households, need to “balance the books”. Politicians who operate under the pernicious influence of neoliberal ideology do not recognize that governments are sovereign institutions issuing their own currency and are not subject to the same discipline as households. Adding insult to injury, the principle of public austerity is always readily suspended when banks need bailouts – and invariably reinstated again once the danger of system-level meltdown has passed.

    MMT has adopted a very literal reading of neoliberalism, imagining that the force of its ideological obfuscations is the main obstacle to repurposing the mechanisms of quantitative easing for the advancement of the people. In reality, the problem runs deeper. The public underwriting of private balance sheets has a long history. From the mid-twentieth century it served as a key instrument for governments to manage the contradictions of welfare capitalism. During the 1970s, neoliberal ideas of fiscal and monetary austerity became influential not because of their ideological strength, but because they provided a way to manage the inflationary pressure produced by risk socialization. That permitted the routinization of bailout and backstop policies, which culminated in the intravenous liquidity drip-feed that large banks enjoy at present.

    That arrangement also has deeper social and political roots than it is typically credited with. Government subsidization of asset values is a major factor responsible for the rise of the “1%”, but it has also underpinned a broader reconstruction of middle-class politics, away from wage expectations to capital gains (Adkins, Cooper and Konings 2020). The nineties represented the high point of this asset-focused middle-class politics, when rising home and stock prices delivered benefits widely enough to give credence to the promise of inclusive wealth.

    The trickle-down effect has now come to a halt, but that fact does not by itself undo the ideological or institutional structure of the backstop state. The allocation of public resources has become intertwined with the private wealth accumulation in an endless number of ways that are not easily unwound. The idea that governments can do things themselves, without having to put in place complex financing constructions to mobilize private capital and incentivize the doing of said thing by others, has become so incomprehensible in the bourgeois public sphere that there simply no longer exists a straightforward channel for translating social priorities into public spending priorities. What binds the machinery of policymaking to the power of finance is not a set of discrete ties but rather something akin to a Gordian knot.

    How to undo, loosen, transform, or bypass that knot? The recent past offers some clues. Since the Covid crisis, modern money has powerfully expressed both its public and its private character. When emergency struck, governments were instantly capable of doing all the things that politicians and experts routinely advise are just not possible. By expanding the safety net beyond the financial too-big-to-fail establishment, they orchestrated a “quantitative easing for the people”, in the words of Frances Coppola (2019). The world’s most powerful central banker, Federal Reserve chairman Jerome Powell, conceded that there were no real technical limits to the possibility of getting money in the hands of people who needed it (Pelley 2020). Almost overnight, MMT went from indie darling to mainstream pop star. “Is this what winning looks like?”, the New York Times wondered (Smialek 2022). Many declared the end of the neoliberal model.

    But before too long, inflation surged, and discourses insisting on strict limits to the use of public money and credit returned to prominence. The discipline thus meted out has been extremely uneven. Central banks across the world have increased interest rates to slow down growth and employment, but for bankers and asset owners the edifice of quantitative easing and liquidity support remains firmly locked in place. Treasuries have similarly tightened the purse strings, swiftly undoing the broadened financial safety nets and undertaking deep cuts in social programs and public education even as they continue to increase spending on the military and corporate tax breaks.

    MMTers and other progressives have not failed to call out the hypocrisy, and neoliberal nostrums about the importance of balanced budgets no longer enjoy the same intellectual authority that they once did. But it often seems as if that hardly matters – that the sheer exhaustion of neoliberalism as an intellectual paradigm merely serves to make a mockery of the idea that policy could change in a material way. We can all see that the emperor is not wearing anything, and yet we’re in the midst of a powerful restoration of economic orthodoxy, relentlessly socializing the risk of the largest players while inflicting tight monetary and fiscal policy settings on the rest of the population.

    MMTers have allied with other heterodox economists to rebut mainstream arguments for deflationary policy (Weber and Wasner 2023). Inflationary pressures, they argue, had their origins in specific events such as supply-chain disruptions, and should be addressed by targeting those sources – not by carpet-bombing the economic system at large. Such arguments invoke a long history of Keynesian supply-side thinking that aims to undercut inflationary pressures in ways that do not require the central bank or the treasury to deploy their crude instruments of general deflation. The last time such a progressive supply-side agenda had made waves was during the nineties, when Democrats positioned such ideas as an alternative to Reagan’s right-wing supply-side agenda. Then, they became allied to spurious claims about a new economy and ended up providing ideological cover for Clinton’s embrace of fiscal austerity. This time, such ideas synced with the Biden’s administration’s interest in a more active industrial policy meant to counter the economic stagnation that had become evident during the previous decade and to tighten the strategic connections between key economic sectors and America’s geopolitical interests.

    While the recentering of the national interest has allowed Keynesian ideas to enjoy greater influence, it has also reinforced the blind spot that has historically plagued that paradigm and that MMT had sought to correct. Even as fiscal and regulatory policy have become fully yoked to the needs of financial assets holders for minimum returns – a dependence that Daniela Gabor (2021) has referred to as the Wall Street consensus, dominated by an asset manager complex that demands comprehensive derisking for any and all projects it invests in, what fell by the wayside with the rise of Bidenomics is a critical focus on the economy’s financial infrastructure as an object of democratic decision-making.

    Indeed, the Biden administration has been eager to disavow any interest in in challenging the autonomy of the Federal Reserve – one of its preferred ways to signal that there are “adults in the room” who take advice from experts. In this way, it has left the field open to the far right, which intuits much more readily that the advocates of independent central banking are false prophets, and it has made greater political control over monetary policy one of the key points of its blueprints for a more fascist future such as Project 2025. A progressive agenda that fails to engage that terrain, on which are situated the monetary drivers of the escalating concentration of asset wealth, will be unable find much sustained traction.

    MMT has shown us where we need to look – where to direct our attention and bring the struggle. But its wish to beat mainstream economics at its own scientistic game, by advancing objectively better policies rooted in superior expertise, prevents it from recognizing what an effective political engagement might involve. The contributions to this forum resist the temptation to imagine alternatives as if any are readily available. Instead, they examine modern money as a complex tangle, composed of an endless range of dynamically evolving strategies and alliances that straddle any divide between public and private. The financial knot is tighter in some places than in others, but neither orthodox economics nor MMT gets the pattern into sufficiently sharp focus to see the openings and fissures.

    In that sense, we should perhaps consider ourselves as occupying the mental space that Keynes did after he completed A Treatise on Money (Keynes 1930), which catalogued the extraordinary expansion of liquid financial instruments during the early twentieth century but had left him uncertain about the meaning of all this. When several years later he wrote the General Theory, his mind was on the day’s most pressing questions, above all the dramatic collapse in output and employment that had occurred during the previous years. While he recognized that such volatility could only occur in a monetary economy, he nonetheless considered it justifiable to let finance drop “into the background” (Keynes 1936: vii). Lerner viewed that as an infelicitous move, sensing correctly that it kept open the door to the restoration of an economic orthodoxy eager to sacrifice human livelihoods at the abstract altar of financial property. The contributions presented here (presented first at a symposium on the Gordian knot of finance held at the University of Sydney, generously sponsored by the Hewlett Foundation), take a step back and linger with the more open-ended curiosity that drove Keynes’ earlier engagement with the institutional logic of financial claims. How has the knot of modern money been tied?

    Stefan Eich’s contribution examines money’s constitutive duality, the fact that it is public and private at the same time. He draws attention to the structural similarity of perspectives that think of the financial system as either primarily public or primarily private, and, engaging with MMT as well as other strands of “chartalist” theory, he argues that money is best seen as a constitutional project. The fact that money is at its core both public and private means that political openings always exist, even if those are never opportunities to reconstruct the financial structure from scratch.

    Amin Samman asks what it is about the financial system that makes it so resistant to rational public policy intervention. To this end, he draws attention to the role of fictions in the functioning of finance – when speculative projections fail, the response is not sober reflection but a feverish acceleration of their production, eventuating in the installation of the lie as the modus operandi of capital. More earnest, truth-observant policymakers occupy a structurally impossible position, on the one hand interfacing with the delirious virtuality of capitalist finance and on the other attempting to be responsive to rational criticisms.

    Dick Bryan argues that a preoccupation with how to undo or cut the Gordian knot may be misplaced. For each bit of loosening we achieve, capital has tricks up its sleeve to tighten its grip. Instead of focusing too much on the knot itself, we might think of ways to slip past it by designing financial connections that may not instantly become entangled in existing networks and their power concentrations. Challenging any clear-cut distinction between money and asset, he argues that crypto currencies could be designed to play that role.

    Janet Roitman takes a different look at the image of the Gordian knot as a global imperial structure, and she asks whether it in fact attributes too much efficacy to the power of finance. While acknowledging the strength of the international currency hierarchy, she shows that dynamics challenging the dollar system arise from within the dynamic of capitalism itself. New financial technologies are instruments of economic competition, and in that capacity, they offer new opportunities for exploitation but inevitably also for the loosening of constraints, however limited or compromised such emancipation may be.

    While Roitman turns our attention to the fissures in the global financial knot, Michelle Chihara concludes the forum by pointing out a major kink in the heartland of modern money. She argues that, for all our fascination with the ghost towns that the bursting of the Chinese real estate bubble produced, vacant property is a key aspect of the functioning of contemporary global capitalism. The jarring combination of vacant apartments serving as subsidized storage for transnational wealth on the one hand and a rapidly growing population of homeless and underhoused on the other, is giving rise to new forms of protest, reminding us that the grip of money is rooted in the compliances of everyday life.

    Taken together, the contributions collected here shed light on different aspects of the tangle of promises, claims and commitments that constitute modern money. Such a perspective militates against the promise of a neatly executed, wholesale policy shift to reorient the economic system, but that does not entail a hard Hayekian anti-constructivism as the only alternative. MMT might be likened to a subject of psychoanalysis that, upon realizing that the world holds no deep secret, declares itself cured – but, when venturing back out, finds that its relationship to that world has undergone little practical change. It still has to do the work of deconstructing, transforming, or otherwise navigating the actual web of fictions, promises, lies, and obfuscations that it has built. In few areas of life is such thoughtful deconstruction more imperative than in our relationship to modern money, which is structured by so many layers of miseducation and misapprehension that transforming its practical operation is necessarily as much about revising our understanding as it is about getting our hands on the institutional machinery of its creation.

    Martijn Konings is Professor of Political Economy and Social Theory at the University of Sydney. He is the author of The Emotional Logic of Capitalism (Stanford University Press, 2015), Neoliberalism (with Damien Cahill, Polity, 2017) Capital and Time (Stanford University Press, 2018), The Asset Economy (with Lisa Adkins and Melinda Cooper, Polity, 2020), and The Bailout State: Why Governments Rescue Banks, Not People (Polity, 2025).

    References

    Adkins, Lisa, Melinda Cooper and Martijn Konings. 2020. The Asset Economy, Polity.

    Brown, Wendy. 2015. Undoing the Demos: Neoliberalism’s Stealth Revolution, Zone.

    Coppola, Frances. 2019. The Case For People’s Quantitative Easing, Polity.

    Dean, Jodi. 2020. “Neofeudalism: The End of Capitalism?”, Los Angeles Review of Books, May 12.

    Feinig Jakob. 2022. Moral Economies of Money: Politics and the Monetary Constitution of Society, Stanford University Press.

    Gabor, Daniela. 2021. “The Wall Street Consensus”, Development and Change, 52(3).

    Gourgouris, Stathis. 2018. The Perils of the One, Columbia University Press.

    Kelton, Stephanie. 2020 The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy, PublicAffairs, 2020.

    Konings, Martijn. 2025. The Bailout State: Why Governments Rescue Banks, Not People, Polity.

    Lerner, Abba P. 1943. “Functional Finance and the Federal Debt”, Social Research, 10(1).

    Lerner, Abba P. 1947. “Money as a Creature of the State”, American Economic Review, 37(2).

    Keynes, John Maynard. 1930. A Treatise on Money, Cambridge University Press.

    Keynes, John Maynard. 1936. The General Theory of Employment, Interest and Money, Harcourt, Brace and Company.

    Major, Aaron. 2014. Architects of Austerity: International Finance and the Politics of Growth, Stanford University Press.

    Monbiot, George and Peter Hutchison. 2024. Invisible Doctrine: The Secret History of Neoliberalism, Crown.

    Pelley, Scott. 2018. “Federal Reserve Chairman Jerome Powell on the coronavirus-ravaged economy”, CBS News, May 18.

    Petrou, Karen. 2021. Engine of Inequality: The Fed and the Future of Wealth in America, Wiley.

    Slobodian, Quinn. 2018. Globalists: The End of Empire and the Birth of Neoliberalism, Harvard University Press.

    Smialek, Jeanna. 2022. “Is This What Winning Looks Like?”, New York Times, February 7.

    Tooze, Adam. 2018. Crashed: How a Decade of Financial Crises Changed the World, Viking.

    Varoufakis, Yanis. 2024. Technofeudalism: What Killed Capitalism, Melville House, 2024.

    Weber, Isabella M. and Evan Wasner. 2023. “Sellers’ Inflation, Profits and Conflict: Why Can Large Firms Hike Prices in an Emergency?”, Review of Keynesian Economics, 11(2), 2023.

    Wray, L. Randall. 2015. Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems, Palgrave Macmillan.

  • Karen Pinkus–Selected Cantos of the Inferno

    Karen Pinkus–Selected Cantos of the Inferno

    Selected Cantos of the Inferno

    Karen Pinkus

     

    A good bit more than halfway through my life I stood

    On a precipice looking down with dread

    When came my guide, with wiry hair, the very sage Ms. Atwood.

     

    “I’ll take you ‘round to see how certain souls are fairing

    In hopes to cheer you up a bit,” she offered.

    This, plus Xanax and some wine will make a pleasant pairing.

     

    ******

     

    We came upon a meadow that seemed verdant from afar.

    On close inspection, drought-fueled wildfires simmered

    And yet, small dogs were frolicking among the ashy chars.

     

    “Behold the plain of virtuous re-pugs,” Margaret indicated.

    “Being of that sort, they will forever chase their croppéd tails

    But will not suffer the tortures of others much worse fated.”

     

    “And who’s that silver-coated fox who yaps intrepidly?” I wonder.

    “That’s Liz Cheney. She sniffs and seeks her dad but finds him not

    For he resides where it is much, much more hot.”

     

    *****

     

    Next, we sailed upon a sea of men forever treading water.

    Bezos and Sir Keir I recognized among the many bobbing heads.

    “They did what they had to,” said my guide, “to find themselves safe harbor.”

     

    They can’t be blamed, I thought. And yet they might have spoken up

    instead of normalizing the approaching storm

    or diplomatic niceties continuing to perform.

     

    On the shore were others who, fearing they’d be uninvited to the party

    made pilgrimage to Sea-on-Lake and now are forced to dance without a spine–

    a monstruous ballet by some demonic Balanchine.

     

    Then we descended to a circle filled with men and women doomed

    to gaseous blustery emissions from both ends

    Hypocrites–the pose of twisted pretzels they assumed.

     

    My guide suggested I might speak to anyone I’d pick.

    A toothy smile popped right up: “Hiya! I’m Haley, Nick.

    Please. Bend me as you wish,” came from one or the other orifice.

     

    “And what’s that head contorted tight within a closet?”

    “That’s Lady Lindsay G, who has a place reserved forever more.

    Secret lover of boyish pages, he railed at ‘light shoes’ on the senate floor.”

     

    *****

     

    Descending, we approached one strung by hand and feet

    To what might seem a cross but was in fact an X

    Then suddenly came a driverless car bearing a T, to break his neck.

     

    “Decipher, please, these cabalistic forms,” I begged my guide.

    “That’s Mr. Musk,” she said. “And having squandered billions for his pride

    he’ll spend the rest of days in agony with bloody gashes on his side.”

     

    And all around a hideous cabinet of curiosities:

    There’s Marco, Oz and Putin’s Tulsi

    All sentenced to unending bending of the knees.

     

    And then—behold!—a bloated baby with red MAGA hat

    and skin so thin it appeared like saran wrap.

    His crimes so many, he’s bound forever to his sweaty avocat.

     

    The molten heat caused dye to fall into eyes of Rudy G.

    He’d stay forever blinded as he clung on in desperation

    covering his orange life raft with his vile perspiration.

     

    I naturally I supposed we’d reached rock bottom, and yet

    My guide elucidated: “These two are not as far down as you’d expect,

    Given their rather low intellect.”

     

    “The hottest places are still to come,” she pointed.

    “Reserved for those entrusted with the public good

    Who acted as they pleased, as tyrants self-anointed.”

     

    Swimming in a sea of shit, parasites came up for breaths of air.

    First gestated in the skull of one called RFK

    They seemed to grow more numerous each minute of each day.

     

    “That slimy worm who dons a robe is Justice Thomas,” my guide spoke.

    “a sycophant in life, in death reduced perpetually

    to choke on a can of pubic hair-infested Coke.”

     

    “And those mucked up white-shoed feet, to whom do they belong?”

    “Another justice, Sam Alito, destined to hang upside down

    Like the flag he claimed his wife had flown.”

     

    And farther still two Steves were heard in pain to howl:

    One, a Miller grew a new foreskin every day

    Only to have a fiendish mohel cut it repeatedly away.

     

    The other, Bannon, writhed and bellowed,

    As he conjured up conspiracies and lies

    consuming his own flesh along with larval flies.

     

    *****

     

    After this, I need a real vacation and may seek refuge in another nation.

    “Might I inquire, my kind guide, about residency in your Canadia?”

    “It’s no Paradiso,” said she. “At best a purgatory ‘til the end of this administration.”

     

    Karen Pinkus is a writer and professor emerita of Italian and Comparative Literature. She lives in New York City.