The Formation of the Economic Value and Subsumption Mechanism under Financial Capitalism: On the Cultural Problem of Distance in the Making of the Economic Subject
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Analyzing the aspects of cultural practice of financial capitalism from the perspective of reconfiguration of temporality and representation of information, I already underscored that contemporary financial capitalism is an apparatus of cultural operations beyond economic mechanism insinuating and thus internalizing the necessities of cognitive and behavioral transformations of the actor for furtherance of dominant economic value. In this paper, in critical extension of the theoretical concerns, I particularly adduce the notion of ‘distance,’ originally proposed by Simmel, to delve into the process of formation of subjectivity and objectivity in contemporary financial arrangements,reinterpreting the notion as the cultural device of representation and definition of the economic value in which the distance between the subjective value and the objective value is critically informed and suggested to overcome for identification with the main value. Marx’s inquiry of value forms, which are relative and equivalent form, along with Lenin’s consideration of finance capital is revisited to illuminate the relationship between the production of the subjective value and the subsumption mechanism. In this regard, financial crises are investigated as the critical point of framing for a new objectifying field with the new modalities as the refined methods of imperial drives through which the subsumption of the object is ceaselessly re‐described to exist in the making of the new subjectivity. The Korean financial crisis and the Brady Plan are specifically exemplified as the financial strategy of containment to subsume the local object allowing the subject effect with restrictedness in transformation of the object as the bearer of the new economic value. A local financial crisis in the contemporary financial system is a critical point to establish financial imperialism, even redefining the condition of the object with the radical distancing and its overcoming game plan for the politics of inclusion by depolitisizing the object.
Abstract
Analyzing the aspects of cultural practice of financial capitalism from the perspective of reconfiguration of temporality and representation of information, I already underscored that contemporary financial capitalism is an apparatus of cultural operations beyond economic mechanism insinuating and thus internalizing the necessities of cognitive and behavioral transformations of the actor for furtherance of dominant economic value. In this paper, in critical extension of the theoretical concerns, I particularly adduce the notion of ‘distance,’ originally proposed by Simmel, to delve into the process of formation of subjectivity and objectivity in contemporary financial arrangements,reinterpreting the notion as the cultural device of representation and definition of the economic value in which the distance between the subjective value and the objective value is critically informed and suggested to overcome for identification with the main value. Marx’s inquiry of value forms, which are relative and equivalent form, along with Lenin’s consideration of finance capital is revisited to illuminate the relationship between the production of the subjective value and the subsumption mechanism. In this regard, financial crises are investigated as the critical point of framing for a new objectifying field with the new modalities as the refined methods of imperial drives through which the subsumption of the object is ceaselessly re‐described to exist in the making of the new subjectivity. The Korean financial crisis and the Brady Plan are specifically exemplified as the financial strategy of containment to subsume the local object allowing the subject effect with restrictedness in transformation of the object as the bearer of the new economic value. A local financial crisis in the contemporary financial system is a critical point to establish financial imperialism, even redefining the condition of the object with the radical distancing and its overcoming game plan for the politics of inclusion by depolitisizing the object.
참고문헌 (22)
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