Introduction: Money and the morality of exchange

Parry, Jonathan; Bloch, Maurice

doi:10.1017/cbo9780511621659.001

Cited by 259 publications

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“…White (1994) demonstrates how family and kinship ties are enhanced by money relations in Turkish society. Her anthropological work supports the findings of Parry and Bloch (1989) by indicating the intricate relations between monetary and social relations.…”

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confidence: 65%

“…14 According to Parry and Bloch (1989), the meaning of monetary transactions in pre-capitalist societies is 'the relationship between a cycle of short-term exchange which is the legitimate domain of individual-often acquisitive-activity, and a cycle of long-term exchanges concerned with the reproduction of social and cosmic order' (p. 2). However, the findings of White (1994) and our study illustrate that a moral economy and an internal social code can be interwoven within market exchange practices and transactions in capitalist relations, too.…”

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confidence: 99%

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Trusted Markets: The Exchanges of Islamic Companies

Özcan¹,

Çokgezen

2006

Comp Econ Stud

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TurkeyIn recent years, Turkey has witnessed a new form of corporate finance in which companies, commonly called 'Islamic', borrow directly from lenders without using any financial intermediaries. Trust among lenders and borrowers has initiated market exchange, secured deals and lowered transaction costs. This paper claims that the base of trust in direct financing for Islamic companies should be largely attributed to the self-interest of the parties rather than just to Islam or 'shared values' . Here we do not see an individual calculation of 'economic man', as argued by neo-classical economists, but individuals embedded in relations within social groups and sharing ethics of money-based relations. Second, we illustrate that selfinterest based trust stems from the calculations of trusters using available information in the market about trustees. However, information asymmetry between borrowers and lenders in favour of borrowers has been a source of deep instability and abuse. Finally, the paper shows how groups have used the rhetoric of Islamic economic revival to expand the scope of transactions while trust eroded in favour of abusers. The anonymity came with thousands of investors who eroded the strength of reciprocity, surveillance and retribution in trust-based relations. This case study also illustrates that Islamic societies seek new solutions within capitalist economic systems to maximise their gains and they do not wish to be destined to live in poverty. Comparative Economic Studies (2006) 48, 132-155.

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Trusted Markets: The Exchanges of Islamic Companies

Özcan¹,

Çokgezen

2006

Comp Econ Stud

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“…While the latter might sound typically modern, to speak of the former -bridewealth -might seem anachronistic in a context where monetised relationships have begun to predominate (see Brandel 1958;de Haas 1987). In South Africa, however, there is a real sense in which the quintessentially long-term relationship which indebtedness ought to entail (Parry and Bloch 1989) is considered, at least in ideal terms, to be that between in-laws. The protracted transfer of wealth which occurred in the event of marriage in rural society (Krige and Krige 1943;Kuper 1982) provides an archetype of, and model for, relations of debt in their most long-term form.…”

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Not marrying in South Africa: consumption, aspiration and the new middle class

James

2016

Anthropology Southern Africa

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“…If debt involves the obligation to repay the resources borrowed from one's own future (Peebles 2010:226), the South African case is distinguished from others in its volume by a gradual shrinking of the options for temporarily evading such repayment of debt. The coexistence of multiple registers of wealth, partly overlapping and/or commensurable but partly remaining distinct, is a common topic in economic anthropology (Gudeman 2001;Parry and Bloch 1989). Villareal (2014) shows how Mexican women use "diverse frameworks of calculation and valuation," and Guérin (2014) speaks of the "incommensurable, nonsubstitutable financial practices" that are commonly used to cope with tensions arising from "the multiple logics of debt."…”

Section: The Rise and Regulation Of Reckless Lendingmentioning

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“Deeper into a Hole?”

James¹

2014

Current Anthropology

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In South Africa, with upward mobility much aspired to but seldom attained, householders must spend money they have not yet earned. Borrowing both from formal institutions and smaller moneylenders (legal and illegal) positions them uneasily: in order to fulfill social requirements in one register, they acquire intensified obligations in another. Moneylending and money borrowing, owing much to the legacies of "credit apartheid," involve an uneven mix. Embeddedness and community connection enable flexibility, juggling, and temporary escape from repayment obligations on the one hand, but systems of repayment and ever-newer technologies enable creditors to pursue debtors with inexorable swiftness on the other. Given that credit postapartheid has an increasingly formal, uniform, and financialized character, the second of these-which makes debtors get "deeper into a hole"-is becoming a predominant way of experiencing and representing the situation. The phrase, with its suggestion of entrapment, captures an important aspect of the deeply ambivalent feelings that borrowers experience in the face of debt.The three elements of this special issue of Current Anthropology-crisis, value, and hope-are inextricably combined in the phenomenon that is the topic of this paper, that is, debt. In South Africa, the moment of democracy coincided with the extension of credit to many who were formerly unable to borrow. It held out the promise and expectation of inclusion to people formerly denied it. As elsewhere in the world but here beginning in a more precipitous manner, the supply of and demand for credit interacted in a complex relationship to facilitate the rapid growth of a new middle class as well as promise the fulfilment of aspiration to a far larger group of people (Servet and Saiag 2013). As prospective consumers enthusiastically embraced the possibility of borrowing in order to secure highly valued things, opportunities, and relationships, credit also started being "sold"-as happened elsewhere (see Villarreal 2014)-to prospective takers as necessary or inevitable, drawing yet further numbers into the net. Such credit was being used not simply for materialist consumerism but to satisfy the desire for what was felt necessary for a good life. When the lure of credit turned into unpayable debt, many of those initially offered hopes of advance-aspiring to possess those things formerly reserved for people wealthier than themselves-were threatened with further marginalization. Fearful of the unsustainable and crisislike character of the situation, policy makers and analysts,

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Introduction: Money and the morality of exchange

Cited by 259 publications

References 0 publications

Trusted Markets: The Exchanges of Islamic Companies

Trusted Markets: The Exchanges of Islamic Companies

Not marrying in South Africa: consumption, aspiration and the new middle class

“Deeper into a Hole?”

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