There is much talk today of a financial and economic crisis comparable to the 1930s. With the threat of a currency war and the euro’s collapse looming, the specter of the Great Depression’s bloody aftermath has returned with a vengeance. Several versions of how to make human beings and build society co-existed during the Cold War, when much of the world won independence from colonial empire. Yet, discussion of humanity’s growing interdependence is today limited to a one-world capitalism driven by finance. What have anthropologists to say about that? It would seem very little. But a positive case can be made for the discipline’s contribution to public debate. We make such a case here. We review recent developments in the anthropology of money and finance, listing its achievements, shortcomings and prospects, while referring back to the discipline’s founders a century ago. Economic anthropologists have tended to restrict themselves to niche fields and marginal debates since the 1960s. We hope to reverse this trend by focusing on money’s role in shaping global society and bringing world history into a more active dialogue with ethnography.Money and finance: For an anthropology of globalization by Keith Hart and Horacio Ortiz
The African King With A Multi-Billion Dollar Empire RBH functions as a communitybased investment company whose primary investment aim is to generate the income required for the funding of sustainable projects. Income generated from RBH’s commercial interests is invested in infrastructural development, as well as in the members of the Nation itself. Over the past decade, more than R4 billion ($475 million) has been spent on roads, utilities, schools, clinics and other public amenities. This has benefited not only the Bafokeng, but other people living in the North West Province of South Africa, the area which the RBN calls home.
The National Bureau of Economic Research has published a new paper analyzing 138 years of economic history in 14 advanced economies, which proves that high levels of private debt cause severe recessions. (Via) Bonus SLYT: Money As Debt (1hr)
A new initiative recently proposed by the Royal Canadian Mint proposes to create the MintChip, a digital currency that’s similar (to BitCoin), but is backed by the Canadian government. Aiming to become “the digital equivalent of the coins we use every day,” in the Canadian Mint’s own words, the MintChip will target micro- and nano-transactions conducted both online and offline, whether at the physical point of sale, on mobile devices, or among peers. Via
India tells Britain: We don't want your aid According to a leaked memo, the foreign minister, Nirupama Rao, proposed “not to avail [of] any further DFID [British] assistance with effect from 1st April 2011,” because of the “negative publicity of Indian poverty promoted by DFID”. But officials at DFID, Britain’s Department for International Development, told the Indians that cancelling the programme would cause “grave political embarrassment” to Britain, according to sources in Delhi. Further embarressment ensues. Emma Boon, campaign director of the TaxPayers’ Alliance, said: “It is incredible that ministers have defended the aid we send to India, insisting it is vital, when now we learn that even the Indian government doesn’t want it.”
M-Pesa, the mobile platform based money transfer system launched by Safaricom in Kenya, is changing the landscape of money in Africa, and around the world. Competition is heating up even while the service expands internationally allowing transactions to occur between Africa, UK and Asia. Bankers, regulators, startups and operators all want a piece of the pie as even the phone manufacturers themselves get into this potentially lucrative business.
Mohandas K. Gandhi’s critique of the modern identification of society with the state was devastating. He believed that it disabled citizens, subjecting mind and body to the control of professional experts when the purpose of a civilization should be to enhance its members’ sense of their own self-reliance. He proposed instead that every human being is a unique personality and participates with the rest of humanity in an encompassing whole. Between these extremes lie proliferating associations of great variety. [...] But what is most relevant to us is his existentialist project. If the world of society and nature is devoid of meaning, each of us is left feeling small, isolated and vulnerable. How do we bridge the gap between a puny self and a vast, unknowable world? The answer is to scale down the world, to scale up the self or a combination of both, so that a meaningful relationship might be established between the two. Gandhi devoted a large part of his philosophy to building up the personal resources of individuals. Our task is to bring this project up to date. ~ From The Digital Revolution and me by John Keith Hart
Dear Friend, I am a Swiss Banker currently in possession of over $ 1 Billion in funds stashed away by the late dictator Mobutu Sese Seko of the Congo. Our Swiss Confederation President Micheline Calmy-Rey said her government is holding just $6.6m frozen in accounts. "We discussed the question of Mobutu's funds and my government is prepared to restore the money to the DR Congo as soon as possible," Ms Rey told reporters in the DR Congo capital, Kinshasa, after talks with Mr Kabila. But we can help you get the rest of the 92.4 million dollars if you will just send us your bank account number and call to confirm your ID and pin number.