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- Convenors:
-
Blanka Henriksson
(Åbo Akademi University)
Ann-Helen Sund (Åbo Akademi University)
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- Format:
- Panel
- Stream:
- DIGITAL LIVES
- Location:
- Room H-203
- Sessions:
- Tuesday 14 June, -
Time zone: Europe/London
Short Abstract:
This panel invites papers on monetary repertoires in everyday life, such as ways of exchanging, accounting, paying, and storing value. In what kind of cultural processes are monies involved, and how do people use and understand money in different settings?
Long Abstract:
How do people use and understand money in different settings? This panel invites papers on monetary repertoires in everyday life, such as ways of exchanging, accounting, paying, and storing value. In what kind of cultural processes are monies involved, building relations and keeping track of the past, or preparing for the future?
During the last decades an increasing digitalisation has given rise to numerous new payment methods or what Tkacz (2019) calls an “appification” of money, consumption and services. At the same time the risks and vulnerabilities of this digital development both on a societal and individual level are matters of concern. Earlier points of refraction are for example the introduction of credit cards, the transition to euro, monetary reforms like devaluation and revaluation, which all have affected monetary repertoires in everyday life.
A long tradition in the anthropology and sociology of money has shown how money and money practices can be understood only in the light of a sociocultural context. Technological innovations are affecting money practices but not always in predictable ways, nor for reasons expected. People invent their own systems and ways of using, organising and making distinctions among monies.
We invite papers exploring everyday monetary repertoires in different cultural contexts, contemporary and historically; among young and old; in households and among entrepreneurs; in churches, supermarkets and social welfare offices; saving for vacation trips or paying the mortgage; speculating on the stock exchange or betting on horses, to name a few.
Accepted papers:
Session 1 Tuesday 14 June, 2022, -Tero Ahlgren (University of Turku)
Paper short abstract:
Social media discussions can have a sudden and maybe unexpected effects on our economy oriented on trading stocks. My paper focuses on Reddit and its “subreddit” r/WallStreetBets with its vernacular and (meme)perfomative way of taking control of and influencing the surrounding economy.
Paper long abstract:
The start of 2021 saw among other things a short period of rapid price increase of certain stocks, especially that of the financially struggling retailer GameStop. The prices were intentionally driven up by small-scale shareholders, with the idea for this process fueled on in Reddit and its subreddit r/WallStreetBets. The price increase had a direct impact on the large-scale investors looking to “short sale” the stock, to make profit by driving the stock price down, and the activity of the “redditors” was seen as criticism of “short selling” and contemporary stock trading in general. The discussions in the subreddit and other forums generated memes and other shareable online material – including the concept of “meme stocks”. The discussions, both in the forums and news media, also created an image of two different kinds of investors: the old big-time investors (major hedge funds short selling stocks), vs. the (literally) young small-scale investors and traders. This division was an important part of the subreddit and its vernacular way of seeing the and taking part in trading stocks. GameStop “short squeeze” also made the business of short selling stocks more public and influenced how we see money in play in the stock exchange. I aim to map out some of the ways in which the dynamics between the different sites and their users play out in markets-oriented activism, especially stock trading. Activism on the r/WallStreetBets can be seen as a vernacular and performative way to take control of the surrounding and uncertain economy.
Ann-Helen Sund (Åbo Akademi University) Blanka Henriksson (Åbo Akademi University)
Paper short abstract:
How do people compose their monetary repertoires in a situation where new ways of paying and new forms of money are introduced? Here we will present a preliminary analysis of the questionnaire “How would you like to pay? Cash, cards and other money” (Folklife Archives, Lund University 2021).
Paper long abstract:
During the last decades, an increasing digitalisation has given rise to numerous new payment methods or what Tkacz (2019) calls an “appification” of money, consumption and services. Technological innovations are affecting money practices but not always in predictable ways, nor for reasons expected. People invent their own systems and ways of using, organising and making distinctions among monies.
How do people use and understand money in contemporary society? Here we will present a preliminary analysis of the answers to the questionnaire “How would you like to pay? Cash, cards and other money” (2021) sent out from the The Folklife Archives, Lund University.
How do people compose their monetary repertoires in a situation where new ways of paying and new forms of money are introduced?