Theory, Culture and Society 21 (6):23-42 (2004)

Abstract
This article examines the financial technology of derivatives. Derivatives are financial products whose values are based on possible fluctuations in the values of underlying assets. Hence derivatives markets are markets that trade in the risks of other markets. In order for derivatives markets to function, forms of prognostication that can assess the possible future fluctuations of the underlying markets are necessary. What such prognostications do, the article argues, is to create information out of future possibilities. Building upon a notion of virtuality derived from Gilles Deleuze, Ulrich Beck and Niklas Luhmann, the article shows how market risks and uncertainties, by means of prognostications, cease to be mere possibilities and instead come to have virtual existence. Through the technology of derivatives, uncertainty and risk can be rendered virtual and be traded. The article suggests that this technology is an example of a new way in which capitalism is now expanding self-referentially as it creates markets out of markets; and of how it is colonizing the future by developing new technologies for ‘hyper-speculation’, that is, speculation not in the possible developments of a given asset but simply in the risk of such speculation
Keywords No keywords specified (fix it)
Categories (categorize this paper)
DOI 10.1177/0263276404047414
Options
Edit this record
Mark as duplicate
Export citation
Find it on Scholar
Request removal from index
Revision history

Download options

PhilArchive copy


Upload a copy of this paper     Check publisher's policy     Papers currently archived: 51,232
External links

Setup an account with your affiliations in order to access resources via your University's proxy server
Configure custom proxy (use this if your affiliation does not provide a proxy)
Through your library

References found in this work BETA

No references found.

Add more references

Citations of this work BETA

Data Derivatives.Louise Amoore - 2011 - Theory, Culture and Society 28 (6):24-43.
Future Emergencies: Temporal Politics in Law and Economy.Sven Opitz & Ute Tellmann - 2015 - Theory, Culture and Society 32 (2):107-129.
Facebook and Finance: On the Social Logic of the Derivative.A. Arvidsson - 2016 - Theory, Culture and Society 33 (6):3-23.
The Enlightenment.C. Venn - 2006 - Theory, Culture and Society 23 (2-3):477-486.
Capitalism and Metaphysics.Scott Lash - 2007 - Theory, Culture and Society 24 (5):1-26.

Add more citations

Similar books and articles

Virtual and Real Relativity.Serghey Gherdjikov - 2008 - Proceedings of the Xxii World Congress of Philosophy 17:57-63.
Why Virtual Friendship is No Genuine Friendship.Barbro Fröding & Martin Peterson - 2012 - Ethics and Information Technology 14 (3):201-207.
Virtual Worlds and Moral Evaluation.Jeff Dunn - 2012 - Ethics and Information Technology 14 (4):255-265.
Review: Van Cleve, James, Problems From Kant[REVIEW]Rae Langton - 2003 - Philosophy and Phenomenological Research 66 (1):211–218.

Analytics

Added to PP index
2014-02-02

Total views
18 ( #532,012 of 2,329,884 )

Recent downloads (6 months)
1 ( #582,921 of 2,329,884 )

How can I increase my downloads?

Downloads

My notes