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The holiday of exchange value

April 20, 2020

The holiday of exchange value

Many markets are on hold, as societies such as ours fight the pandemic. But how else might things be valued, and how much of that alternative could survive when economic normality returns?

The primary economic fact about the coronavirus crisis is how it has brought existing class divisions into much sharper light. The New York Times expressed things most succinctly:

A kind of pandemic caste system is rapidly developing: the rich holed up in vacation properties; the middle class marooned at home with restless children; the working class on the front lines of the economy, stretched to the limit by the demands of work and parenting, if there is even work to be had.

For those of us who find themselves in the middle of these three categories, there is a mixture of deep frustration with the monotony of the situation, with relief and gratitude that we do not find ourselves confronting the hazards of those in the third of them. None of what I write here discounts how many people remain locked into capitalist markets (especially in the United States), only now with their health on the line. But it remains worth reflecting on how the world looks once market-based exchange is no longer the primary yardstick of value, as many people have been doing from across the political spectrum.

The starting point of the ‘new’ economic sociology that developed out of social network analysis in the United States during the 1980s, around the example of Harrison White and the landmark papers of Mark Granovetter, was that markets aren’t ’embedded’ in society (as Polanyians like to argue), but that markets are social institutions. Granovetter showed this most famously with labour markets, but any market is amenable to this approach, and the emergence of ‘social studies of finance’ in the late 1990s was also indebted to the ‘new’ economic sociology, via Michel Callon.

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