Front and Back Covers,Volume 39, Number 4. August 2023

Front and back cover caption, volume 39 issue 4 CBDC'S BOTANICAL IMAGERY In the ever-evolving landscape of global finance, the Bank for International Settlements (BIS) has cultivated a botanical metaphor to illustrate the concept of central bank digital currency (CBDC). In this issue, Swartz & Westermeier explore this metaphor (illustrated here by Matthew Kurina), presenting a fascinating anthropological perspective on the intersection of technology, economy and imagination. The BIS's metaphorical ‘money tree’ positions the central bank as the sturdy trunk, providing stability and support to the financial ecosystem. The branches, representing various financial institutions, extend from this trunk, while the leaves, symbolizing the diverse forms of money, flourish at the periphery. This metaphor not only encapsulates the hierarchical structure of the financial system but also naturalizes the concept of CBDC, subtly implying its inevitability and organic integration into the existing monetary ecosystem. The BIS uses the ‘money flower’, another botanical metaphor, to classify the past, present and future forms of money. The petals of this flower represent different characteristics of money, such as whether it is digital or physical, centralized or decentralized. This metaphorical taxonomy provides a framework for understanding the evolution of money and the potential role of CBDCs in the future financial landscape. However, while visually appealing and conceptually insightful, these botanical metaphors also raise anthropological questions. They mask the sociopolitical implications of CBDCs, presenting them as natural phenomena rather than human-made constructs. This portrayal glosses over the potential power dynamics, control mechanisms and geopolitical tensions inherent in adopting CBDCs. As we stand at the precipice of a new era in digital currency, these metaphors serve as a reminder of the need for critical engagement with the narratives that shape our understanding of complex financial technologies. The ‘money tree’ and ‘money flower’ are not just symbols of financial evolution, but also tools of persuasion, framing our perception of the future of money. CULTURAL EVOLUTION IN THE AGE OF NFTs The Bored Ape Yacht Club (BAYC), an intriguing collection of algorithmically generated cartoon ape NFTs etched into the Ethereum blockchain, has not only sparked a cultural phenomenon but also inspired the first ever NFT-themed restaurant, Bored & Hungry, in Long Beach, California, USA. Why apes? A BAYC founder suggests it is a response to the existential ennui that follows the attainment of vast wealth through crypto investments. ‘Once you've achieved unimaginable wealth, what's next? You join a swamp club with a bunch of apes and embrace the unusual’. Or, you could always enjoy a burger. Yet, these seemingly whimsical endeavours are more than just a pastime for the crypto rich. NFTs signify a profound shift in the political discourse surrounding blockchain technology. They challenge the financialization of blockchain, aligning with a contemporary wave of anti-finance far-right populism and potentially offering an alternative to the prevailing capitalist democratic order. In this issue, Bill Maurer delves into the uneasy relationship between the concept of non-fungibility and anthropological theories of embedded or social economies. This tension, he suggests, could pave the way for a post-neoliberal future, one that is not rooted in finance but in regenerative models for future social worlds. From an anthropological perspective, the rise of NFTs and blockchain technology represents a fascinating evolution of societal norms and values. It challenges our traditional understanding of ownership, value and community, creating a new form of ‘digital tribalism’ where belonging is tied to shared digital assets. Furthermore, the boredom expressed by the crypto wealthy and their subsequent retreat into a virtual ‘swamp club’ can be seen as a form of digital ‘potlatch’, a ceremonial feast of the Kwakiutl, where status is asserted not through wealth accumulation, but through its ostentatious disposal. As blockchain technology continues infiltrating all aspects of life, anthropology grapples to understand its impact. The cultural shift it brings is as significant as it is complex, and its full implications are yet to be unravelled.     

The fragility of Europe's Willkommenskultur

In this guest editorial Chris Hann considers the refugee route via the Balkans to Germany that opened up in a big way in the summer of 2015. The influx of ‘economic migrants’, as most newcomers are widely perceived, is polarizing opinion throughout the member states of the European Union. Hann also detects a renewal of the old east‐west moral geographies, due in part to legacies of the socialist era in eastern Europe and the semi‐peripheral condition of the region today for European capitalism. Whereas most anthropologists tend to favor unconstrained mobility and hence call for the abolition of frontiers, Hann suggests that the solution cannot be so simple. Focusing on the interplay of economic and ethical factors, he urges empathy not only with all categories of refugees/migrants but also with the dispossessed in the societies that offer them a ‘welcome’.     

Diapraxis rules OK

Social‐cultural anthropologists' well established tradition of studying conflict resolution has hitherto had only limited application in practical programmes for intercultural ‘mediation’ on a large scale. This guest editorial suggests how the new concept of ‘diapraxis’, a practical replacement for ‘dialogue’, might stimulate a more systematic engagement from anthropologists. Some examples of diapraxis relating to the Islamic world are summarized, as described in a recent issue of Swiss government journal Politorbis.     

How real estate became ‘just another asset class’: the financialization of the investment strategies of Dutch institutional investors

The managers of a growing wall of money are continuously searching for investment opportunities. The financialization literature describes how this mobile capital puts pressure on commodities, debt, public services and economic activities to transform into investable, tradable, financial products. Regarding real estate, these investigations show how opaque, local, non-standardized goods, highly depending on both local legislation and developments, have been transformed into liquid, globally traded financial assets. By analysing the real estate investment strategies of Dutch institutional investors since the 1980s, this paper shows how a quantitative framework increasingly provides the basis for institutional investors’ real estate investment strategies. Direct ownership of properties has been exchanged into shares of properties, that is, fictitious capital, creating an impetus for ‘objectified numbers’ to measure the performance of these indirect investments. As knowledge about real estate has been outsourced, Dutch institutional investors now perceive real estate increasingly as ‘just another asset class’, thereby increasing leverage and volatility. This paper not only shows how finance ‘financialized’ itself by adopting a quantitative investment perspective, but it also offers an empirical account on how investment properties are transformed into financial assets that put pressure on state agencies to mobilize urban planning to deliver more of such assets.     

Minds of caste – Discrimination and its affects

This guest editorial considers the relevance of caste in today's world in terms of ‘castes of mind’.     

Don't worry if you fail to save the world on your first go

During these tumultuous times, many anthropologists want to use their skills and knowledge to help make a difference. This guest editorial offers 12 practical tips on doing engaged research – ranging from ‘accept that you won't always be in charge’ to ‘listen to people with different perspectives’.     

Deconstructing the Financialization of Healthcare

Financialization is promoted by alliances of multilateral ‘development’ organizations, national governments and owners and institutions of private capital. In the healthcare sector, the leveraging of private sources of finance is widely argued as necessary to achieve the Sustainable Development Goal 3 target of universal health coverage. Employing social science perspectives on financialization, the authors of this article contend that this is a new phase of capital formation. The article traces the antecedents, institutions, instruments and ideas that facilitated the penetration of private capital in this sector, and the emergence of new asset classes that distinguish it. The authors argue that this deepening of financialization represents a fundamental shift in the organizing principles for healthcare systems, with negative implications for health and equality.     

Big data and ethnology

This guest editorial reflects on the problem of ‘information overload’ in social anthropology, suggesting that technological advancements such as automated indexing provide an opportunity to question certain assumptions and ingrained practices in the field.     

Tackling the Down Side: Social Capital,Women’s Empowerment and Micro‐Finance in Cameroon

Micro‐finance programmes are currently dominated by the ‘financial self‐sustainability paradigm’ where women’s participation in groups is promoted as a key means of increasing financial sustainability while at the same time assumed to automatically empower them. This article examines the experience of seven micro‐finance programmes in Cameroon. The evidence indicates that micro‐finance programmes which build social capital can indeed make a significant contribution to women’s empowerment. However, serious questions need to be asked about what sorts of norms, networks and associations are to be promoted, in whose interests, and how they can best contribute to empowerment, particularly for the poorest women. Where the complexities of power relations and inequality are ignored, reliance on social capital as a mechanism for reducing programme costs may undermine programme aims not only of empowerment but also of financial sustainability and poverty targeting.     

The rise of Islamic finance: post‐colonial market‐building in central Asia and Russia

Islamic finance signifies more than a projection of religious affiliation. The importance of Islamic finance is increasing in central Asia, both as a source of capital and as a form of post‐colonial market‐building. In central Asia, it is an important facet of the new phenomena of ‘nation‐branding’ and a means of reinvigorating the economy. In identity politics, Islamic finance projects an attitude of religious tolerance allowing states in the region to reposition their geopolitical identity relative to the Islamic community. This creates a ‘performance’ of Islamic finance that facilitates the creation of legitimacy for the state. Adopting Islamic finance projects images of the state's religious tolerance and diversity without changing the underlying structures; it suggests an ‘Islamicness’ that is useful to the development and post‐colonial goals of the state. As such, it creates opportunities for geopolitical alliances with Muslim countries. Economically, it appeals to rising financial‐industrial elites seeking new investment‐opportunities, which reduces pressure on the state to democratize. Meanwhile, in Russia, Islamic finance is an alternative source of capital for the sanctions‐hit state and a useful identity marker with which to connect to the increasingly wary Caucuses and Commonwealth of Independent States countries, lending it a wider significance across Eurasia.     

Some pig! Exchanging NFTs for the perspective of regeneration

There are a thousand more silly ideas for every utopian blockchain project to heal the planet, foster financial justice, transform cultural production or democratize practically anything and everything. Non-fungible tokens (NFTs) are one of them. The funny thing is that the more you pick at them, the more they harmonize with certain longstanding anthropological arguments. Non-fungibility lurks in the anthropological imagination of non-capitalist economies. This article uses the common law of fungibility to explore the elevation of the very idea of non-fungibility presumed in many NFTs. This idea might have more in common with saints’ incorruptible flesh or the Crown Jewels than the standard fictions of capitalist finance. They cut social ties by insisting on their singularity and immutability. In doing so, they crowd out other blockchain conversations about regeneration and ways to reckon the debts we owe any number of possible futures.     

Anthropology and blockchain

Blockchain and its related technologies break away from the contemporary dystopian imaginaries of control and exploitation endemic in IT. This editorial considers the relevance of blockchain for anthropologists, why they should care, and what the technology brings. After sketching the evolution of blockchain, we draw attention to its potential as a playground – a plethora of projects reimagining and remaking the basic stuff of political economy, including the meaning of money, collectivities, exchange and voting. Blockchain's utility for rethinking the basic rules of the game in academia also deserves attention.     

Anthropologists at war?

This guest editorial addresses issues to do with the Russian invasion of Ukraine. An initial statement by one professional association prevaricates on the cause of the war by blaming NATO expansion. Here the story is told of why statements need to be unambiguous in their condemnation of Russia, which is not to say that this makes for ‘NATO anthropologists’ as some have claimed on social media.     

Infective Economies: Empire,Panic and the Business of Disease

The Third Plague Pandemic in Asia during the 1890s, and the institutional stresses it produced, exposed inherent vulnerabilities within the global networks that sustained the British Empire. While commercial and informational routes meshed disparate imperial dominions, they also functioned as pathways for disease and conduits of panic, undermining imperial commerce and threatening social order. Focusing in particular on the 1894 outbreak of bubonic plague in Hong Kong, the paper suggests that an analysis of a ‘local’ epidemic episode and its wider reverberations provides a new perspective on the often heated debates during the turn of the nineteenth and twentieth centuries about the meaning and scope of empire in relation to new communication networks. The paper shows how expanding global networks were construed alternatively as sustaining and jeopardising imperial power. The bubonic plague in Hong Kong—a hub of ‘free trade’ in East Asia—and the panicked reactions elicited by the disease's diffusion westwards revealed the economic priorities that informed colonial public health concerns as well as the challenges posed to laissez-faire economic policy and ‘free trade’ by the expanding influence of capital in the ‘New Imperialism’. In so doing, the paper suggests that contemporary preoccupations with ‘globalisation’, ‘biosecurity’ and ‘emerging diseases’ have antecedents that lie beyond the Second World War and the interwar period in a late-nineteenth-century imperial biopolitics.     

Sustainable Development Frontiers: Is ‘Sustainable’ Cocoa Delivering Development and Reducing Deforestation?

Forest frontiers are important areas for sustainable development as they combine the need to halt deforestation with the challenges of rural poverty. In the region of San Martín, Peru, the ‘Production, Protection and Inclusion’ model combines narratives of conservation, economic development and social inclusion in what can be defined as a ‘sustainable development frontier’. This article asks how such sustainable development frontiers change social, economic and ecological outcomes in the localities where they are found. The authors examine the reality of sustainable cocoa production linked to conservation and development goals, as promoted by government bodies, international agencies, cooperatives and chocolate brands in Peru, and show how, paradoxically, sustainability goals intensify production and attract smallholders into forest frontier areas. In doing so, the boom in demand for sustainable commodities has inadvertently created conditions encouraging further colonization of forested areas leading to a continuing rise in deforestation, ecological degradation and economic instability. Narratives of sustainable development can thus reinforce commodity intensification, as they obscure alternative approaches and reproduce traditional frontier dynamics.     

Social Polarization and the Politics of Low Income Mortgage Lending in the United States

ABSTRACT The structured inequalities of capital investment and disinvestment are prominent themes in critical urban and regional research, but many accounts portray ‘capital’ as a global, faceless and placeless abstraction operating according to a hidden, unitary logic. Sweeping political‐economic shifts in the last generation demonstrate that capital may shape urban and regional processes in many different ways, and each of these manifestations creates distinct constraints and opportunities. In this paper, we analyze a new institutional configuration in the USA that is reshaping access to wealth among the poor – a policy ‘consensus’ to expand home‐ownership among long‐excluded populations. This shift has opened access to some low‐ and moderate‐income households, and racial and ethnic minorities, but the necessary corollary is a greater polarization between those who are able to own and those who are not. We provide a critical analysis of these changes, drawing on national housing finance statistics as well as a multivariate analysis of differences between owners and renters in the 1990s in New York City. As home‐ownership strengthens its role as a privatized form of stealth urban and housing policy in the USA, its continued expansion drives a corresponding reconstruction of its value for different groups, and inscribes a sharper axis of property‐rights inequalities among owners and renters in the working classes.     

European developments in strategic spatial planning

Strategic spatial planning which takes an integrated approach to the development of a territory seemed to go out of fashion, but now there are signs that it is being re‐established. This paper explores these developments using case studies from 10 European countries. The analysis uses an ‘institutionalist’ approach, which examines how the ‘agency’ of spatial planning practices responds to the ‘structure’ of contextual forces, at the same time influencing that structure. The ‘driving forces’ which are influencing strategic spatial planning are investigated, as are two aspects of the changes in spatial planning: institutional relations and policy agendas. The conclusions are that—at least in the case studies—there is a movement in the institutional relations towards horizontal articulation, territorial logic, and negotiative forms. Policy agendas too are changing, becoming more selective and using new conceptions of space and place. Those institutional developments, however, are not necessarily being translated into territorially‐integrated policy (as distinct from functional/sectoral policy). That translation appears to require simultaneous re‐framing of relational resources (trust, social capital), knowledge resources (intellectual capital), linked to strong mobilization efforts (political capital). The cases considered varied significantly in how far that had been done. Where it had, strategic spatial plan‐making practices were playing a key role in developing institutional territorial integration and re‐invigorating territorial identities.     

The European union's support for new technology‐based firms: An assessment of the first three years of the European seed capital fund scheme

In 1988, the European Commission launched a pilot programme, the European Seed Capital Fund Scheme, designed to create 24 new seed capital funds in the 12 member states and to increase the availability of equity finance to innovative start‐up and early‐stage enterprises. The findings of a pan‐European assessment carried out in the spring of 1992 on 21 of the 22 supported funds and 40 of their investee companies are presented. The actions of the funds have allowed additional resources to be directed to young technology‐based firms. However, the research findings also suggest that the majority of supported funds are under‐capitalized which will result in major problems of financial viability in the medium term. The research also questions the sufficiency of supply side policies alone to address issues of regional ‘equity gaps’ particularly related to the support for NTBFs within Europe.     

Trump,the authoritarian populist revolt and the future of the rules-based order in Asia

In this short article, the authors analyse the implications of the election of Donald Trump for the future of the liberal rules-based order, with specific emphasis on its implications for the Asian region. Departing from the institutional fetishism that figures prominently in the literature, the authors argue that this liberal order needs to be conceptualised in terms of its social foundations. Particularly important to consider, in terms of understanding these social foundations, is the nature of social relations in the USA. The election of Trump reflects the deep crisis of the US state and the rise of a new ‘authoritarian populism’. The authors trace the roots of this authoritarian populism to patterns of global capitalist transformation, the crisis of the US state and the modes of crisis management that this has generated. They then explore the implications of Trump’s authoritarian populism for the region.     

Rethinking ‘safe spaces’ in children’s geographies

ABSTRACT

In this editorial, we provide a preliminary definition of ‘safe spaces’ before exploring how the collected authors have taken a fresh approach to understanding ‘safe spaces’ though a geographical lens. Until now, the material ‘location’ of safe spaces have remained under theorised, but by turning attention to how children and young people co-produce and bring safe spaces into being through their situated practices, this Special Issue provides rich ground for re-evaluating why places ‘matter’ in children’s lives. This editorial maps out those common threads that are uncovered across a diverse collection that spans playful protest in Johannesburg, family food struggles in Warsaw, to the theatrical parodies of second generation Somali youth in London.