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        Culture and Finance - Cultural Logic of Financialization and the Performativity of Financial Crisis in Korea

        이완기 한국사회역사학회 2011 담론 201 Vol.14 No.2

        This paper, in an attempt to approach finance from a cultural perspective,investigates the cultural logic of financialization in terms of (re)configuration of temporality and (re)presentation of information, both of which are, as it upholds, critically undertaken and maintained by the operativity of investment banking which functions, following Bourdieu, as “the sign of wealth” in our times. It is time for cultural theorists and practitioners to revisit finance as the set of epistemic culture that modulates epistemological and ontological contexts affecting the actors’ cognition and behaviors in value production and realization. Financialization here, is suggested as a disinformation campaign through which cognitive dissonance of financial mania is effectively contained, concealing its damaging effects and thus valorizing the inherent bubble mechanism as the legitimate way of value production and circulation. Sustaining and amplifying transactional orientation of investment banking among the actors in the financial markets, the financial system seams the cognitive dissonance through its operativity of information for the construction of financial reality stimulating beliefs and guiding action without which financial integrity, credit relations, and transactional orientation cannot be sustained. To reveal the actual aspects of cognitive dissonance and its overcoming operation by the cultural performativity of the financial economic, this article first proposes that from the perspective of general economy, financialization, which is critically motivated and generated through the engine of the investment banking model and technique, is detrimental to the growth of the nation’s economy. Here, from the perspective of cultural performativity, the transactional orientation of investment banking is analyzed as the system of temporal articulation of human relationships in which a series of transient combinations of human resources, experience, knowledge, and information is encoded and implemented for a transaction, which thus incorporates other forms of value production into its rhythm. Demonstrating the process of widespread establishment of investment banking in commercial banking, non‐financial corporations, and individual actors through major financial shake‐ups after the Korean financial crisis, this article shows how the code of investment banking becomes the symbolic as well as the material code functioning as the sign of authority and communication in motivating the process of financialization. In the accentuation of financialization, as the process accompanying the bubble mechanism with its transactional orientation as the legitimate process in realization of dominant value, this paper finally suggests that financial capitalism as the set of epistemic operation that overcomes the cognitive dissonance with its operativity of information. The collective information produced by financial narrators transcoding the dissonance into the consonance grounds the field of cognitive operation as the cultural logic of financialization beyond the economic diagnosis and thus functions as the source of cognition and action for actors.

      • 유기 농업에 의한 한우 사육

        이완기 안동대학교 농업개발원 1999 最高農業經營者課程 論文集 Vol.3 No.-

        현대 사회가 복잡하고 남을 속여야 내가 사는 메마른 사회라 하지만 1차산업 즉 농업에 종사하는 사람 마저 정직하지 않으면 큰 문제가 발생할 것으로 본다.

      • 한국 맹아학생의 실명원인에 관한 조사

        이완기 고려대학교 의과대학 1978 고려대 의대 잡지 Vol.15 No.1

        This is a study on the causes of the blindness for 217 blind Students in Korea. Blindness in defined as the visual acuity for distance of 0.1(20/200) or less in the better eye with best correction. The causes of blindness in descending order frequency are as follows: unknown eye diseases (32.3%), Congenital diseases (31.3%), infectious diseases (8.8%), meningitis (6.5%), injury & intoxication (6%), refractive errors (6%), febrile diseased (6%), and malnutrition (1.4%), etc. Rate of blindness by site and type of affection is shown as: atrophia bulbi (33.6%), optic nerve diseases (28.1%), cataract (18.7%), corneal diseases (11.4%), glaucoma (10.6%), anophthalmos (7.4%), amblyopia (6.5%), retinal diseases (2.8%), uveitis (1.0%), high myopia (0.5%), and other diseases (6.4%), etc. Comparisons with other statistics on causes of blindness in the inland and the foreign countries are attempted. Evaluation of results and problems establishing a more detailed and nationwide survey in future are briefly discussed in comment.

      • KCI등재
      • KCI등재

        Value, Performance and Narrative: Cultural Politics of Narrative as the Meta Frame of Value Transference in Financial Capitalism

        이완기 영미문학연구회 2008 영미문학연구 Vol.15 No.-

        Value is the crucial locus where politics, economy and culture converge. Exploring possibilities of cultural theory of value, this article focuses upon the question of value and actual process of value formation related, in particular, to operativity and performativity of narrative as the cognitive operation constitutive of financial narrative politics for value transference in the discourse of financial crisis. It revisits value theory of Simmel and Marx to articulate economic theory of value into cultural politics of narrative, following Ricoeur, as a mechanism of value transference which is correlated with the financial doctrine of entanglement and contagion. Through narrative where utterances and statements perform as collective operativity of information, a value is constructed and transferred to inform and motivate actors. Narrative structure is thus a meta frame of cultural valorization of the economic value. At the stage of financial capital a systematic interpretation over a specific instance takes a form of narrative through which actors resort to perform, constructing the notion of the sensible in value realization. It is a crucial aspect of cultural production under financial capitalism, valorizing the uncertainty of financial flows by producing signifying chain of value through narrative process. Therefore to answer the "onto-phenomenological question" of value, the value production in economic sphere should be necessarily articulated into "an adequate analogy to the psychoanalytic narrative" that explains how economic value can acquire meanings beyond economy in individual mind as well as in social relation. As "the question of value necessarily receives a textualized answer," as Spivak penetrates, it is narrative as the subsumption mechanism through which a notion or consciousness of value is accompanied in the construction of value as Simmel and Ricoeur emphasize on how a value can be represented in sequence or narrative process. It is cultural studies' share to analyze the dominant value politics conveyed in the textuality of everyday narrative. By dissecting its operativity and performativity the dominant value politics operates as an effective activation of real subsumption, cultural theory, in an effort to conceptualize another possibility of value transference, can demystify and thus can disrupt the chain of cultural valorization of the economic value under financial regime.

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