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Casino Capitalism’ and the Financial Crisis

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Casino Capitalism’ and the Financial Crisis ‘Casino capitalism’ and the financial crisis Rebecca Cassidy Rebecca Cassidy is Senior Lecturer in Anthropology at Goldsmiths, University of London. She is the author of Sport of kings (Cambridge University Press, 2002) and Horse people (Johns Hopkins University Press, 2007). She is co-editor, with Molly Mullin, of Where the wild things are now: Domestication reconsidered (Berg, 2007). Her email is [email protected]. MARK PELLEGRINI / GNUFDL 1.2 MARK PELLEGRINI / GNUFDL Fig. 1. Slot machines in the The casino economy had its chance, and it crapped out. based on fieldwork in London during the past three years – Trump Taj Mahal, Atlantic (Moberg 2008) customers, markets and regulation – in order to support the City, New Jersey. During the current financial crisis it has become com- argument that neither individual casinos nor the industry monplace to equate international finance with casinos in general are good exemplars of ‘casino capitalism’. My (Moore 2007, SocialistWorld.net 2008) and the activities argument is similar to that put forward by Karen Ho in of brokers with gamblers or bookmakers (Kay 2009). In relation to representations of omnipotent capitalism in 1. Minsky referred to the UK, the Guardian has issued warnings about ‘casino social science that ‘sound extremely similar to Wall Street ‘money manager capitalism’ capitalism’ since 2006. Analysts as varied and influential triumphalist discourses’ (Ho 2005: 68; see also Rouse in an influential article on as Will Hutton, Polly Toynbee, Howard Davies and Robert 1999). By describing the current crisis as the result of Schumpeter (1990), and Strange herself returned to Peston have all used the term. ‘casino capitalism’ commentators are reinforcing familiar the theme of instability as It is also being used in the United States: at a congres- and baseless assumptions about exchange and deflecting the defining feature of the sional hearing discussing the fate of AIG, for example, serious criticism from the true causes of the problem and economy in Mad money (1998). California Congresswoman Jackie Speier referred to their how we might respond to them. 2. For an explanation of Mayfair business as ‘the casino in London’ (Koeing 2008). arbitrage and a description The Transnational Institute and Institute for Policy studies’ What is casino capitalism? of its ‘material sociology’, website on the crisis is called simply ‘Casino Crash’ Casino capitalism was the title of Susan Strange’s book see Beunza, Hardie and MacKenzie 2006. (http://casinocrash.org/), and Brazilian President Lula has published in 1986. Strange’s thesis was that ‘the roots of 3. The full text of the described the ‘irresponsibility of speculators who have the world’s economic disorder are monetary and financial’ declaration is available at: transformed the world into a gigantic casino’ (Pasricha and that ‘the disorder has not come about by accident, but www.etuc.org/a/5367. 4. In the UK the roulette 2008). has in fact been nurtured and encouraged by a series of wheel has a single zero; in the The expression ‘casino capitalism’ is a conflation of a [US] government decisions’ (1986: 60). These decisions US it has two, making it a far particularly unhelpful kind. It offers no insight into how were animated by the belief that the market should be less attractive proposition. either international finance or casinos work in practice, allowed to operate without interference from the state. 5. Not all marketing consultants are equally as evidenced by anthropological work in both settings. It Strange identified five ‘distant non-decisions’ that contrib- uncritical: Steve Karoul relies upon a particular model of human nature, exempli- uted to the rise of casino capitalism, all of which increased has written an article in fied by a pre-cultural instinct to trade and barter, recently dependence upon the US for financial security and OPEC AsiaCasinoMarketing which emphasizes that ‘Asia is not interrogated by Sahlins (2008), but also powerfully cri- countries for oil (1986: 41-45). Asia’ and that when devising tiqued by many others including Polanyi (1944). The pur- Of more recent policies in the US, casino capitalism was an ‘Asian’ marketing strategy pose of this article is to resist the idea that either banking associated with the market fundamentalism of Reagan, one must recognize the or casinos can stand in for the most simplistic vision of Greenspan, Rubin and Gramm. In the UK it was exem- complex variation within the market, as what may be unfettered market exchange, and to consider why it might plified by the privatization of utilities and the Big Bang polite or welcoming to one be that commentators, including anthropologists, continue of 1986, overseen by Thatcher. According to Strange’s group of people from within to invoke such unhelpful models when it is evident that analysis, non-decisions and policies such as these mas- the region may be strange or even offensive to another. they are descriptively and analytically inadequate. sively increase the volume, speed and scale of financial www.asiacasinoreport. I begin by exploring what is meant by ‘casino capi- transactions and in doing so create unprecedented vola- com/ documents/ talism’. I then refer to recent ethnography by anthropolo- tility in global markets. These themes have been taken up AsiaCasinoMarketing- gists working in international finance to illustrate the by numerous widely read authors including George Soros diasporadifferences BySteveKaroul2007.pdf. importance of social and historical particularity in this (1998), John Gray (1998) and Naomi Klein (2007; see 6. Sahlins 2008: 96. context. I conclude by mentioning three features of casinos Hart 2008: 1-3).1 10 ANTHROPOLOGY TODAY VOL 25 NO 4, AUGUST 2009 How has the expression ‘casino capitalism’ been used Unlike the homogenous entities suggested by ‘casino in the UK during the current financial crisis? Rhetorical capitalism’, national and regional contrasts, styles and flourish aside, what did shadow chancellor George preoccupations reveal themselves in the global market for Osborne mean when he told the Prime Minister at the finance (Miyazaki 2003, Maurer 2005). Outside anthro- Conservative party conference: ‘Gordon, you won’t get pology, geographers Leyshon and Thrift (1997) have away with nailing us for casino capitalism when you’re described the importance of ‘face work’ in London in the man who has been running the casino and collecting the 1980s. Pryke and Lee (1995) have used the study of the chips for the last 11 years’ (quoted in Wintour 2008)? mortgage-backed securities within the City of London to The economist John Kay is one of the few economists, explore the clustering of financial production contra the politicians or journalists to explain his understanding of idea that financial institutions somehow exist outside his- the relationship between banks, casinos and bookmakers: tory and place and the personal connections that financial The modern financial services industry is a casino attached to a exchanges generate and depend upon. utility. The utility is the payments system, which enables indi- All this work reinforces what anthropologists already viduals and companies to manage their daily affairs. It allows know about exchange more generally: that important differ- them to borrow and lend for their routine activities, and allo- ences exist between particular incarnations of international cates finance in line with the fundamental value of business finance, in terms of locality and function. Ethnographic activities. In the casino, traders make profits from arbitrage. evidence has debunked the idea that people working in the (2009)2 financial sector behave according to principles they have The contrast is moral as well as functional. Bank learned from economics textbooks. Insiders like Gillian Tett lending is presented as structured and patriotic, directed (former anthropologist and assistant editor of the Financial at the growth of business for the good of the nation, by Times) have blown open the eccentric world of investment supporting lending, ‘in line with the fundamental value of banking in London (2008). Many economists are acutely Allen, A. et al. 2008. Fifth business activities’. In contrast, the profits of trading ben- aware of the shortcomings of the models they have inherited survey of the FSA’s Regulatory Performance. efit only the individual. Similarly, Will Hutton contrasts (see, for example, the Post-Autistic Economics Network at: Available at: http://www. the ‘delinquent casino that is the British financial system’ http://www.paecon.net/autistic economist; also Ferber and fs-pp.org.uk/docs/surveys/ the priorities of which are ‘individual self-fulfilment, per- Nelson 1993). What about casinos? bmrb_final_051208.pdf. sonal experience and loyalty to self’ (2008) with the vision Beunza, D. and Stark, D. 2003. Tools of the trade: of stakeholder capitalism that he outlined in The state Casinos The socio-technology of we’re in (1995). The ‘London declaration’, a statement by The increased use of the term ‘casino capitalism’ in the arbitrage in a Wall Street the European Trade Union Confederation (on ‘the crisis British press and the anthropological canon coincided with trading room. Industrial and Corporate Change of casino capitalism’), puts this clearly: ‘This crisis was my fieldwork in betting shops and casinos in London. I 13(2): 369-400. caused by greed and recklessness in Wall Street, London was encouraged to reflect on my experiences in these Buenza, D, Hardie, I. and and other major financial centres.’3 Three elements can be terms, and to investigate productive contrasts between the MacKenzie, D. 2006. A identified: greedy individuals, volatile or chaotic markets idea of gambling and its practice. It was casino industry price is a social thing: Towards a material and the absence or failure of regulation. These monolithic professionals who alerted me to the idea that gambling sociology of arbitrage. and ahistorical constructions can hardly provide the basis is a thoroughly embedded activity, that particular games Organization Studies 27: of a critique that will help to resolve the current crisis.
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