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Identity and the Hybridity of Modern Finance: How a Specifically Modern Concept of the Self Underlies the Modern Ownership of Property, Trusts and Finance

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Kim,  Jongchul
Institutioneller Wandel im gegenwärtigen Kapitalismus, MPI for the Study of Societies, Max Planck Society;

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CJE_38_2014_Kim.pdf
(Publisher version), 650KB

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Citation

Kim, J. (2014). Identity and the Hybridity of Modern Finance: How a Specifically Modern Concept of the Self Underlies the Modern Ownership of Property, Trusts and Finance. Cambridge Journal of Economics, 38(2), 425-446. doi:10.1093/cje/bet050.


Cite as: http://hdl.handle.net/11858/00-001M-0000-0014-BE5E-6
Abstract
Postmodern thinker A. N. Whitehead argued that the idea of the identity of the self is one of the significant mistakes made by modern philosophy. From this postmodern perspective, this article examines how this mistaken concept underlies the modern ownership schemes of property, trusts and finance. It argues that exploiting the hybridity of money and credit explains the development of modern ownership from property to trusts and modern finance, and that, in the process of exploiting this hybridity, property owners struggle to endure and secure their identities permanently. This article also analyses unethical aspects of the hybridity of modern finance, as well as its systemic vulnerability, which contributed to the financial crisis of 2008. The essay concludes with a brief discussion of a general reform principle for the financial sector.