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The Cultures of MarketsThe Political Economy of Climate Governance$
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Janelle Knox-Hayes

Print publication date: 2016

Print ISBN-13: 9780198718451

Published to Oxford Scholarship Online: August 2016

DOI: 10.1093/acprof:oso/9780198718451.001.0001

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The Fate of Markets

The Fate of Markets

Materiality and the Construction of Values

Chapter:
(p.208) 8 The Fate of Markets
Source:
The Cultures of Markets
Author(s):

Janelle Knox-Hayes

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198718451.003.0008

Chapter 8 comments on the role of markets in stimulating or neglecting the materiality of economic and financial productivity. The markets are shaped by culture, but also build a culture of resource management that has the potential to disconnect governance from materiality. In this regard, the culture of the market is one that encompasses the sociopolitical institutions upon which the market is built, but also a culture that reifies and spreads particular norms of economic authority and market-based resource governance. The chapter examines the ways in which the mismatch between the processes of the market and the material outcomes they seek to generate can lead to the potential for damage and perverse outcomes for the environment. Finally, the chapter addresses the nature of valuation in market processes, and the incommensurability of that mode of valuation with the material needs of the environment.

Keywords:   materiality, use value, exchange value, derived value, materiality, financialization, time-space compression, commensuration, accounting, environmental finance

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