Martin Randy

Derivatives were responsible for one of the worst financial meltdowns we have ever seen, one from which we have not yet fully recovered. However, they are likewise capable of generating some of the most incredible wealth we have ever seen. This book asks how we might ensure the latter while avoiding the former. Looking past the usual arguments for the regulation or abolition of derivative finance, it asks a more probing question: what kinds of social institutions and policies would we need to put in place to both avail ourselves of the derivative's wealth production and make sure that production benefits all of us? To answer that question, the contributors to this book draw upon their deep backgrounds in finance, social science, art, and the humanities to create a new way of understanding derivative finance that does justice to its social and cultural dimensions. They offer a two-pronged analysis. First, they develop a social understanding of the derivative that casts it in the light of anthropological concepts such as the gift, ritual, play, dividuality, and performativity. Second, they develop a derivative understanding of the social, using financial concepts such as risk, hedging, optionality, and arbitrage to uncover new dimensions of contemporary social reality. In doing so, they construct a necessary, renewed vision of derivative finance as a deeply embedded aspect not just of our economics but our culture.

Derivatives were responsible for one of the worst financial meltdowns we have ever seen, one from which we have not yet fully recovered. However, they are likewise capable of generating some of the most incredible wealth we have ever seen. This book asks how we might ensure the latter while avoiding the former. Looking past the usual arguments for the regulation or abolition of derivative finance, it asks a more probing question: what kinds of social institutions and policies would we need to put in place to both avail ourselves of the derivative's wealth production and make sure that production benefits all of us? To answer that question, the contributors to this book draw upon their deep backgrounds in finance, social science, art, and the humanities to create a new way of understanding derivative finance that does justice to its social and cultural dimensions. They offer a two-pronged analysis. First, they develop a social understanding of the derivative that casts it in the light of anthropological concepts such as the gift, ritual, play, dividuality, and performativity. Second, they develop a derivative understanding of the social, using financial concepts such as risk, hedging, optionality, and arbitrage to uncover new dimensions of contemporary social reality. In doing so, they construct a necessary, renewed vision of derivative finance as a deeply embedded aspect not just of our economics but our culture.

Why-and how-does Marx speak to our day? Seeking to reestablish the link between Marx, socialism, and the Left, this book negotiates the common ground between orthodox marxism and postmarxism to show how a reading of Marx elaborates the present. More than a claim about how Marx might be read for relevance, this book is also a forceful statement about how theory relates to political project and organization. What, Randy Martin asks, does Marx have to say to the discourses of radical democracy, postmodernism, and globalization-all of which purport to solve problems that emerge in Marx's writings? A reading of Marx can in fact disclose the limitations of the contemporary modes of criticism, identifying the difficult conceptual problems that cannot be avoided or overcome. Using readings of Marx to restage contemporary political discussions, On Your Marx reengages orthodox and postmarxist understandings in a critical and constructive conversation. In doing so, the book points to powerful new alliances between cultural and political theorists and activists, opening new possibilities for mobilization and social justice.

Most discussions of socialist development within nation-states focus exclusively on the state, leaving civil society out of the picture. By looking into the realm of theatre in two socialist states, Randy Martin finds a way of broadening this view. An ethnography of theatre and political culture in Cuba and Nicaragua, his work reveals the tensions and negotiations among different dimensions of society that characterize the socialist project. Theatre, Martin shows us, is a particularly elastic expression of aesthetic and organizational form that can prefigure broader social developments. The critical sensibility displayed there, taking its cues from cultural processes beyond the stage, is indicative of the ongoing reformation of the socialist project. Martin considers Nicaragua through the Sandanista and Chamorro administrations, and Cuba from the time of reform, known as rectification through the withdrawal of Soviet aid.