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Individual Paper: Desan’s Stakeholder Theory as an Instrument of Degrowth: A Praxis of Subversion and the Development of New Modes of Governing

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In order for the degrowth movement to connect people across different geographical regions, a “micro-level” praxis of degrowth must be developed for individuals, communities, households and small-businesses to subvert current monetary systems which leave them limited in terms of power and without monetary agency. Presently, in the degrowth and other economic literature, money is treated as a unit of account, store of value, mode of payment, and medium of exchange. Christine Desan has challenged this conceptualization in Making Money: Coin, Currency, and the Coming of Capitalism (2016). Desan’s stakeholder theory in the constitutional approach to money additionally argues that money is, at its base, a mode of governing. In making this point, her book also highlights the foundational nature of money and monetary systems in the evolution of capitalism and the forces of power which maintain it. Her insights are rich with key lessons for the degrowth movement and the development of a praxis of subversion. Degrowth literature already engages heavily with money as a public resource, “debt-free” money, citizen audits, complementary currencies and/or community currencies, basic incomes, maximum incomes, and more. The theoretical implications of the stakeholder theory suggest new horizons and pose new questions for the degrowth account of money and finance. How can degrowth-based monetary systems be positioned in such a way so as to fulfill their inherent role as modes of governing? Are all proposed monetary mechanisms sufficiently able to challenge the legal-institutional and political frameworks which undergird monetary systems and uphold structures of global inequalities and ecological degradations? If enacted, will the monetary systems and money mechanisms of current degrowth aims meet the needs of the global precariat and those most vulnerable to the consequences of ecological destruction? To what extent is it even necessary to disengage from existing monetary systems and their underlying legal structures when pursuing a future of degrowth? Using Christine Desan’s stakeholder theory, this paper will look to critically analyze and develop tactics for monetary subversion in order to bring about radical transformation to future degrowth economies.


Day: 2018-08-24
Start time: 11:15
Duration: 00:15
Room: Moriskan (Stora Salongen)
Track: - Other - (fill submission note below)



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