Money Talks, but What Is It Saying? Semiotics of Money and Social Control
Money is one of the most enigmatic institutions of any economic system, from Lydia in ancient Greece to modem cashless monetary societies. In proportion to money's centrality in capitalism, theorists have studied its nature, roles, and functions. This ongoing project has brought us closer to an understanding of money's economic roles, despite a seeming aversion to the study of money among microeconomists.1 That is, we have gained ground toward the goal of performnativity-finding the most efficient input/output equations for money's economic functions. However, despite these gains in our understanding of money's economic functions, there is a growing realization among non-doctrinaire economists that we have yet to comprehend certain salient features of money and money use, namely, its cultural, political, and social context and content. Money does not exist in a vacuum but is part of an elaborate web of dynamic social structural conditions within which people act and interact. As such, money is a social relation in the sense that it mediates the interaction between people.2 This social relation not only differs in its characteristics depending on the ownership and exchange mechanisms that reflexively structure and condition its existence-money also means different things to different people in accordance with the objectives and ideals that govem their actions. Clearly, individuals in modem societies are coordinated by the parameters set by the functions of money, but the meaning that money communicates between people is much more difficult to decipher. What is the information communicated by money and how do people interpret this discourse? An examination of the social meaning of money may reveal information that contributes to our understanding of monetary relations and provides insights into the dynamics of