Iron bubbles

Financial bubbles are generally understood retrospectively as ruptures or bursts, indexing some form of radical change. Conversely, this article proposes that when engaged ethnographically, bubbles are premised upon a collectively imagined continuity. Empirically, I unpack investment rationales in t...

Full description

Saved in:
Bibliographic Details
Published inHAU journal of ethnographic theory Vol. 9; no. 3; pp. 579 - 595
Main Author Ulfstjerne, Michael Alexander
Format Journal Article
LanguageEnglish
Published The University of Chicago Press 01.12.2019
Subjects
hope
financial bubbles
optimism
China
ethnography
ghost cities
Online AccessGet full text

Cover

More Information
Summary:Financial bubbles are generally understood retrospectively as ruptures or bursts, indexing some form of radical change. Conversely, this article proposes that when engaged ethnographically, bubbles are premised upon a collectively imagined continuity. Empirically, I unpack investment rationales in the wake of a local resource boom in a high-growth region in Inner Mongolia. Among interlocutors, anticipated price increases in property investments were not considered as speculation; investments were not hopes of a radically different future. Rather, they were imaginative ways of pulling a future of continuous growth into the present. What I relate as a present continuous. I argue that optimism understood through this temporal sensibility does not serve to freeze time but instead dictates continuity as the only possible kind of change. Finally, I suggest that collective efforts to adhere to the temporality of the bubble were also actively contributing to its collapse.
ISSN:2575-1433
2049-1115
DOI:10.1086/706760