AND ... AND ... AND ... : Reiterating Financial Derivation

University dissertation from Stockholm : School of Business, Stockholm University

Abstract: This essay is an attempt at examining the general logic of derivation, the organisational geno-practice of financial derivationówhat I have called: reiterative derivation. I will endeavour to reiterate, to repeat otherwise, to displace the derivative distinction which apart from providing the financial markets with ever new business opportunities, makes financial instruments like options and futures the potential turning point, the crisis, the utmost risk, the pure possibility, of any economic reality. Stated another way, reiterative derivation is the opening of economy, the economyís way out, its line of flight, its passibility, the invention of its future. A derivative is a financial strategy designed to handle price risks, value fluctuations in its underlying economy; it performs this task by acting simultaneously as either an instrument or a marketable commodity. Offering itself not only as a forceful appendage, a financial device, but as the possibility to deterritorialise displace unsecure uproot its underlying economic reality, the derivative displays an extremely creative approach to the economic world. What I would like to indicate in and through the present essay, then, is how financial derivation works. Not so much, perhaps, in the instrumental sense, but rather as a vehicle allowing one to create and travel into economic worlds, or, perhaps better, economic assemblages, economic ensembles so complex and complicated that they can no longer be understood as either this or that, either, for instance, real or imaginary, but should rather be interstood as imaginary economic realities, either or ... or ... or ... both and ... and ... and ...Abstract, as I use it here, should not be understood in its (perhaps) most common or ordinary sense, as a summary or epitome, as something that presents the point, comprises or concentrates the essence of my essay and thereby facilitates its comprehension. It should rather be interstood as, at one and the same time, a deviation, a diversion, an attempt to draw your attention away from the textual strategies employed (the word abstract derives from the Latin verb abstrahere, to draw away, withdraw); to ìguideî your reading, that is to say, to lure you into the textís own protocols of reading, sheltering thereby the text from being conceived too generously, a way of inviting you to invent your own reading, to write while reading, to proceed with a Deleuzean restrained step, to decide without choosing, to hold while letting go, to grasp while leaving be, to open yourself up to what is still to come, to not knowing what will happen before it happens, to the possibility of nothing happening, towards that which is (always) in the process of coming about, to adventure, the future, to the theme of this essay: the experience of financial derivation, the geno-practice of financial derivation, the economyís monstrous other, the economic futureóto, in short: reiterative derivation.

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