CDOs – the Zenith of Monetarisation: Some Ideas from Simmel's Philosophy of Money

Philosophy of Management, Volume 11, No. 1, 2012

11 Pages Posted: 10 Jan 2017

See all articles by Martin Mullins

Martin Mullins

University of Limerick - Kemmy Business School

Finbarr Murphy

University of Limerick - Kemmy Business School

Date Written: March 9, 2012

Abstract

The financial crisis of 2007–2008 had its origins in the manner by which complex financial instruments allowed qualitative phenomena to become a tradable commodity. This process is part of a profound tendency in modern economic life to convert the qualitative, specific and non-commensurable into quantitative data. Simmel, in his Philosophy of Money, identified this transformative quality as an inherent characteristic of money. This paper argues that Simmel’s work continues to provide important insights. Modern financial instruments, in particular collateralised debt obligations, possess this same transformative power thus showing the enduring relevance of Simmel’s work.

Keywords: Simmel, Philosophy of Money, Finance

Suggested Citation

Mullins, Martin and Murphy, Finbarr, CDOs – the Zenith of Monetarisation: Some Ideas from Simmel's Philosophy of Money (March 9, 2012). Philosophy of Management, Volume 11, No. 1, 2012, Available at SSRN: https://ssrn.com/abstract=2896121

Martin Mullins (Contact Author)

University of Limerick - Kemmy Business School ( email )

Limerick
Ireland

Finbarr Murphy

University of Limerick - Kemmy Business School ( email )

Limerick
Ireland

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