Meanings and Functions of Money in Different Cultural Milieus

Posted: 18 Jan 2019

See all articles by Dov J. Cohen

Dov J. Cohen

University of Illinois College of Law

Faith Shin

University of Illinois at Urbana-Champaign

Xi Liu

University of Illinois at Urbana-Champaign - Department of Psychology

Date Written: January 2019

Abstract

We explore the psychological meanings of money that parallel its economic functions. We explore money's ability to ascribe value, give autonomy, and provide security for the future, and we show how each of these functions may play out differently in different cultural milieus. In particular, we explore the meanings and uses of money across ethnic groups and at different positions on the socioeconomic ladder, highlighting changes over the last 50 years. We examine the dynamics of redistribution between the individual, the family, and the state in different cultures, and we analyze the gendering of money in the world of high finance and in contexts of economic need. The field of behavioral economics has illustrated how human psychology complicates the process of moving from normative to descriptive models of human behavior; such complexity increases as we incorporate the great diversity within human psychology.

Suggested Citation

Cohen, Dov J. and Shin, Faith and Liu, Xi, Meanings and Functions of Money in Different Cultural Milieus (January 2019). Annual Review of Psychology, Vol. 70, pp. 475-497, 2019, Available at SSRN: https://ssrn.com/abstract=3318210 or http://dx.doi.org/10.1146/annurev-psych-010418-103221

Dov J. Cohen (Contact Author)

University of Illinois College of Law ( email )

504 E. Pennsylvania Avenue
Champaign, IL 61820
United States

Faith Shin

University of Illinois at Urbana-Champaign ( email )

601 E John St
Champaign, IL Champaign 61820
United States

Xi Liu

University of Illinois at Urbana-Champaign - Department of Psychology

603 East Daniel
Champaign, IL 61820
United States

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