Posts Tagged ‘art’

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The spectacular crash of 2007-08, once a public spectacle of economists, politicians, and bankers, is increasingly becoming a popular spectacle in art.

Alessandra Stanley reviews some of the recent films, TV series, and novels—from The Big Short through Billions to Opening Belle—that attempt to represent the causes and consequences of the worst crash since the Great Depression of the 1930s.

Americans are once again paying for the 2008 financial collapse.

This time, though, it’s willingly.

Entertainment industry executives and publishers say there is a growing audience for movies, plays, television shows and novels that address the misdeeds and systemic failures that brought the economy to the edge of collapse eight years ago.

I wonder what impact these projects will have on the current political campaign in the United States, where both parties are being forced to deal with widespread discontent over the real-world spectacle of growing inequality, Too Bigger to Fail banks, and more instability ahead.

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Every time I see an exhibit of paintings from the so-called Golden Age of Dutch art (or teach about them, especially Vermeer’s, in my Commodities course), I am struck by the extent to which they provide a window on the changing class nature of Dutch society at the time.

That’s why I am intrigued by the new show, at Boston’s Museum of Fine Arts, “Class Distinctions: Dutch Painting in the Age of Rembrandt and Vermeer” (see also this review [ht: ja]). The content of the individual paintings, at least the ones I am familiar with, as well as the economic status of the painters themselves and the new art markets that developed (and ultimately crashed) during the seventeenth century can tell a rich story about the emergence of capitalism in a heretofore noncapitalist economy and society.

And, of course, here we are in 2015, when the United States is characterized by obscene and still-growing levels of inequality. Perhaps, then, we are ready to see and think about class distinctions, at least in seventeenth-century Dutch society.

So, I am intrigued by this show—but also worried. That’s because, according to what I have read, the paintings are arranged in separate rooms according to class. Low, middle, and upper-class, “a bit like airplane seating.”

The exhibit follows a logical sequence by grouping paintings of the wealthiest ranks in one room and then moving down the social strata in the following sections. The final room ties the exhibit together by depicting paintings of ferries and public squares where members of each class intersect.

The question is, what is the notion of class that informs the Boston show?

As I see it, you can’t have one class without the others. It’s a class system—the different classes are related to one another, through performances and flows of necessary and surplus labor—not just different displays of clothing, interior furnishings, and activities. And the emergence of capitalism within the Netherlands created a new pattern of performances and flows compared to what had existed before and what existed even at that time throughout much of the rest of Western Europe.

If the paintings of the period are going to be utilized to illustrate those new class relations, then perhaps it would have been better to group them differently—for example, to show within the same room how the surplus labor that was captured by some households, and then utilized to relinquish members of those same households from the need to work and, in addition, to hire milkmaids and other servants and to purchase items of conspicuous consumption from abroad, was also deployed to make sure additional surplus labor continued to be performed by the other members of Dutch society.

That’s the exhibit of Dutch paintings that, in my view, could have been organized in Boston.

Art of the day

Posted: 2 October 2015 in Uncategorized
Tags: , , ,

I guess we’re far enough away from the Cold War that a socialist can make a serious for the presidency—and for the art that was produced in the early decades of the Soviet Union to be appreciated in the United States.

Yesterday, Kristin M. Jones reviewed the Jewish Museum’s exhibit “The Power of Pictures: Early Soviet Photography, Early Soviet Film” for the Wall Street Journal.

In Dziga Vertov’s exuberant “Man With a Movie Camera” (1929), the camera dances, spins and materializes on rooftops, before an oncoming train and even on stage. Combining electrifying editing, naturalistic scenes and trick photography, the film evokes 24 hours of Soviet urban life, beginning with humans and machines awakening at daylight. Vertov envisioned an all-seeing “cinema eye—more perfect than a human eye for purposes of research into the chaos of visual phenomena filling the universe.” Filmmakers explored various aesthetic approaches during the era, but it was a period of startling cinematic invention.

And, of course, that same startling artistic invention can be seen in the original poster for the film (created by the Sternberg brothers).

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Harmen de Hoop and Jan Ubøe, “Permanent Education (a mural about the beauty of knowledge)” (Nuart 2015, Stavanger, Norway)

Ubøe, Professor of Mathematics and Statistics at the Norwegian School Of Economics, gives a 30-minute lecture on the streets of Stavanger on the subject of option pricing.

Drawing on Black and Scholes explanation of how to price options, Ubøe will explain how banks can eliminate risk when they issue options. Black and Scholes explained how banks (by trading continuously in the market) can meet their obligations no matter what happens. The option price is the minimum amount of money that a bank needs to carry out such a strategy.

While the core argument is perfectly sound, it has an interesting flaw. If the market suddenly makes a jump, i.e. reacts so fast that the bank does not have sufficient time to reposition their assets, the bank will be exposed to risk. This flaw goes a long way to explain the devastating financial crisis.

This theory, and similar other theories, led banks to believe that risk no longer existed, so why not lend money to whoever is in need of money? In the end the losses peaked at 13,000 billion dollars – more than the total profits from banking since the dawn of time.

My guess is, most of the members of the audience did not understand the mathematics. However, Ubøe assures them it works—both as a form of knowledge (the manipulation of the mathematics) and as a strategy for banks (to eliminate risk)—and they can’t but believe him. It has a kind of beauty.

And then he explains that other effect of the math: it led banks to believe they had found a way of eliminating risk (because, like the audience, they believed the mathematicians), which fell apart when markets made sudden jumps and the traders weren’t able to reposition their assets quickly enough.

In that case, the beauty of the knowledge is undermined by the ugliness of the results.

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Apparently, the British artist-film-maker Isaac Julien is directing a public reading of all three volumes of Marx’s Capital at the Venice Biennale [ht: sk]. (Julien is the director of a 2013 film Kapital, which is also being shown at the biennale.)

Perhaps it was too much to ask that the curator of the biennale’s central exhibition, Okwui Enwezor, actually understand his Marx (although the reporter, Charlotte Higgins, evidently does):

So what is the corollary of staging Das Kapital? I ask Enwezor. Did not Marx foresee the end of capitalism, inevitably brought down by its internal contradictions? “His programme was to use capitalism to achieve social equality,” says Enwezor. “I don’t think that Marx, had he lived, would have wanted capitalism to end.” I am slightly confused by this: I am no Marx expert, but I had gained the distinct impression that although Marx admired the energy and inventiveness of capitalism, he wanted it overthrown and replaced with a system that allowed people justice and dignity.