By Elena Esposito
This booklet reconstructs the dynamics of economics, starting explicitly with the function and the relevance of time: funds makes use of the longer term with a view to generate current wealth. monetary markets promote and purchase possibility, thereby binding the longer term. Elena Esposito explains that advanced danger administration thoughts of established finance produce new and out of control dangers simply because they use a simplified concept of the long run, failing to account for a way the longer term reacts to makes an attempt at controlling it. in the course of the fresh monetary situation, the longer term had already been used (through securitizations, derivatives and different instruments) to the level that we had many futures, yet no open destiny on hand.
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Extra info for The Future of Futures: The Time of Money in Financing and Society
26 Traditionally, as well as in contemporary understandings, risk is understood as a matter of time. It concerns the relationship of the present with an unknown future, and the opportunities and threats this relationship entails. The indefinite future is a space of promises and hopes, but it is also a space of possible damage and anguish. Risk comes into play when, beyond mere fate, one considers the way future events depend on present behaviour – that is, as opportunities to build or as possible failures (the two aspects are linked in that if we do not expose ourselves to possible damages, we cannot enjoy possible benefits.
E. indd 34 17/01/2011 16:47 Time binding 35 otherwise starting from the decision taken today). One builds the future without planning or determining it. One produces only the possibility that it becomes possible (without knowing or having to know how). In this meaning of risk, the obscurity of the future is used to produce opportunities that arise because the future is indeterminate and nobody can know how it will come about. ), now becomes a resource with which I can acquire future benefits (if I use it well).
We need time in order to orient ourselves in our activities and in the world. We arrange these activities in an order that connects the past with the future. In this sense, we can see present happenings as a result of past events and as preconditions for the future. This order helps to guide us. This orientation also has the advantage of being very flexible. We can always change the orientation at a later date, without contradicting ourselves (it is always one and the same time, but seen otherwise).