Raven, Paul Graham. Los Piratas del Mar de Plastico (The Pirates of the Plastic Sea)

Paul Graham Raven, "Los Piratas del Mar de Plastico (The Pirates of the Plastic Sea)"  (2014). Collected in Twelve Tomorrows (2014), ed. Bruce Sterling, it bears comparison with another story in the same volume, Cory Doctorow's "Petard: A Tale of Just Desserts."

Two tales, very different in flavour and mood, but thematically complementary. Both explore the tensions and contradictions between what you could call capitalist ideology and entrepreneurial ideology (or "entrepreneurial-engineering stance," perhaps); both ferociously snuffle at the blurred line between market forces and the forces which shape markets (& here's PGR on infrastructure fiction).

Both stories are also interested in the way dynamics which pop up with an anti-capitalist belligerence, or at a tangent to capitalism, can get recuperated by capital. Including, perhaps, the appropriation of the ideology of "disrupting" itself: the last thing you'd expect of Doctorow's and Raven's arch market-disruptors Sergey and Niceday is any pinko sass.

Doctorow's title invites us to think of his Sergey as an extrapolation of the same logic embodied by his hero Lukasz; petard is a reference to the expression "hoisted on your own petard" (it's from Hamlet: "For tis the sport to haue the enginer / Hoist with his owne petar"), so there's a sense of Lukasz, in many ways a classic Doctorowian activist everyhacker, getting beaten at his own game, or gulping down a taste of his own medicine. (More specifically, the idiom is about being blown up by your own grenade. So perhaps it's a story about knowing just the right moment to let go of something?)

Both Doctorow's and Raven's story also contains more-or-less the same line, as nemesis (Sergey / Cedric) offers protagonist (Luckasz / Hope) the opportunity to join a thrilling and intellectually fulfilling, but morally dubious cutting-edge economic enterprise.

That line is: "I'll think about it."

(JLW)

Russell, Eric Frank. And Then There Were None.

Erik Frank Russell, 'And Then There Were None' (1953). Some snippets:

“‘Obligation. Why use a long word when a short one is plenty good enough? An obligation is an ob. I shift it this way: Seth Warburton, next door but one, has got half a dozen of my obs saddled on him. So I get rid of mine to you and relieve him of one of his to me by sending you around for a meal.’ He scribbled briefly on a slip of paper. ‘Give him this.’”

 […]

 “‘No.’ Firmly she pushed the pineapple back at him. ‘If I ate my way through that I’d be saddled with an ob.’ ‘So what?’ ‘I don’t let strangers dump obs on me.’”

(JLW)

Ryman, Geoff. Air

Geoff Ryman, "Air." (Later expanded into a novel). Mae is a fashion consultant in a small and fairly isolated village, who makes a living (and a life) by trading information. Very beautifully scuffs out the boundaries between the social and the economic. I feel like the whole story is wrapped around a kind of tacit pun on "richness" and/or "impoverished."

(JLW)

Stephenson, Neal. Cryptonomicon

Neal Stephenson, Cryptonomicon (1999). A sprawling hysterical-realist adventure techno-thriller that made me a bit sad, in a what-a-waste-of-enormous-talent kind of way. Although it did make me laugh a bit too. Perhaps the kindest thing you can say about its politics is that they dated rapidly? Bro? Anyway, the novel partly concerns the establishment of a kind of cryptocurrency, although it never gets the careful infodump treatment Stephenson gives to some other subjects. In general the presiding political economy of the book has a belligerent libertarian goldbug feel to it, though Stephenson wisely never quite commits himself. Trust goes a long way in establishing a currency, but eventually you're going to need something with intrinsic value, like shiny heavy yellow metal. (I'm exaggerating). Some of the bits that I enjoyed, from an economics perspective, include the long description of how it is possible to have some gold and yet not really have it (it's in the jungle, through miles and miles of geopolitics), and the final lines of the novel, in which a enormous cache of gold is literally dynamited into liquidity.

(JLW)

Stross, Charles. Neptune's Brood

Charles Stross, Neptune's Brood (2013). In part inspired by Graeber's Debt. On his blog, Stross discusses fast, medium and slow money in Neptune's Brood.

But Stross is definitely not translating Graeber into fiction -- in fact, he thinks his ending kind of sucks, because he couldn't figure out an ending which "repudiated the entire framework of inherited debt without simultaneously getting all preachy on a soapbox."

On the other hand, Neptune's Brood does contain the rudiments of a very interesting critique of the notion of liquidity. Liquidity is the ease with which something can be converted into purchasing power. Cash is generally accepted so it is highly liquid, buyers for treasury bonds are usually plentiful so treasury bonds are pretty damn liquid, a pile of gold in a geopolitically unstable jungle might be somewhat less liquid (compare Neal Stephenson's Cryptonomicon), a stolen artwork might be even less liquid, etc.

But really, the "ease" with which something can be converted into something else isn't just a function of what the thing is: it's a function of who owns it, and in what ways, and what they want to convert it into, and what they want to convert that into, and many other factors. The problem with the notion of liquidity is that it collapses all these innumerable factors into a single scale.

In Neptune's Brood there are three kinds of money: fast, medium, and slow. There is a sense in which fast money is highly liquid, medium money is somewhat liquid, and slow money is scarcely liquid at all. Slow, in fact, sort of means illiquid. But what is striking about thinking through these currencies is the qualitative shifts involved. Slow money is essentially implicated with a different kind of activity. An economic anthropologist might say that it constitutes its own sphere of exchange or its own transactional order. That is, slow money is "the currency of world-builders," used for financing star ships and colonies.

It takes power and expert labor to run an interstellar communications laser beacon – lots of both. Nobody will point a laser at a new colony and beam libraries of design templates and cohorts of expert soul dumps at them without an expectation of getting something in return. All colonies must of necessity go deep into debt in the decades after their foundation: It costs a lot of slow money to acquire the vital new technologies and skills it needs to plug unforeseen gaps. Only once its population has increased enough to support a local education, research, and development infrastructure – which can take centuries – can it aspire to a trade surplus. 

Stross plays on the relative causal isolation which exists on the vast interstellar scale to pose interesting questions about the nature and limits of liquidity. Is a currency zone encompassing worlds so far apart even an intelligible notion? Is slow money really money? Does it circulate? Does it have purchasing power? Is it really slow: that is, can its illiquidity really be meaningfully related to the system of light-speed-constrained, third-party-notarization banking which Stross imagines, which is what makes slow money transactions take so long? And does the "slowness" of slow money intuitively connote "stability" because we now strongly associate instability and speculation, including lightning fast automated High Frequency Trading? I suspect that, like many of science fiction's most useful extrapolative thought experiments, the value of Stross's model is in how interestingly it disintegrates when closely considered.

Here's a friendly critique of Neptune's Brood from Robin Hanson. I also grapple with slow money here and especially here. See also entry for David Graeber.