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This chapter examines the role of imagination in enabling economic actors to make sense of the world and decide how to act and the part played by metaphorical thinking and analytical imagination within the discipline of economics. It starts from the assumption that modern capitalism is a quintessentially creative and imaginative system, characterized by constant novelty and radical uncertainty. The authors argue that economic behavior is therefore necessarily guided by working fictions and, in particular, by fictional expectations that combine individual imaginaries and social narratives with calculation. Building on insights from literary theory, the chapter examines the structuring and performative role of narratives and models and concludes that market power rests with those able to make their narratives and imaginaries count. Championing a new form of narrative economics, the authors propose that economists should employ discourse analysis to read the contingent interpretations that economic actors use to navigate uncertain futures. [ABSTRACT FROM AUTHOR]

World-systems analyses emerged in the 1970s as attempts to fuse a Marxist-informed critique of developmental economics with historical sociology. They are best known through the writings of Immanuel Wallerstein (1930-2019), but benefit from multiple others who have contributed to and expanded the topics of interest for the world-systems knowledge movement. This chapter highlights some of the main concerns of world-systems and illustrates their relevance for literary and cultural studies of economics, society, the State, and cultural production. World-systems analyses began as alternatives to forms of developmental and stage theories, both Keynesian-oriented economics in the post-war period, and within post-Russian Revolution Marxism. As a moral protest against the capitalist world-system, world-systems analyses also question the theoretical and epistemological frameworks developed within the modern research university. [ABSTRACT FROM AUTHOR]

The hubris of economists is astonishing. While they regularly look to other disciplines for topics of study, they all too rarely engage seriously with those fields. Building on the arguments in our book Cents and Sensibility: What Economics Can Learn from the Humanities (2017), we contend that while economics is more important than ever, its glaring deficiencies are unnecessary. Most strikingly, even behavioral economists usually neglect culture, have a simplistic and unrealistic depiction of human behavior, and assume away genuine irrationalities. We offer an alternative: an economics that not only learns from literature, philosophy, and the other humanities, but also from history, sociology, anthropology, psychology, and political science. Embracing those fields could lead economists to develop more realistic models of human behavior, recognize that they should not be so confident about their predictions, and produce more effective and just policies. [ABSTRACT FROM AUTHOR]

Since the 1960s, structural shifts in the publishing industry and the wider economy - commonly denoted by the term "neoliberal" - have expanded and intensified the commercial pressures on the literary field. This chapter's first section identifies the specific forms that neoliberalism has taken in the world of publishing and bookselling. The second section examines how recent novels by Kate Zambreno, Eugene Lim, and Jordy Rosenberg self-consciously negotiate the publishing industry's simultaneous yet conflicting demands for novelty and familiarity, especially as they relate to expectations surrounding representations of femininity, race, ethnicity, and trans identity. The concluding section reads recent fiction by Helen DeWitt and Rachel Cusk as meditations on how, rather than simply decrying, or capitulating to, the growing power of literary marketing and promotion, the "serious" contemporary writer might - at least in principle - utilize that power precisely in order to stimulate consumer appetite for seriousness as a desirable literary quality. [ABSTRACT FROM AUTHOR]

Origin stories of the economics discipline give considerable credit not only to philosophy, but also to poetry. And many canonical economists have reputations for polymathy. But interdisciplinary economic inquiry, like that which has become increasingly common since 2008, is often treated as both novel and ill-fated, in part because contemporary orthodox economists lack the commitment to pluralism necessary for fruitful interdisciplinary collaboration. This chapter looks to a 2020 Climate Fiction ("CliFi") novel, Kim Stanley Robinson's Ministry For The Future, for models of interdisciplinary collaboration between economists, critical theorists, and climate scientists. In particular, Robinson centers an unlikely pair of Utopian thinkers - British economist John Maynard Keynes and American theorist Fredric Jameson - who at crucial junctures in their careers took seriously what is also the project of Robinson's titular Ministry: treating future generations as a political constituency deserving of political representation in the present. [ABSTRACT FROM AUTHOR]

This chapter focuses on some of the principal ways in which the family has been viewed, or theorized, in political-economic thought, but focuses in particular on the legacy of Edmund Burke's conservative defense of that institution against radical challenge on the grounds that inheritance materially underpins moral and cultural continuity. Tracing the the complex evolution of this essentially elitist argument in relation to Malthusianism, as well as through both the discourse of eugenics and literary responses to the emergence of a "mass society," the chapter also highlights the role of Burkean traditions in affirming an orthodox heteronormativity against sexual liberationist movements, theorists, and writers. Ultimately, though, the conclusion demonstrates that the commodification of queer sexuality has contributed to new forms of sociocultural tension at the heart of our contemporary politics. [ABSTRACT FROM AUTHOR]

This chapter examines how aspects of post-capitalism have been imagined by speculative fiction, with some emphasis on utopian and dystopian fiction. There are some methodological issues around the best way to read speculative fiction in relation to post-capitalism. One influential distinction is between "blueprint" utopias and "critical" utopias. Blueprint utopias, such as Edward Bellamy's Looking Backward (1888), are held to offer rigidly instrumental plans for reorganizing society. Critical utopias, such as Ursula K. Le Guin's The Dispossessed (1974), supposedly destabilize deeply-rooted assumptions, freeing readers to explore possible economic forms that appear neither in reality nor fiction. However, this chapter emphasises that the distinction between blueprint and critical utopias is a blurred one. It further suggests that instrumentalizing interpretations of speculative fiction are part of its status as culture, rather than a mere misuse of speculative fiction. Reading speculative fiction critically and creatively, including attention to its instrumentalities, may help to transform what constitutes the field of "the economic" in the first place, and enrich our understanding both of capitalism and its alternatives. However, already existing practices of the more-than-capitalist world often far exceed what speculative fiction has been capable of imagining. [ABSTRACT FROM AUTHOR]

This chapter considers the difficulty that economics has found in defining labor as a practice separate from its product. Looking first at classical and Marxist economics, it uses feminist economics to highlight the omissions that conventional definitions of labor contain, especially concerning the work of women. By comparing feminist economics with recent novels by women, including Halle Butler's The New Me (2019), Alice Furse's Everybody Knows This Is Nowhere (2014), Heike Geissler's Seasonal Associate (2014), Hilary Leichter's Temporary (2020), and Ling Ma's Severance (2018), it argues that contemporary fiction has been attentive to the same omissions. Through a reading of the techniques of literary fiction, including realism and a range of experimental narrative devices, the chapter proposes that the contemporary novel offers kinds of writing that expand our conception of labor. Contemporary fiction contains narratives that highlight the work of social reproduction as a central component of the economies of labor and offer a wider critique of economic categories of value. [ABSTRACT FROM AUTHOR]

This chapter compares two generations of economic literary critics who, since the mid-1990s, have examined how literary texts intersect with racial capitalism. Like the authors they study, these scholars are less concerned with documenting the material consequences of racism than they are with interrogating the systemic logic of the sociocultural frameworks through which racialization is reproduced and racist policy is rationalized. The chapter specifically outlines the intersecting methodologies of these scholars and documents their efforts to show how literary texts often engage the language and logic of economic theory in ways that can destabilize racism's ideological underpinnings. Beginning with the New Economic Criticism of the 1990s and ending with the emerging paradigm of the Economic Humanities, this chapter demonstrates that while the latter may better attend to the disciplinary specifics of economics than the former, it, like its predecessor, has yet to contend fully with the whiteness of the economic imaginary it takes as its subject. [ABSTRACT FROM AUTHOR]

This chapter examines literary representations and critiques of postcolonial capitalism, a form of capitalism that is practiced, rationalized, and imagined with respect to a historical and geopolitical consciousness of colonial subordination. Recognizing the significance of postcolonial capitalism as its own distinct formation, the essay argues, is important for rethinking dominant approaches to critical studies of capitalism. The essay examines how literary texts take up themes of postcolonial capitalism such as racial and historical difference as a form of cultural and social capital, subaltern capitalism, capitalism as redress for historical injustice, expressions of economic solidarity, and new configurations of power. Authors under discussion include Chimamanda Ngozi Adichie, Aravind Adiga, Amitav Ghosh, and Derek Walcott. [ABSTRACT FROM AUTHOR]

This chapter examines how American literature has engaged with business corporations in general, and the legal fiction of corporate personhood in particular. There are few major novels about business corporations, because literary fiction has tended to concentrate on the moral dilemmas and social entanglements of individuals, rather than the more impersonal realm of economic activity. Yet the changing legal nature and increasing importance of corporations has forced some writers to rethink what it means to be human, creatively rethinking the relationship between individual and collective agency. The chapter considers three phases in the literary representation of corporations: as monster, as system, and as story. It uses as examples James Fenimore Cooper's The Bravo (1831), Frank Norris's The Octopus (1901), Sloan Wilson's The Man in the Gray Flannel Suit (1955), Joseph Heller's Catch-22 (1961), Thomas Pynchon's Gravity's Rainbow (1973), Richard Powers's Gain (1998), and Joshua Ferris's Then We Came to the End (2007). [ABSTRACT FROM AUTHOR]

This chapter outlines the relationship between finance and postmodernism in the post-1970s United States. After laying out this shared narrative of finance and postmodernism, particularly in regard to the work of Fredric Jameson and in a reading of Bret Easton Ellis's American Psycho (1991), the chapter then argues that the presumed whiteness of both finance capital and postmodern aesthetics in Jameson and Ellis is decentered by Toni Cade Bambara's Those Bones Are Not My Child (1999). Bambara's novel is set in Atlanta in 1979-1981, years during which the city was at once rapidly becoming a global financial capital and was simultaneously also the site of the abduction and murder of anywhere between thirty to one hundred Black children and youths. Bambara's novel demands that this racialized violence be read as a part of any analysis of Atlanta as a financialized city, and shows us that there is no way of understanding finance and postmodernism without reckoning with the constitutive anti-Blackness of the US economy. [ABSTRACT FROM AUTHOR]

The first half of this chapter explores three ways in which modernist writers responded to the economics of their period. It explores modernism's engagement with the economic horizons of writing and publication; modernism's understanding of economic thought, ranging across of the ideas of figures such as John Maynard Keynes, Georg Simmel, Marcel Mauss, and Georges Bataille; and modernism's responses to shifts in the money form itself, particularly changing attitudes towards the gold standard. The second half of the chapter explores the ways in which these issues were navigated in the work of modernist woman writers, including Jean Rhys, Zora Neale Hurston, Katherine Mansfield, Edith Wharton, and Virginia Woolf. In revealing and rewriting the relationship between metaphors of femininity and metaphors of money, these writers were able to explore and reimagine the relationship between their own sexual identities and consumer culture; the meanings of race, paternity, and inheritance; and the possibilities of exchange, translation, and a new international order. [ABSTRACT FROM AUTHOR]

The development of a scientific economic discourse and the expansion of the financial system and markets across the nineteenth century and through the British Empire proved to be rich sources of inspiration to novelists and poets. Fictional writers not only explored the themes of stock market crashes, imperial investments, industrial expansion, gambling and risk taking, fraudulent currencies, and bank failures, but also the failure of political economy to account properly for the inadequacies of the economic system and the people who fell victim to those failures. Examining the interplay, interaction, and coconstitution of literary and economic discourses in the nineteenth century, this chapter demonstrates the celebratory and critical ways economic writers, essayists, novelists, and poets represented and responded to political economy's evolution. Reading the history of economic thought alongside the literary texts of the nineteenth century - this chapter argues - reveals their shared investments in value, representation, and human desires. [ABSTRACT FROM AUTHOR]

This chapter considers English writing about market values from the sixteenth and earlier seventeenth centuries - taking as its termini the dissolution of the monasteries, which began in 1536, and the trade depression of the early 1620s. The chapter portrays some of the give and take between proto-literary and proto-economic writing in this period by focusing on the emergent concept of productivity. It begins by outlining the changing material and ideological conditions that prompted writerly attention to money and trade from merchants, statesmen, and imaginative writers. It shows how apparently limited topics of monetary debate in the period - debasement, usury, and the export of bullion - were amplified into far-reaching critiques of value by imaginative writers. And it shows how these value critiques tended in turn to support an emergent arena of autonomous value in what we might recognize as literary production. [ABSTRACT FROM AUTHOR]

The changing structures of what we would now think of as "the economy" during the Middle Ages (c. 450 - c. 1500) left deep and extensive marks on the period's writing and storytelling. Significantly, this was due to the presence of at least two economic systems developing in parallel: an agrarian-based manorial system and a cash-based commercial system. The chance survival of texts from this period does not provide a unified vision of economics throughout England or even from every century of the medieval period. What texts do survive, however, show us that economics in the literature takes many forms beyond simply the exchange of money for goods and services, the establishment of credit and banking, and the development of complex and varied trade networks. It also appears in how a household is run, in gift-exchange, and even in the language of reckoning of sins with punishment or penance. [ABSTRACT FROM AUTHOR]

This Introduction provides an overview of the key ways in which literature and economics intersect. It firstly considers how literary texts encode economic knowledge in metaphorical - and more broadly tropic - uses of economic vocabulary, and via styles and forms that stand in a "homological" relation to monetary and financial systems. It then explains how critics have understood the ongoing overlaps between literature and economics as "genres" of writing, which have continued to borrow conventions from one another, even as the discipline of economics has become increasingly technical and mathematical. The Introduction next addresses the ways in which literary texts register the economic pressures to which they are most directly exposed: namely, the pressures of literary consumption and the literary marketplace. It closes by showing how social scientists are increasingly turning to literature and literary studies for economic insights, and by highlighting the emergence of the Economic Humanities as an interdisciplinary research field to which the approaches covered in this Cambridge Companion have made defining contributions. [ABSTRACT FROM AUTHOR]

Britain in the "long eighteenth century" was the stage for some of the most momentous phases in the emergence of modern capitalism, from the founding of key financial institutions to stock market crashes, rapid urbanization, the beginnings of industrialization, and the expansion of empire. This chapter traces the often-formative role of imaginative writing in conceptualizing monetary and socioeconomic transformation. Prior to the division of disciplines, figures such as Daniel Defoe and Bernard Mandeville moved between modes now differentiated as "literary" and "economic" while, at the end of the period, even exponents of emergent political economy such as Thomas Malthus and Jane Marcet felt called to answer the representations of a poet, and a verse satire helped to shift government economic policy. The chapter examines by turn the place of literature in framing and contesting the new centrality of credit, the defining metaphors that marked the route to a "de-moralized" economic science, and how the focus on landed property and wealth inequality in the work of realist and Gothic novelists relates to heterodox traditions, outside neoclassical economics. [ABSTRACT FROM AUTHOR]