Longing for Haute Finance in the 21st Century? A Neo-Polanyian Approach to the Theory of Money in the Digital Age
Bibliographic record
Abstract
This article examines the Libra project, which was announced by Facebook in 2019 as an important turning point in the development of digital currency since Bitcoin. Libra is a kind of stablecoin, and it has been identified as a global stablecoin owing to its wide-ranging impact on the dimension of global finance. Because the Libra project aims to offer a globally accessible low-cost payment system for all users, we analyse it in the research area of global finance with a qualitative approach to the history of economic theories of money and finance. In this area, Karl Polanyi’s thoughts on money and finance and the interpretation by Saiag, which he called a neo-Polanyian approach, deserve attention. Taking this approach, we understand that unofficial functions of haute finance played a significant role in sustaining the international and interdependent financial system in the late 19th and early 20th centuries. In this context, although it also saved colonized and dependent regions from falling into financial crises, it was not socially helpful for them. If Libra wants to be the haute finance of our age in the real sense of serving to bring about financial inclusion, such a point should be considered. However, for the moment, existing international monetary institutions are only keen to take regulatory measures against the risk of dirty transactions. There is a substantial lacuna of publicness in the discussion, and this needs to be filled in in the near future.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.002 | 0.003 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.004 | 0.017 |
| Scholarly communication | 0.010 | 0.015 |
| Open science | 0.001 | 0.002 |
| Research integrity | 0.003 | 0.003 |
| Insufficient payload (model declined to judge) | 0.005 | 0.001 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".