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| Umberto Boccioni - "The City Rises" (1910) |
We use and read the word "technology" so freely that many of us do not stop to think what it actually means. This is just one dictionary definition:
"The branch of knowledge that deals with the creation and use of technical means and their interrelation with life, society, and the environment, drawing upon such subjects as industrial arts, engineering, applied science, and pure science."
Undoubtedly the concepts mentioned in the above definition had some prominence in the work of the ill-fated futurists in the late 19th and early 20th centuries. Derided by classicists and pacifists alike, the speed and dynamism of Futurist art showed a tremendous enthusiasm for technical innovation and a resilient faith in the future. The connotations of war and violence preceded the Fascist ideology which was partially inspired by this artistic movement.
But what can we say of technology now? Of course military technology is just as important, although it is now being reconceptualised to include information- and cyber- security. We have embraced the digital age with online identities and our everyday life is framed by mobile phones and computers. The technology we typically think of today is practical, relevant to daily life, and electronic in nature.
For a moment, one must move away from Main Street and consider the information technology which makes capitalism and globalisation work. It is sophisticated computer programming which makes many of the things we take for granted possible - even those sushi sets to take away for lunch! And furthermore, the whole concept of finance is built on the management of risk, something which can be done more efficiently with the use of this information technology.
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| Robert Shiller, an acclaimed economist at Yale University |
So as Robert Shiller asserts, finance is a type of technological innovation. Those derivatives and 'black holes' that laymen cannot understand are technologies which innovate the way capital is distributed in as efficient a manner as possible. This is also what those super-clever tax accountants and lawyers do in their basement offices all day long, constantly re-aligning the interests of their clients to arrange their finances.
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| Lyonel Feininger - "Mouth of the Rega III" (1929-30) |
"Conveying a feeling of infinity and loneliness and, at the same time, of harmonious dynamism." This describes Feininger's painting above, but arguably it could equally be applicable to the power of financial technology that is essential to modern capitalism - especially in this reflexive age of plenty and austerity.
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| Technology and urban society: why Fritz Lang's "Metropolis" still has prominence today. |
Thus if we are to reconfigure what financial technology means in our society today, perhaps it would be instructive to look at the Futurist movement and its reaction against it. The warning signs about the modern parable of the city have been immortalized already in both art and film - most notably Fritz Lang's excellent, epic, heavy-budget "Metropolis" - but it is time to think again about technology as we smoothly glide our fingers across the iPhone touch screens.
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