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Re-thinking Monetary Exchange: Some Lessons from England

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  • Richard White
  • Colin Williams

Abstract

This paper critically evaluates the recent shift away from a “thin” reading of monetary exchange, which views money transactions as universally market-like and profit-motivated, towards “thicker” readings of exchange, which identify the permeation of wider economic relations and not-for-profit logics. To do this, an empirical study is reported of what happens when money penetrates informal exchanges between family, friends and neighbours. The research findings lead to a more nuanced reading of monetary exchange being brought to light. The main finding is that the imagery and perception of paid informal transactions may be constructed and interpreted in “thin” terms by participants, even if the core motives and personal relations involved in paid mutual aid remain “thick.” Significantly, while such a finding does not constitute a change in behaviour towards “thin” marker readings of economic exchange, it may explain why some people are dissuaded from undertaking paid mutual aid. In this way, while the paper does not reject the social and cultural embeddedness of economic exchange, it does serve to problematize the move towards thicker descriptions.

Suggested Citation

  • Richard White & Colin Williams, 2010. "Re-thinking Monetary Exchange: Some Lessons from England," Review of Social Economy, Taylor & Francis Journals, vol. 68(3), pages 317-338.
    • Handle: RePEc:taf:rsocec:v:68:y:2010:i:3:p:317-338
    DOI: 10.1080/00346760902968488
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    References listed on IDEAS

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    1. Simon Clarke, 2002. "Making Ends Meet in Contemporary Russia," Books, Edward Elgar Publishing, number 1951.
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    Cited by:

    1. Colin C. Williams & Ioana A. Horodnic, 2017. "Explaining participation in the undeclared economy in Central and Eastern Europe: a demand-side approach," Post-Communist Economies, Taylor & Francis Journals, vol. 29(3), pages 297-312, July.
    2. Colin C Williams & Slavko Bezeredi, 2017. "Explaining Consumers’ Motives for Purchasing from the Informal Economy: Some Lessons from a Study of Bulgaria, Croatia and FYR of of Macedonia," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 4, pages 515-531, December.
    3. Colin C. Williams & Ioana A. Horodnic, 2016. "Evaluating the multifarious motives for acquiring goods and services from the informal sector in Central and Eastern Europe," Journal of Contemporary Central and Eastern Europe, Taylor & Francis Journals, vol. 24(3), pages 321-338, September.
    4. Williams, Colin C. & Martinez-Perez, Alvaro, 2014. "Why do consumers purchase goods and services in the informal economy?," Journal of Business Research, Elsevier, vol. 67(5), pages 802-806.
    5. Colin C. Williams, 2014. "Confronting the Shadow Economy," Books, Edward Elgar Publishing, number 15370.
    6. Colin Williams & Brunilda Kosta, 2021. "Why do Consumers Buy from Informal Sector Suppliers in East-Central Europe? A Case Study of Home Repair and Renovation Services," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 1, pages 134-152, March.

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