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Milton Friedman hung up the phone in disgruntlement. The most influential economist of the postwar era had just called three different banks, one in Chicago and then two in New York, in order to initiate a financial transaction. He wanted to sell short $300,000 in pound sterling. Short selling is a technique for speculating on falling prices. Initially, speculators can only speculate on rising prices: they buy something and hope that it gains value, so that they can sell it at a profit. If the price for this asset goes down instead, the speculator incurs a loss when he resells it. So in order to profit from falling prices, speculators need to sell first and buy later – which is indeed possible if what is sold now is in fact only to be delivered a few weeks later. If the speculator is right and prices fall in the interim, he can buy cheap just before delivery is due and thus profit from having already sold what, at the time, he had not yet owned.
The fiftieth issue
(2021)
At first glance, the seventeenth year of this journal’s publication would not appear to mark any particular anniversary. And yet the present edition is quite special for the editors and the editorial team: it is the 50th issue overall. (There was a double issue in 2007, otherwise there have always been three issues each year.) This milestone is the occasion for a brief review of the original objectives and of developments thus far, as well as a (self-)critical look at what the future may bring. Scholars in the nascent field of the cultural study of periodicals have rightly observed: ›The production of periodicals is often accompanied by reflections on the value, conditions, and promise of producing periodicals.‹
Historians have analyzed films, novels, records, theater plays etc. primarily in reference to their meaning and reception. This article makes a case for moving the focus to the actors, structures and processes that shape symbolic objects before these are consumed. To this end, we present a framework established in US sociology to study the fabrication, distribution and evaluation of symbolic content. We discuss the production of culture perspective as an approach that appears to be particularly useful for historical research and, by reviewing selected works from the sociological literature, demonstrate how this perspective can be applied to phenomena like popular music and literary fiction. We focus on genres as bundles of conventions as one lens through which historians may analyze the creation, reproduction, evaluation and consumption of culture.
The web and tomorrow’s historiography. Since the 1990s the world wide web (or simply, the web) has been an integral and important part of the communicative infrastructure of modern societies. On the one hand the web has developed as a new medium in its own right, in continuation of other media types such as newspapers, film, radio and television. On the other hand, the web has been intimately entangled in the social, cultural and political life taking place outside of the web. For example, within the realm of politics the web has been essential for the extreme left and right since the mid 1990s (as a platform for discussion and mobilisation as well as for the diffusion of political ideas). And in everyday life an important part of modern youth culture has for a number of years been closely connected to such web phenomena as YouTube, Facebook and Twitter.
By the late 1970s, it was technologically possible to manufacture microcomputers – very small, stand-alone computers for personal use – in very large quantities. Selling them, however, meant creating a mass market where none existed: conventionally, only trained professionals, and a few devoted enthusiasts, interacted directly with the machines. Designers, marketers, retailers and other promoters therefore sought to build meanings into the design and presentation of computers which would connect them with new audiences. Such meanings reflected – and might themselves modify – the prevalent hopes, fears, desires and expectations of the users’ cultures.