Regulating technologies, innovations and risks is an activity that, as much as scientific research needs proofs and evidence. It is the site of development of a distinct kind of science, regulatory science. This special issue addresses the question of the standards of knowledge governing how we test, assess and monitor technologies and their effects. This topic is relevant and timely in the light of problematics of regulation of innovation, regulatory failure and capture. Given the enormous decisions and stakes regulatory science (...) commends, it becomes crucial to ask where its standards come from and gain credibility, but also what valuations of technology and appreciations of their risks or benefits do they embed, and who controls them? This paper introduces the four contributions comprising the special issue, and outlines a perspective from which to question the construction of regulatory science or, in the terminology adopted here, the authorization and standardization of regulatory knowledge, particularly the role of networks of scientific experts therein. (shrink)

This article shows that forms of analysis and calculation specific to finance are spreading, and changing valuation processes in various social settings. This perspective is used to contribute to the study of the recent transformations of capitalism, as financialisation is usually seen as marking the past three decades. After defining what is meant by “financialised valuation,” different examples are discussed. Recent developments concerning the valuation of assets in accounting standards and credit risk in banking regulations are used to suggest that (...) colonisation of financial activities by financialised valuations is taking place. Other changes, concerning the valuation of social or cultural activities and environmental issues are also highlighted in order to support the hypothesis of a parallel colonisation of non-financial activities by financialised valuations. Specifically, the language of finance appears to gradually being incorporated into public policies, especially in Europe—and this trend seems to have gathered pace since the 2000s. Some interpretations are proposed to understand why public policies are seemingly increasingly reliant on financialised valuations. (shrink)

This short essay presents the case for a renewed research agenda in STS focused on the political economy of technoscience. This research agenda is based on the claim that STS needs to take account of contemporary economic and financial processes and how they shape and are shaped by technoscience. This necessitates understanding how these processes might impact on science, technology and innovation, rather than turning an STS gaze on the economy.

Current debates in science and technology studies emphasize that the bio-economy—or, the articulation of capitalism and biotechnology—is built on notions of commodity production, commodification, and materiality, emphasizing that it is possible to derive value from body parts, molecular and cellular tissues, biological processes, and so on. What is missing from these perspectives, however, is consideration of the political-economic actors, knowledges, and practices involved in the creation and management of value. As part of a rethinking of value in the bio-economy, this (...) article analyzes three key political-economic processes: financialization, capitalization, and assetization. In doing so, it argues that value is managed as part of a series of valuation practices, it is not inherent in biological materialities. (shrink)

Starting from the assumption that decision situations in economic contexts are characterized by fundamental uncertainty, this article argues that the decision-making of intentionally rational actors is anchored in fictions. “Fictionality” in economic action is the inhabitation in the mind of an imagined future state of the world and the beliefs in causal mechanisms leading to this future state. Actors are motivated in their actions by the imagined future and organize their activities based on these mental representations. Since these representations are (...) not confined to empirical reality, fictional expectations are also a source of creativity in the economy. Fictionality opens up a way to an understanding of the microfoundations of the dynamics of the economy. The article develops the notion of fictional expectations. It discusses the role of fictional expectations for the dynamics of the economy and addresses the question of how fictional expectations motivate action. The last part relates the notion of fiction to calculation and social macrostructures, especially institutions and cultural frames. The conclusion hints at the research program developing from the concept of fictional expectations. (shrink)

The political economy of research and innovation (R&I) is one of the central issues of the early 21st century. Responding to this urgency, this handbook presents a pioneering selection of the growing body of literature that has emerged in recent years at the intersection of science & technology studies and political economy.

In the policy discourses of the Organization for Economic Cooperation and Development and European Commission, modern biotechnology and the life sciences are represented as an emerging “bioeconomy” in which the latent value underpinning biological materials and products offers the opportunity for sustainable economic growth. This articulation of modern biotechnology and economic development is an emerging scholarly field producing numerous “bio-concepts.” Over the last decade or so, there have been a number of attempts to theorize this relationship between biotechnologies and their (...) capitalization. This article highlights some of the underlying ambiguities in these conceptualizations, especially in the fetishization of everything “bio.” We offer an alternative view of the bioeconomy by rethinking the theoretical importance of several key economic and financial processes. (shrink)

The analysis of data from electronic health records aspires to facilitate healthcare efficiencies and biomedical innovation. There are also ethical, legal and social implications from the handling of sensitive patient information. The paper explores the concerns, expectations and implications of the National Health Service England care.data programme: a national data sharing initiative of linked electronic health records for healthcare and other research purposes. Using Nissenbaum’s contextual integrity of privacy framework through a critical Science and Technology Studies lens, it examines the (...) way technologies and policies are developed to promote sustainability, governance and economic growth as the de facto social values, while reducing privacy to an individualistic preference. The state, acting as a new, central data broker reappropriates public ownership rights and establishes those information flows and transmission principles that facilitate the assetisation of NHS datasets for the knowledge economy. Various actors and processes from other contexts attempt to erode the public healthcare sector and privilege new information recipients. However, such data sharing initiatives in healthcare will be resisted if we continue to focus only on the monetary and scientific values of these datasets and keep ignoring their equally important social and ethical values. (shrink)

In the last decade, the organization of pharmaceutical research on neglected tropical diseases has undergone transformative change. In a context of perceived “market failure,” the development of new medicines is increasingly handled by public-private partnerships. This shift toward hybrid organizational models depends on a particular form of exchange: the sharing of proprietary assets in general and of intellectual property rights in particular. This article explores the paradoxical role of private property in this new configuration of global health research and development. (...) Rather than a tool to block potential competitors, proprietary assets function as a lever to attract others into risky collaborative ventures; instead of demarcating public and private domains, the sharing of property rights is used to increase the porosity of that boundary. This reimagination of the value of property is connected to the peculiar timescape of global health drug development, a promissory orientation to the future that takes its clearest form in the centrality of “virtual” business models and the proliferation of strategies of deferral. Drawing on the anthropological literature on inalienable possessions, we reconsider property’s traditional exclusionary role and discuss the possibility that the new pharmaceutical “commons” proclaimed by contemporary global health partnerships might be the precursor of future enclosures. (shrink)

A wide array of phenomena lumped together under the rubric of the ?commercialization of science,? the ?commodification of research,? and the ?marketplace of ideas? are both figuratively and literally Ponzi schemes. This thesis grows out of my experience of working on two concurrent projects: the first, an attempt to understand the forces behind the progressive commercialization of science; and the second, when it dawned upon me that the financial crisis then unfolding was resulting in the deepest worldwide economic contraction since (...) the Great Depression of the 1930s. This lecture explores the parallels in three different areas: the biotech sector, technology transfer offices at major universities, and possible decline of numbers of American-authored papers in major science journals. (shrink)

In this paper I make more explicit a position that I have being advocating for more than two decades, though its full force does not seem to have been felt. I write in defence of the *commodification* rather than the simple *commercialisation* of knowledge. The two italicised terms are often spoken about in the same breath—and, to be sure, they are related to each other. But they are not the same. Commercialisation refers to the subjection of social life to the (...) price mechanism, something that Adam Smith believed happened spontaneously, if it was not impeded by churches and states. And while Smith’s celebration of commercial culture makes him the philosophical father of capitalism, he would probably not approve of capitalism’s long-term tendency to turn aggregated versions of these spontaneous exchanges into objects that are themselves subject to exchange relations, which is commodification. Nevertheless, it is precisely in this sense of ‘commodification’ that I defend the university as a producer of knowledge as a public good, both in terms of teaching and research. I place the shi from commercialisation to commodification in a larger historical context first clearly identified by Ernst Cassirer – namely, a shi in metaphysical consciousness that accompanied the treatment of substances as the bearers of functions, which is associated with the introduction of algebra as a unifying principle of mathematical reasoning in the early modern era, initially through Descartes, which then became the basis of the modern physical world-view. (shrink)

Capitalist dynamics in knowledge production are not limited to situations in which economic interests influence researchers’ practices. Building on laboratory studies and the French “pragmatic” tradition in sociology, this article proposes an approach to tackle more pervasive capitalist logics at work in contemporary research and their consequences. It uses the term epistemic capitalism to denote the accumulation of capital, as worth made durable, through the act of doing research, in and beyond academia. In doing so, it conceptualizes capitalism primarily not (...) as a system of circulation and accumulation of monetary value but rather as a cultural way of producing, attributing, and accumulating specific forms of worth, which need not be monetary. Empirically, the article studies variants in epistemic capitalism by addressing the differing role of the accumulation of different forms of capital and the regimes connected to it in two institutional settings in Austria, academic life science laboratories and biotechnology start-up companies. Concluding, it argues that analytically dissociating the concept of capitalism from its link to economic value allows a finer-grained cultural analysis of the importance and effects of processes of accumulation in contemporary research. It ends with discussing the normative implications of these findings for debates about the commercialization of academia. (shrink)

As environmental degradation becomes a growing concern, this article argues that the development of international law on climate change expresses the deep social contradictions between accumulation and reproduction under capitalism. These contradictions are translated into the creation of a form of public property over the right to emit greenhouse gases. This public property is unequally distributed amongst states in an imperialist manner. The distribution of these rights at the domestic level amounts to the distribution of rights to climate rent. Contrary (...) to popular accounts of the ‘commodification’ of nature, I argue that emission rights are not ‘commodities’, and emissions trading and carbon markets are not ‘accumulation strategies’. These are merely depoliticised forms in which climate rent is extracted and circulates to preclude political debates about the goals of production. (shrink)

According to portfolio managers, agriculture in general, and farmland in particular, can be considered an emerging asset class. Specialized financial vehicles, such as private equity and mutual funds, are emerging and competing to attract potential investment in this asset class. In recent years, there has been significant development of such vehicles targeting South Africa’s farming sector. These innovations are led by a group of market intermediaries who endeavour to “re-shape” South African farmland as an opportunity for institutional investors. These “pioneers” (...) engage in a multifaceted mediation process between global financial investors on one hand, and the South African agricultural sector on the other. Drawing upon an empirical study of such intermediaries in South Africa, this paper analyses the concrete mechanisms that facilitate this particular form of commodification. The paper presents and compares the intermediaries, giving particular attention to their structure, governance mechanisms and asset allocations within this “market in the making”. It describes how intermediaries develop different paths of asset valorization to unlock the “financial value” of South African farmlands. But, it also highlights some of the difficulties faced in the process of translating between international investors and local managers, questioning the “land-asset fiction” that is materializing through the subordination of farmland to the needs of financial society. (shrink)

This book investigates standards as the recipes that shape not only the physical world, but human social interactions. The author outlines the history of formal standards and describes how modern science came to be associated with the moral-technical project of standardization of both people and things. The author also explores how standards are intimately connected to power, empowering some but disempowering others.

The first edition of this book profoundly challenged and divided students of philosophy, sociology, and the history of science when it was published in 1976. In this second edition, Bloor responds in a substantial new Afterword to the heated debates engendered by his book.