Financescapes: Definition & Impact on Global Cultural Flow

Instructor: Artem Cheprasov
This lesson goes over the idea of financescapes. First we'll define this term and the elements that go along with it. Then we'll go over how finances are tied to the transmission of global cultural elements and their consequences.

Money & Culture

Whether for business or for pleasure, money can move across the world at a lightning-quick pace using bank transfers, money transfer services, and much more.

There's actually a term for money, other forms of capital, and their movements. In this lesson, you'll learn more about it, as well as how it can be tied to culture.

What Is Financescapes?

Financescapes, alternatively finanscapes, refers to the different forms of capital and the movement of such capital across the world for various purposes.

What types of capital are we talking about? Examples include cash or electronic equivalents (like bank transfers), stocks via stock exchanges, currencies via the currency exchanges, commodities via the commodities markets, and in today's era things like decentralized virtual currencies, such as Bitcoin via peer-to-peer mechanisms, as well as exchanges.

More so than this, financescapes also entails the notions that such forms of capital move at incredibly fast speeds across the world, with vast sums of money being transferred, lost, and made.

Impact on Global Cultural Flow

One of the most important things to understand behind financescapes is that how it influences things like global cultural flow can be difficult to pin down on its own, let alone how it interrelates to other elements of global cultural flow, such as technoscapes, ethnoscapes, and ideoscapes.

Let's work through an example of virtual currencies to see how and why.

Virtual currencies, a form of technoscape, financescape, and even ideoscape, have recently boomed throughout the world. On its own, the very notion of a new form of usable currency is already a novel cultural element.

While the concept of a virtual currency may have started to spread resolutely within the Western world at first, it soon began to spread all over the world. With this virtual currency came numerous other cultural elements, information, and ideas, including transactions free from prying eyes, various concepts of decentralization, and numerous anti-government and anti-big-finance ideals, to name a few.

A great example of how cryptocurrencies and their ideals have spread throughout the world comes to us from the state of Iran. Remember, one important notion behind decentralized cryptocurrencies is that they help circumvent political, legal, and other measures put into place that you, or in the case of Iran, an entire state does not agree with.

Iran has had numerous sanctions imposed upon it by the Western world. It does not agree with these sanctions, which have limited its access to various international financial markets and financial transfer systems. To get around these financial and legal controls, Iran launched its own cryptocurrency, partly as an anti-US-government measure.

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