Controversy as Currency: An Investigation into the Economy and Politics of Literary Prizes

Abstract

Listen

Translate article

Literary prizes, while providing legitimacy of artistic excellence to authors, are delicately poised in modern prize culture. They must maintain a balance between the artistic merit of literature and the health of the economic capital of the publishing industry and sponsors. This paper meticulously examines the myriad proliferation of literary prizes and the convergence of its intricacies— the process of nomination and selection, sponsorships, promotion, media coverage of the award ceremony, celebratory nature of the occasion, the climactic drama of acceptance speech, and controversy— to characterize the centrality of economic force at play. It reflects the dependency of art form’s flourishing and sustenance on the logic of the economic marketplace. Through a close analysis of the controversial selection of certain authors and particular books, the paper looks at the epiphenomena of prestigious literary prizes to demonstrate a classic working of the neoliberal market outcome of controversy as publicity/currency, which not only brings about manufacturing of aura for controversial writers as celebrities but simultaneously radiates its effect on the demand value of their literary products and investing participants. It concludes that centrifugal dissemination and consumption of mediatised controversy events across national and international borders generates a centripetal concentration of socio-economic capital for writers, publishers and sponsors.