Gaming the crisis: Derivatives and unemployment in Spain

Abstract

This article analyzes nonprofessional trading in derivatives during the Great Spanish Recession. It depicts playful engagements with speculative forms of credit and debt on the part of everyday people facing mass unemployment. The article calls into question contemporary theories of debt that characterize it as inherently destructive or inherently productive. My main argument suggests that credit‐debt dyads are constant sites of manipulation, negotiation, and improvisation informed by multiple registers of affect, knowledge, and value. In showing how play and playfulness arise in the field of finance, my research sheds light on extractive business models that exploit socioeconomic uncertainties as well as labor reforms advanced in times of recession. My ethnography traverses a variety of social terrains ranging from social media to brokerage firms, trading courses, stock exchanges, and self‐help workshops in order to complicate further the anthropological work on financialization. Without denying the negative and damaging effects of financialization, I focus on the contradictory ways in which ordinary citizens become financial subjects.