The Economy Effect: Conceptual Innovation and Benefit Corporations

Abstract

What kind of thing is the economy, and how might we act to change it? This article draws on the work of Timothy Mitchell and J. K. Gibson-Graham to suggest that the economy may be fruitfully understood as a structural effect, or an appearance of difference maintained through the repetition of acts and practices. It then employs Reinhart Koselleck’s theory of conceptual change to argue that the economy effect may be altered through efforts aimed at conceptual innovation. If the economy effect is maintained through repeated acts and practices that delineate the distinction between the economy and everything else, then conceptual innovation with respect to those concepts that inform these acts and practices could alter the manner in which this distinction is produced. The benefit (or public interest) corporation serves as an example of how such efforts at conceptual innovation might produce change in the structural effect that we call “the economy.”