Think rich, feel hurt: the critique of capitalism and the production of affect in the making of financial subjects in South Korea

Abstract

ABSTRACTThis article describes the process of financial subjectification by observing a private educational programme on financial self-management in South Korea. ‘Wealth-tech’ is a popular Korean term that refers to techniques of personal finance and money-management. Ethnographic research on a private educational programme on the subject of wealth-tech brings to light justifying mechanisms of financial investments and moral foundations for the pursuit of wealth whereby laypeople’s engagement with, and attachment to, financial markets are (re-)vitalized. In particular, this study highlights the role of critiques about capitalism as well as the production of affect in the making of financial subjects. By re-appropriating critiques of capitalism and employing therapeutic narratives, the wealth-tech pedagogy redefines financial investment as an act of resistance against the ills of capitalism and foreign capital. Moreover, this case study shows that wealth-tech is legitimized not solely by risk calculations per se, but also by feelings of hurt. Participants tend to transform themselves into active wealth-tech practitioners by cultivating the kind of affect that I call here ‘thinking rich, feeling hurt’. Therefore, the financial subjects configured in this wealth-tech pedagogy are those who feel hurt, and in this emotive state are led to think from the perspective of the rich. Moreover, they are configured not only as self-governing individuals but also as collective beings who resist foreign capital through their own engagement with financial markets. In this process of financial subjectification, the beliefs that finance can make them rich become consolidated. By illustrating these Korean experiences, this article calls attention to critical and affective practices in the process of financial subjectification, in particular those that take shape at the encounter between market rationality and ordinary experiences, memories, and feelings whereby laypeople translate discourses and techniques of financial capitalism into their own values and judgments.