BILL MAURER Late to the party: debt and data At the 2012 Law and Society Association meetings, law professor Tom Baker argued that add-on insurance – the kind you are offered at the point of sale when you purchase a computer or rent a car – constitutes a ‘situational monopoly’ and should be regulated away. It was striking: rarely do you hear a legal scholar make such an unequivocal case. One government official in attendance, though supportive, was flabbergasted. I was struck, however, by Baker’s comment that add-on insurance receives little scholarly attention because it is ‘not obviously cool’, and ‘does not compute’ according to standard economic theory. For some time, I’ve been arguing that the not obviously cool and the difficult to compute are crucial to understanding how contemporary market societies and the regulatory frameworks that lay the grounds for them do and do not work (see Star 1999). In a purposeful mistranslation, I take the word ‘mode’ in ‘capitalist mode of production’ as referring to a statistical central tendency, and follow through the metaphor by attending to the long, fat tails of non-capitalist relations on either side of that mode. These do not compute in standard economics or in social and critical theory attempts to understand finance or the economy. And so, at a time when many anthropologists and cultural critics are re-examining debt and credit, my work in the anthropology of finance wants me to encourage attention to the not-so-cool stuff (derivatives are cool, credit and abstraction are cool; regulations and legal technicalities are not cool), and to pay heed to moments when even the cool stuff does not compute in our liberal or critical assessments of it. In foregrounding the debt side of the credit/debt nexus, contributors to this issue gently moderate certain critical exuberances. Credit has always been sexier than debt, especially outside anthropology but also lately in some quarters within it. Credit speaks to issues critical theorists treat very well: fiction, the relationship between intellectual and financial speculation, the ‘spirit’ of charismatic risk-takers (Appadurai 2011), futurity, potentiality. The unreality or hyperreality of it all, the houses of cards or sand castles of credit give themselves to modes of analysis warranted by a separation of the real from ideological, or productive from speculative, the impulse to expose the falsity of worlds where all that is solid melts into air . . . But the ‘debt’ side of the credit/debt nexus is harder. It brings up theoretical (almost theological) languages of obligation. Anthropology for a time did very well with such languages (think Gluckman (1965)). These concerns are now seen as part of the actual past – ‘they’ don’t have those kinds of relations anymore (although they very C 2012 European Association of Social Anthropologists. Social Anthropology/Anthropologie Sociale (2012) 20, 4 474–481. doi:10.1111/j.1469-8676.2012.00219.x