Fetichismo de la subjetividad: individualización, malestar y consumo

Capitalism, like the universe, expands; it is foreseen as without limit and historically presented as if from the outside while paradoxically, unlike the universe, capitalism is an historical and contingent emergence. Many have suggested that its naturalization now leave it easier to imagine the end of the world than the end of capitalism. In consumer capitalism, subjectivity has become a commodity. Thus it is possible to say that consumer society is characterized by a "fetish of subjectivity", in which individualization (as lifestyle) and malaise (as symptom) are combined. The fetish of subjectivity may be one of the most important historical achievements of the relationship between capitalism and subjectivity, promoting highly individualized and intensive rules and requiring a consciousness in terms of the consumer society, a success-oriented life, competition and almost total autonomy in achieving the only goals and objectives culturally defined as legitimate and valid, experienced as decisions taken by each individual. Today’s individualization is is individualistic by nature, and it tends to weaken traditional forms of social ties and to strain social cohesion. Sociology is constituted as a discipline which has studied the problematic relationship between modernity and capitalism, which in turn has also been problematic for sociology itself. Especially the associated processes of modernization have favored the emergence of society as a distinctive phenomenon, of the individual and social action, and of subjectivity, a recurring dimension although not always explicit in its problematic. The nation-state has been a historic, formal and spatial expression of dimensions that express the historical relationship between modernity and capitalism...

Volatility spillovers for spot, futures, and ETF prices in energy and agriculture

The agricultural and energy industries are closely related, both biologically and financially. The paper discusses the relationship and the interactions on price and volatility, with special focus on the covolatility spillover effects for these two industries. The interaction and covolatility spillovers or the delayed effect of a returns shock in one asset on the subsequent volatility or covolatility in another asset, between the energy and agricultural industries is the primary emphasis of the paper. Although there has already been significant research on biofuel and biofuel-related crops, much of the previous research has sought to find a relationship among commodity prices. Only a few published papers have been concerned with volatility spillovers. However, it must be emphasized that there have been numerous technical errors in the theoretical and empirical research, which needs to be corrected. The paper not only considers futures prices as a widely-used hedging instrument, but also takes an interesting new hedging instrument, ETF, into account. ETF is regarded as index futures when investors manage their portfolios, so it is possible to calculate an optimal dynamic hedging ratio. This is a very useful and interesting application for the estimation and testing of volatility spillovers. In the empirical analysis, multivariate conditional volatility diagonal BEKK models are estimated for comparing patterns of covolatility spillovers. The paper provides a new way of analyzing and describing the patterns of covolatility spillovers, which should be useful for the future empirical analysis of estimating and testing covolatility spillover effects.