Home Societal / Political Economics Why is Money of Value? The Psychology of Wealth and Its Accumulation

Why is Money of Value? The Psychology of Wealth and Its Accumulation

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It is in this state of vulnerability that the Narcissist seeks structure and consistency. As Fenichel noted, this search for power and control lends itself to an authoritarian orientation in society. Building on Kohut’s self-psychology perspective, Krueger (1986, p. 25) suggests that there is also a falling of the Narcissist into states of depression. Emptiness is also identified (this condition relating once again to Fenichel’s and Marx’s alienation):

“The need for structure and constant response from others seems essential to maintenance of a positive self-image among individuals whose development has been so affected. Interruption of constant affirmation may precipitate depression or emptiness. For example, formal learning environments, such as secondary school and college, function to maintain feedback, regulation, and structure. The prospect of losing this self­ confirming support system upon graduation may be threatening, with a concomitant extreme loss of self-esteem and direction. The common crisis of “needing to find oneself” typically occurs at such developmental junctures.”

Krueger (1986, pp. 25-26) brings his presentation on self-psychology, narcissism, and money to a focus:

“Money has an overdetermined value for many individuals with pathological narcissism. Money can concretely symbolize confirmation of worth and value, envy and admiration (and thus mastery of one’s chronic envy of others), validating power and acquisitive ability. One will desire more and more money as long as nothing challenges the belief that money can command emotional as well as material goods from others who maintain similar belief in its validating power. When one believes strongly that money is able to answer emotional questions, the desire for it is insatiable.”

Taken together, these multiple sources of monetary appeal for the narcissist suggest that the “narcissistic supply” for this person is ample when it comes to the accumulation of money and finding security, status, power, and control when achieving an excessive monetary goal. The allure of monetary gains tempts us all. Each of us might place some value on security, status, power, and control.

However, the monetary temptation usually does not eventuate in the spreading of our self-valuing into the external world via the acquisition of large sums of money. This self-serving (and anti-social) temptation is usually monitored by an equally powerful set of personal societally oriented values (regarding equity and justice) and societal norms. Sigmund Freud would suggest that this monitoring and resultant buffering of the monetary temptation can be credited to a “healthy” superego. Narcissism might be prevalent in our “narcissistic culture” (Lasch, 1979), but it fortunately has not been in charge. At least not until recent times . . .

Paradigms, Models, and Practices

Several decades ago, I had the honor of collaborating with a remarkable polymath: David Halliburton. David was a member of multiple departments at Stanford University, having made significant contributions in such diverse fields as literary interpretation and philosophy. It is quite unfortunate that David passed away recently. He had much more to contribute to the many disciplines in which he operated.

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