The Market: An Interview with Mark Curran

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Financial Surrrealism (World Trade Center II)
Zuidas Financial District, Amsterdam, Netherlands, 2015, from THE MARKET

It’s a paradox that one of the great strengths of photojournalism and documentary photography can also be one of its great handicaps. That is the tendency to employ a laser like focus, conducting photographic micro-studies which encompass a very small field in great detail. It’s the approach many of us learn from the start, being advised (with good reason) as students not to overextend ourselves and to restrict our focus. But it’s also an approach many of us continue to use even as we mature as photographers and become capable of so much more. This micro approach certainly has advantages, and in certain contexts, particularly in exploring very human topics, it can work very well. But in exploring some of the bigger themes and forces that shape all of our lives it often falls short, unable to expose the importance of abstract relationships, networks, and flows that take place between the disparate elements which often make up the greater whole of an issue.

How for example can one speak about environmental decay without also discussing capitalism, and how can one discuss capitalism without discussing the cultures and societies that participate in and tolerate it? A few, very few, photographers and photographic artists are ambitious enough to set aside the micro for the macro in this way. One of them I think is Mark Curran, an artist researcher and educator who lives and works in Berlin and Dublin. His long term research projects combine photography, multimedia and installation to highlight the flows of global capital and predatory acts and contexts that result from them. They have been shown at galleries, festivals and universities globally and future exhibitions are planned for the UK in France in 2017 alongside a full publication of THE MARKET. Mark holds a practice-led PhD, lectures on the BA (Hons) Photography programme, Institute of Art, Design & Technology (IADT), Dublin and is Visiting Professor on the MA in Visual & Media Anthropology, Freie Universität Berlin. (Full biography on Mark’s website). Recently we discussed his work and some of the wider questions that it raises.

Mark, perhaps you could start by telling me a little about how you first became interested in making work about the financial system?

Although now living and working between Berlin and Dublin, with hindsight, centrally all began with my experience first as a migrant from, and then as a returning migrant to, Ireland in 1992 (from western Canada, where my family emigrated in 1984 when I was 19). Having studied in Calgary, I was then working as a Social Worker and while away, one holds romantic notions of where one is from and ideas of ‘Home’. On my return, I was faced with the contradictions and hypocrisies of both the country of my birth and my own position. This was exemplified how on the second day of my return, a very close friend brought me to see Ireland’s first shopping mall and having seemingly left the landscape of suburbia and such spaces in Calgary, this was, a significant defining and revelatory moment. Then in 1995, I decided to take a career break (became a career change), bought a camera and went on an extended trip to SE Asia. This transformed everything. On my return, I lived in an area of Dublin that, as we would now understand, was experiencing the initial stages of gentrification, and what was the beginning and evolution of the so called ‘Celtic Tiger’ economy where the Republic of Ireland basically underwent it’s Industrial Revolution.

I had a conversation with my elderly neighbour, Kathleen, and she described how, her daughter, the first in five generations could not afford to live in the area. So, I began then to photograph in this area, named Stoneybatter. It is one of the oldest parts (and Irish speaking parts) of Dublin. When the Vikings arrived and came up the river Liffey, to make way, the locals moved from one side of the river to the other and this site was Stoneybatter. In 1998, having applied and been accepted to art college to study photography (IADT where I now lecture), over the month of August, I began photographing young children at dusk and always with cranes in the background. A somewhat naïve, impulsive way of using photographs, in light of that conversation with Kathleen, to ask questions of economic futures and for whom. Of course, I didn’t realise then that this was really the beginning of a cycle of projects, thematically, that continues to the present.

Since that time, I have undertaken four long-term research projects, completed over the last 18 years, addressing the predatory impact resulting from the flows and migrations of global capital. Two have been completed in Ireland, one in the former East Germany and my current ongoing transnational project titled, THE MARKET*, which focuses on the functioning and condition of the global markets with increasing focus on the rogue, Financial Capital.

The first of these SOUTHERN CROSS (1999-2001) (recipient of the first Artist Award from the Gallery of Photography in Dublin) critically surveyed the so-called, ‘Celtic Tiger’ economy of the Irish republic, through portraits and landscape, mapping the spaces of Development and Global Finance. The title alludes to being sited in the south of Ireland and the new religion of capital. At the time of the first exhibition, we also published a catalogue (Gallery of Photography/Cornerhouse, 2002). This included and essay by Dr. Justin Carville and the poet and writer, Philip Casey. More recently, the writer, Colin Graham observed:

‘evidence of the rasping, clawing deformation of the landscape, the visceral human individual in the midst of burgeoning idea of progress-as- building, propped up by finance-as-economics…it stands as an extraordinary warning of the future that was then yet to come (2012: 15)’

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Stephen from Dublin
(IFSC, Phase I, Dublin, 2001) from the series prospect (SOUTHERN CROSS)

This was followed by, The Breathing Factory (Belfast Exposed/Edition Braus 2006), completed between 2003-2005 and was the central research of my practice-led PhD, one of the first of its kind in the Republic of Ireland. Sited at the Hewlett-Packard Industrial & Research Complex outside Dublin, which followed over 9 months of negotiation regarding access, the project critically addressed the role and representation of globalised labour and industrial space and global labour practices. Completed over a sustained two year period, central is an understanding of the condition of precarity and vulnerability as core to the functioning of those practices and seeing the factory complex as an allegory for the nation-state itself, in terms of responding to the needs and demands of the global market (the title references such an economic model, as defined by former Volkswagen CEO, Peter Hartz, who, on invitation of Francois Hollande, is presently reforming the state social welfare system in France). This was exhibited at FORMAT Festival in 2013 and a video of this installation can be seen here.

Extracts from EDEN/Ausschnitte aus EDEN (Arts Council 2011) was undertaken between 2003-2008 in a declining industrial and mining region of the former East Germany. A central premise of the project was seeking a future of capital, at time in Ireland were citizens were being told the ‘Celtic Tiger’ would last forever, The prophetic experiences of this region, and East Germany as whole, contradicted this narrative and evidenced the devastating unevenness inherent in globalisation. The intention, similar to the HP complex, was to also see the Opencast mine (‘Tagebau’) at the heart of the Lausitz as an allegory again for globalisation, being both unsustainable and finite. The project also alludes to how capital has no national identity. The installation is all projection-based underlining the precarity of this community and limitations of audio-visual practice to describe.

The intention was always to enter the site/sphere that has framed and defined all these other projects. Hence, in 2010, I began working with the curator and very much collaborator, Helen Carey (now Director of Fire Station Artists’ Studios, Dublin) on THE MARKET. Helen has been instrumental in securing project funding and in the evolution of the project, which now incorporates five sites, Dublin, London, Frankfurt, Addis Abeba and Amsterdam. All were selected for specific reasons – Dublin, where the project started, London as the global centre for financial capital, Frankfurt, at the heart of Europe, the Euro, however, for the project became about the mediatised version of this structure and inaccessibility, Addis Abeba as site of the youngest exchange in the world (opening in 2008) and Amsterdam, although site of the oldest exchange in the world, the focus for me was the Netherlands central role in the global Shadow-Banking system and High-Frequency Trading (HFT). Ultimately, each site offers description regarding this globalised sphere.

Your work on this topic has been long term to say the least. Is that the way you naturally work or do you think that sort of long term involvement is simply demanded by a subject of this complexity?

Having started working directly with this theme in 1998 through what would be defined as documentary photography, my practice evolved to an expanded multi-media practice, in response to and informed by ethnography and the then burgeoning field of Visual & Media Anthropology. This is for a number of reasons. First, in the context of ethics and representation and photography’s historical role in the construction of identity. As someone who centrally incorporates the portrait and representing people, this was and remains a central consideration. Ethnography puts the human subject at the centre and in a way that demands time, is immersive and thereby brings understanding and insight – a critically reflexive approach. This evolved into formulating an expanded practice and ‘montage/multivocality’ as critical representational strategy in the context of the politics of representation. Therefore, in addition to photography, the projects incorporate, audio-digital video, artefactual and archival material and sound and centrally, text/verbal testimony – the person/citizen as witness.

In addition, time is significant in the role of securing access, as I understand these projects as a study of power. THE MARKET, in particular, has been informed by the anthropologist, Laura Nader and her advocacy in 1973 for Studying Up – to study the structures of power and the culture that substantiates them:

What if, in reinventing anthropology, anthropologists were to study the colonizers rather than the colonized, the culture of power rather than the culture of the powerless, the culture of affluence rather than the culture of poverty? Principally studying the most powerful strata of urban society…and instead of asking why some people are poor, we would ask why other peope are so affluent

(Nader, L. (1972: 289) from ‘Up the Anthropologist – Perspectives Gained from Studying Up’ in Hynes, D. (ed.) Reinventing Anthropology, Pantheon, New York, 284–311).

This requires time explicitly as she states, ‘how the powerful do not want to be studied’. So perseverance becomes critical to provide cultural description to theses spheres, these structures that centrally define us. So for example, with this project, it has taken on average, 1.5 – 2 years to access sites and/or individuals. So perseverance becomes critical to enable cultural description of theses spheres and structures that centrally define us, and how we are expected to live as citizens. In addition, where access was not given as with the Deutsche Börse in Frankfurt, the project documents that process in terms of what that lack of access describes, the paper trail and indeed the mediatised version of the market as evidenced by the ‘TV studio’ as the Börse itself describes the actual exchange in Frankfurt. So the projects are inherently political in terms of a study of power, and therefore this frames a positioning of artist researcher and activism. This has also been informed by Nicholas Mirzoeff’s idea of #VisualActivism, which he describes as the ‘interaction of pixels and action to make change’.

I would just like to acknowledge that there is much discussion of ‘post-representation’. However, in the context of contemporary financial capital whose key function is abstraction (this is witnessed in the impact of algorithmic technology/machinery, which financial capital has been, and is, the central innovator), and evolving how Marx stated, Capitalism seeks everything to be recreated in its image, I would observe that Financial Capital seeks everything to be recreated in its image – therefore, to embrace such a position opens the possibility of practices which, intentionally or not, align themselves, ideologically with the functioning of financial capital.

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Bethlehem, Trader (negotiation 1.5 years) Ethiopian Commodity Exchange (ECX)
Addis Abeba, Ethiopia, September 2012, from THE MARKET

I’m glad you raise the spectre of technology, it’s relationship to capitalism and the question of its abstraction. I’ve often written here about the issue of representation in a time when more and more of the key machinery of our world is becoming impossible to directly visualise in the ways that journalists, artists and particularly photographers would traditionally have done, the increasing use of algorithms being a very clear example of that. I think the work of Beate Geissler and Oliver Sann makes an interesting example of this in that they apply these traditional approaches rooted in the axiom of proximity to a topic which cannot really be revealed by such closeness. By contrast, I think you find very interesting ways around this problem and I wonder if you could talk a little about how you think about visualising topics, which are essentially avisual?

A central function of capital is abstraction. This is so critically important to understand as through my research and speaking with those working in this sphere, I became aware of the central role of technology, specifically what we may define as algorithmic machinery, which has been innovated and pioneered by financial capital. At present almost 85% of trading is undertaken through such technology. Indeed, a 2012 UK government Office of Science (Foresight) report forecasts that within a decade there will be no human traders having been largely replaced by these systems. It is again important to understand and stress that the application of algorithmic technology was innovated by the markets beginning in the 1980s. Too often this relationship is overlooked and indeed under-represented in discussion around such themes as ‘Big Data’. And this is where it can become rather dystopian.

Focusing on the thesis of how the markets, and more specifically, financial capital, seeks everything to be recreated in its image. In such a scenerio, where, in addition to the role of tax avoidance systems/Havens and Shadow Banking systems with as much as half the money circulating the planet flowing through these networks daily remaining largely unregulated, creates a large degree of Stateless-ness, there is an argument of a future about significant peopleless-ness. So, as an artist researcher, how to represent such structures, to give these processes cultural description.

Therefore, a critical element of the project and the installation of THE MARKET is the soundscape, which is immersive in scale. Algorithms emit pulses as they travel through fibre-optic cables (although presently shifting to light) and function 24 hours a day so they are ever present beyond the visual and aural realm of human beings so how to represent something we, as citizens, cannot see or hear. My brother, Ken (Curran), is a programmer and composer. So, through the application of an algorithm, which Ken coded, to identify the words “market” and/or “markets” in public speeches given by relevant national Ministers of Finance, the data was then transformed to create the installation soundscape. To date, ‘localised’ algorithmic translations of speeches by Michael Noonan (Ireland), George Osborne (United Kingdom), Pierre Moscovici (France) and Jeroen Dijsselbloem (Netherlands & Eurozone Group President) have been included in exhibitions in those countries. The intention conceptually is to represent the functioning of contemporary financial capital through the conduit of the financialised nation-state. In turn, to create a tension between the material objects of the installation – photographs, artefacts, transcripts – and the possibility of their abstraction through the processes that the soundscape represents.

Another strategy I have employed is drawing on research by Eric Scott Hunsader (Owner of Nanex, online platform which documents daily global trading), who looked at one stock for one second in 2012. He noted that in one second, 14,000 positions were taken globally on that one stock. He stated how if you were to print out that amount of data, it would equate to a 6 feet high stack of A4 paper. So, I have recreated this (titled Normalising Deviance II) as part of several installations further in the context of the soundscape. It is figurative in scale and in addition on each page is a quote from a telephone conversation I had with a senior trader working in London, who stated:

…what people don’t understand… is that what happens in the market is pivotal to their lives… not on the periphery…but slap, bang, in the middle…

More recently, a further elaboration on the soundscape and critique of the popular graphic representation of the markets, I worked with a friend and colleague, Damien Byrne, who designed a 3D visualization/virtualisation of the algorithmically-generated soundscape. So again as a key contemporary operating strategy is the virtualisation of structures including the nation-state (as outlined by Franco ‘Bifo’ Berardi), I would argue through this appropriation, it further represents contemporary financial capital functioning through the conduit of the financialised nation state. It is important to note that in the installation is that a one point the 3D graph disappears, evaporates so alluding to how we, as an audience, as citizens can reject the narrative that supporting/saving such structures is the only possibility available. Remembering that presently, it is the actions of global central and state banks that is maintaining the appearance of globalised economic well-being through quantitative-easing resulting in austerity and a scale of inequality, which according to the World Economic Forum, the world has ever experienced. And again, this has occurred since, the crash in 2007/2008.

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Empty Workstation (Steilmann Textile Factory (one week before closure) – last textile factory in East Germany relocating to Romania and 6 months later Moldova)
Cottbus, Lausitz, Eastern Germany, April 2006
(Glass slides, multiple, looped projection) from Auschnitte aus EDEN/Extracts from EDEN

You neatly pre-empt my final question. The economic turmoil of the last decade seems to have revealed even to people not that interested in economics how shaky and impermanent these systems can be. This is naturally frightening in some respects but also exciting, a hint that edifices which have come to be regarded as normal, permanent and indispensable could disappear and be replaced by something different. The turmoil of the recession offers glimpses of alternatives to the current financial system, and has helped perhaps more than anything to dispel the once prevalent sense that there is no alternative. At the risk of asking for an impossible forecast where do you see The Market and the wider market which it explores going next in the coming years?

In terms of the project, the intention is to make a complete publication, critically, as a document, but also as an artefact of a sphere that may ultimately abstract itself through the means of its own innovation. The aspiration would be, in parallel, to create an e-book and/or App version, which, ideally, will be freely available. The intention is to distribute the cultural understanding regarding this sphere, as widely as possible. So at present, I am seeking a publisher and Nicholas Mirzoeff has already kindly agreed to contribute an essay to the publication. Beyond this, there are forthcoming conferences/symposia in the US and UK. Some of the work will form part of a major group exhibition organised in the Autumn, by the Blackwood Gallery in Toronto titled ‘I Stood Before The Source’, which sounds really dynamic. The complete projects will encompass several locations extending to off-site and/or public spaces and there is a full programme of events planned under a theme with a large focus on representing contemporary financial capital. In November, I will also give a public talk in Newcastle, organised by NEPN (the research centre at the University of Sunderland, who in cooperation with Noorderlicht Festival (Netherlands) commissioned project work undertaken in Amsterdam last summer), who are also planning an installation for next year. In addition in 2017, there will be an exhibition at Galerie Bleu du Ciel in Lyon working with Gilles Verneret ho also previously showed both Southern Cross and The Breathing Factory. The intention then would be to begin the next project of the cycle, which would be to engage with, and map those central to the technology & innovation of globalised finance and more closely, the shadow structures.

In answer to the second part of your question, it is understood how structurally and regarding the culture of that structure, nothing has fundamentally changed since 2007/2008 and that the system is being artificially maintained by debt undertaken by the world’s central and state banks through Quantitative Easing (QE). For example, since 2015, the European Central Bank has been buying debt to the total of 80 Billion Euros per month (both bank and corporate) and this is set to continue (and watch what the Bank of England is planning later in August and this year). To subvent and subsidise this system, policies of austerity are imposed, resulting in the harrowing conditions of inequality, that we witness, globally. I am reminded of the words of one senior trader:

‘You have no money in your education system, that’s us (‘the markets’), you have no money in your health system, that’s us…you have no money for culture, that’s us…it’s everything’

(recorded notes with Senior Trader, Cafe, The City, London, March 2013)

Combine this with the technological evolution of algorithmic machinery innovated by financial capital and the process of abstraction, while always remembering that this sphere creates crisis and simultaneously, the means for its survival. Therefore, it truly seems unsustainable.

There is consensus and awareness that the previously understood cyclical nature has evolved into something structural. In addition, the apparent disconnect between this sphere and the real economy – hence in the project, titles directly reference ‘the Economy of Appearances’, ‘Systemic Risk’ and ‘Financial Surrealism’. Many observers, including bankers, traders, analysts, economists and CEOs I have encountered, are alert to how a massive globalised bubble has been constructed through the intervention of QE and the functioning of this system that could make the aforementioned financial crash seem minor in comparison unless, a radical overhaul occurs… But critically, this all points to the end of a system of capital as we understand and simultaneously opportunities as it is clear that resources are there to re-enable inclusive citizenship, the social contract and to invoke Martin Luther King, Socialist Democracy. Unless this is addressed and I would further argue that from Trump to Brexit, not to mention climate change, terrorism and war, all symptomatic of this dreadful malaise, that such conditions will only become more volatile and unstable. This is why it is urgent we understand the central role of this sphere, the culture it presently embodies of normalising deviance and its relationship to technology, as part of a process, which it is important to acknowledge, is happening, to avoid such calamity and towards the re-imagining and reclaiming of other futures.

* Supported by the Arts Council of Ireland, Department of Foreign Affairs, Government of Ireland and partnered by Belfast Exposed Photography, Gallery of Photography, Dublin, CCA Derry-Londonderry, NEPN, Noorderlicht and curated by Helen Carey, Director, Firestation Artists’ Studios (Dublin), the transnational multi-sited project, THE MARKET, was also part of a series of visual art events marking the centenary of the 1913 Dublin Lockout, a pivotal moment in Irish labour history.

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Installation (Limerick City Gallery of Art, 2015) includes The Economy of Appearances 2015
3D Data Visualisation of the algorithmically-generated soundscape identifying the application of the words market and/or markets in the public speeches by Irish Minister of Finance, Micheal Noonan.(Single channel projection, sound) Algorithm Design & Sound Composition by Ken Curran, Data Visualisation by Damien Byrne

2 thoughts on “The Market: An Interview with Mark Curran

  1. I’m glad this project is being done and I enjoyed this post, but I’m afraid I can’t let “Algorithms emit pulses as they travel through fibre-optic cables” go past without interjecting. Objectively, that is nonsense. An algorithm is just a way of doing something, it does not travel.
    I imagine what he’s trying to say is that as the trading algorithms run (presumably as computer programs) they fire off messages in the form of pulses travelling over fibre-optic cables (much like a phone call). Those messages will be bids and requests for data and responses and so on. The rate and quantity of those will give some impression of a vast amount of data being exchanged and how quickly algorithms can work – especially compared to people shouting down phones. It’s both more and less complex than it sounds, and is still sitting on top of familiar networking infrastructure which has grown out of conventional telecoms.

    Another thing that comes to mind thinking about this is that in many cases connections between computers (and networks at large) will have background tasks and handshakes (to check that the connection is still there) going on all the time, so there will almost certainly be some noise that is just infrastructure.

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