Abstract
Recent contributions to Global Value Chain studies have cast the intertwining of global finance and production in a new light, through the concept of entanglement of Global Wealth Chains (GWCs) and Global Value Chains (GVCs), and their uneven social consequences have been questioned. The paper contributes to this emerging debate through a critical Polanyian perspective on GVCs/GWCs where the processes of fictitious commodification pertain not only to money, labor, and the land as theorized by Polanyi, but also to ethics, which is commodified via Corporate Social Responsibility (CSR) standards and discourses. Our contribution is based on a grounded research study of Weda Bay Nickel (WBN), a mining project that unfolded over two decades of exploration and across the intertwined scales of financial markets, multinationals, government, activists, and the villagers residing in Weda Bay, on the Indonesian island of Halmahera. We show how “CSR-ization” was orchestrated by lead corporate and financial players to obtain the World Bank’s ethical approval and financial guarantee for the project. Standardized ethicality was granted to WBN even though high social and environmental risks were acknowledged, and several contestation movements had to be erased, discredited, and/or physically repressed for the mine to see the light of day. We contend, in Polanyian terms, that fictitious commodification leads to the destruction of people and nature—and not simply inequality—in the deployment of GWCs/GVCs where CSR-ization is closely intertwined with contestation and repression.