Social Media: Simply a form of exchange

Image: Social media as a constant cycle of social exchanges (Lifewire, 2020)

Exchange is a term that is associated most commonly with an economic context (Henry, 2020). So when we think exchange, the ideas that automatically come to mind may include stock markets, trades and money (Henry, 2020). But the concept of exchange is so much broader than how we use and interact with money. For instance, how does it play a role in the way we interact with others on social media platforms such as Instagram? Unpacking some key areas of exchange we aim to draw insight into an industry that thrives on user interactions in a constant cycle of exchanges.

Every society consists of a balance between social, political and economic life (Codere, 2020). An individual society’s values are reflected in which of these key components are more predominate in their structures of exchange (Codere, 2020). However, communities differ greatly in how they approach exchange, depending on this balance. A society may display any combination of distribution between the types of exchange, often with some types predominating over others. This balance subsequently influences the way a community approaches or views trade

Karl Polanyi, a multi-disciplinary theorist proposed a fairly influential theory outlining three key types of exchange: reciprocity, redistribution and market exchange (Lechte, 2003; Henry, 2020). These three key terms fit into our understanding of society’s balance of exchange. Reciprocity is considered a social exchange, redistribution – political, and market exchange – economic (Codere, 2020). When exploring the community of social media, all of Polanyi’s types of exchange are apparent; however we will explore one of the more prominent: social exchange.

Reciprocal (social) exchange is also known as the ‘gift economy’ (Henry, 2020), drawing on the works of Marcel Mauss (Henry, 2020). In this form of exchange the relationship between those trading is crucial in the exchange and helps determine the value of the gift itself (Henry, 2020). Essentially it builds on the idea that “all markets […] are forms of symbolic human activity” (Henry, 2020, p. 9). A social exchange in itself is a form of reciprocated transactions between people, solidifying relationships through feelings such as obligation and the belief of being indebted to someone (Henry, 2020). So how do we see this reciprocal exchange in our interactions through social media?

Social media has brought us into an age were connection and then ultimately staying connected is easier than ever. We subscribe into an economy of exchange where,

“Reciprocal recognition is the social mechanism by which we draw others into a social relation and are drawn into social relations by others” 

(Pelaprat & Brown, 2012, pp. 53)

Social media is a constant exchange of likes, follows, subscribes and comments. You may initially follow someone in exchange for the content they provide. As they share content you interact with their posts using likes and comments in this cycle of reciprocal recognition. The consistency of these interactions builds and maintains our online social relations.

However the overwhelming question, explored in depth by Etienne Pelaprat and Barry Brown in their article Reciprocity: Understanding Online Social Relations, is that of the extent to which self- interest propels all acts of reciprocation and co-operation particularly within the context of social media.

Exchange is fundamental within every community, no matter which type prevails in any given space. Social media is not driven purely by social exchanges, redistributive and market exchanges hold their own place within the balance that occurs within this space. However social media would likely not exist in its current capacity without reciprocal exchanges driving its use.

References

Codere, H. (2020, September). Exchange and display. International Encyclopedia of the Social Sciences. https://www.encyclopedia.com/social-sciences/applied-and-social-sciences-magazines/exchange-and-display

Henry, R. (2020). BA1002: Our space: networks, narrative and the making of place; Week 8 – Exchange [PowerPoint slides]. Learn JCU. https://learn.jcu.edu.au

Lechte, J. (2003). Exchange. In Key contemporary concepts: from abjection to Zeno’s paradox. Sage Publications Incorporated. doi: 10.4135/9781446219638

Moreau, E. (2020, August). Social media as a constant cycle of social exchanges [Online image]. Lifewire. https://www.lifewire.com/instagram-notifications-about-screenshots-4177912

Pelaprat, E., & Brown, B. (2012). Reciprocity: understanding online social relations. First Monday, 17(10). doi:10.5210/fm.v17i10.3324