Win some, lose some

At around 3 p.m. yesterday, the Bank of Sweden Tercentenary Foundation published its decisions for this year regarding which projects and programs are to receive funding. The majority of applications were rejected as early as this spring. Of the ones remaining, about half would be given funding. As for me, I had two opportunities in relation to the same research idea. Both in the form of an individual project and in the context of a large program. On paper, my chances were good. But, as we all know, probabilities and outcomes are two different things. 

An hour or so after lunch, I received the first announcement. My individual project was rejected. The two experts offered similar criticisms in their opinions, but they reached different conclusions. One recommended the project, while the other had “mixed feelings” but argued that it should be rejected. When reading the comments, feelings of emptiness washed over me. Followed by a nagging feeling of doubt. In myself and in the project. 

At the same time as I frequently updated the Bank of Sweden Tercentenary Foundation website, I also tried to get some work done. That didn’t go so well. And for each update, it felt as if my chances decreased. There was not much left of the confidence I had experienced that morning. I saw a long series of future rejections before my eyes. After a while, I emailed the comments to my wife and started to process them over the phone. In the middle of a discussion on how I could improve my application next spring, Johan Östling came downstairs and congratulated me. Jenny Andersson’s program Neoliberalism in the Nordics: Developing an Absent Theme had been accepted! 33.1 million Swedish kronor! Six years! 

The meaning of this has not yet begun to sink in. It will probably be a while. On a personal level, it’s obviously tremendous that several years of research have been secured. However, a research program of this magnitude means so much more. It offers an almost unique opportunity for academics to work together on major and challenging issues. The kind that, in individual projects, you often have to be content with “highlighting” or “offering perspectives on.” In addition, the research group gathered by Jenny is impressive. It’s extremely inspiring to get the opportunity to be part of this context. I will surely learn a lot! 

So, what am I going to research? Well, something completely different from what I am now writing a monograph on. The new project concerns the profound transformation of the Swedish savings and investment culture over the past four decades. What I will primarily focus on is the popularization of stock saving and the circulation of financial knowledge. My primary empirical entry is the Swedish Shareholders’ Association, whose archives have recently been deposited at the Centre for Business History in Stockholm. In the project, I will also analyze the emergence of the phenomenon known as FIRE (financial independence, retire early). That is to say, living extremely frugally and investing in stocks or index funds in order to be able to quit your job in your thirties or forties and live the rest of your life on capital gains and dividends. 

There is always a special feeling involved in taking aim at a new research area and it’s certainly a bit scary. I feel at home in the environmental debate of the late 1960s. With regard to the financial culture of the 1980s, however, I am a novice. But there is obviously also an appeal in this. As an academic, I find not knowing to be the most exciting part of research. Because that is the phase when you get to experience discoveries and insights more frequently! 

But, of course, feeling at home is not a bad feeling either. And Hans Palmstierna’s correspondence is captivating. Good thing I still have some writing left to do!

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