Honey Money: the Power of Erotic Capital is about as seductive as a balance sheet

An anti-feminist book so bad it's good for the cause.

Catherine Hakim, senior research fellow at the London School of Economics and staunch anti-feminist, is my new hero. With one book, she has done more to advance the cause of women's liberation than months of worthy campaigning could achieve.

It's not that Honey Money: the Power of Erotic Capital - in which Hakim argues that women should be taught to use their sex appeal to exploit men - is a bad book. It's that it's such a bad book, so poorly researched, so woodenly ill-written, so crassly offensive in its argument that all men are randy beasts and more women should become prostitutes, and so drearily hateful in its conclusions about human nature, that it's a
highly effective advert for feminist revolution.

Using sex surveys 20 years out of date, Hakim explains to the unfortunate reader that "erotic capital", like social or financial capital, has "six elements" and can be used to "bargain" and "negotiate" at work, at play and - most tragically - in relationships. The arguments are a mixture of cod psychology and ugly Daily Mail stereotypes: men always want more sex than women ("the universal male sex deficit"), and the proof of this is that gay men are all shallow, shag-crazed hedonists. Men will always be more powerful and better paid than women, so women can and should manipulate them for social, financial or professional gain using sex - sorry, "erotic capital". Discouraging them from doing so is an evil feminist plot
to deny women the only real advantage they have in the "gender war" - their physical charms - although Hakim does not enlighten us as to where this leaves unattractive women, older women, women who can't afford the strict beauty and grooming regimes she recommends, or those of us who forget to wash because we've been up all night watching Buffy, eating cheese and scratching ourselves.

Honey Money is a manifesto for female social and sexual capitulation, presented with all the wit and charm of a company stock report. The language is clinical and calculating, the mysteries of lust and seduction reduced to a bloodless balance sheet in which "laws of supply and demand determine the values of everything, in sexuality as in other areas".

With her leaden argument that "the male sex deficit allows women to leverage the exchange value of women's erotic capital to a higher level", Hakim writes like a hedge-fund manager who's been put in charge of a brothel. The staggeringly unseductive prose is almost forgivable, though, because Honey Money manages to make the most tenaciously sexist bits of cultural detritus sound as pig-headed and embarrassing as they really are. For that reason alone, everybody should read this awful, awful book.

Neurotic capital

Last week, I went on Newsnight to debate with Dr Hakim, and was all set to be angry with her. I had geared myself up to remind her that women of principle fought for generations for her right to earn a PhD in scabbing to the patriarchy. Instead, I found myself overwhelmed by the desire to give her a hug. Given the amount of store Hakim's own research sets in "the social magic of smiles", one might have expected at least a soupçon of social flirting, but you could have sharpened a pencil between her lips, and she refused a cup of mediocre BBC tea with the sort of ill-grace normally reserved for suspected poisoners. She snapped that she "didn't want to talk" and sat glaring at everyone for half an hour. I could make some cheap crack here about neurotic capital, but actually I just felt sad for her.

Because it is sad. The worst thing about Honey Money and the notion that female sexuality is just another resource to be flogged off to drooling men is not that it's demeaning to both genders. It's that it is a horribly cynical way of understanding relationships, and one that currently rings true for too many people.

This paranoid, reptilian book, with its promotion of a brutal free market in female flesh, is a glimpse into a lonely future where profit has been permitted to force its dull, Gradgrind hand into every last cranny of human interaction.

In Honey Money there is a great deal of discussion of returns, assets and sexual bargaining. There is almost no talk of compassion, seduction
or love. That should tell you all you need to know about "erotic capital".

Laurie Penny is a contributing editor to the New Statesman. She is the author of five books, most recently Unspeakable Things .

This article first appeared in the 29 August 2011 issue of the New Statesman, Gold

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There are risks as well as opportunities ahead for George Osborne

The Chancellor is in a tight spot, but expect his political wiles to be on full display, says Spencer Thompson.

The most significant fiscal event of this parliament will take place in late November, when the Chancellor presents the spending review setting out his plans for funding government departments over the next four years. This week, across Whitehall and up and down the country, ministers, lobbyists, advocacy groups and town halls are busily finalising their pitches ahead of Friday’s deadline for submissions to the review

It is difficult to overstate the challenge faced by the Chancellor. Under his current spending forecast and planned protections for the NHS, schools, defence and international aid spending, other areas of government will need to be cut by 16.4 per cent in real terms between 2015/16 and 2019/20. Focusing on services spending outside of protected areas, the cumulative cut will reach 26.5 per cent. Despite this, the Chancellor nonetheless has significant room for manoeuvre.

Firstly, under plans unveiled at the budget, the government intends to expand capital investment significantly in both 2018-19 and 2019-20. Over the last parliament capital spending was cut by around a quarter, but between now and 2019-20 it will grow by almost 20 per cent. How this growth in spending should be distributed across departments and between investment projects should be at the heart of the spending review.

In a paper published on Monday, we highlighted three urgent priorities for any additional capital spending: re-balancing transport investment away from London and the greater South East towards the North of England, a £2bn per year boost in public spending on housebuilding, and £1bn of extra investment per year in energy efficiency improvements for fuel-poor households.

Secondly, despite the tough fiscal environment, the Chancellor has the scope to fund a range of areas of policy in dire need of extra resources. These include social care, where rising costs at a time of falling resources are set to generate a severe funding squeeze for local government, 16-19 education, where many 6th-form and FE colleges are at risk of great financial difficulty, and funding a guaranteed paid job for young people in long-term unemployment. Our paper suggests a range of options for how to put these and other areas of policy on a sustainable funding footing.

There is a political angle to this as well. The Conservatives are keen to be seen as a party representing all working people, as shown by the "blue-collar Conservatism" agenda. In addition, the spending review offers the Conservative party the opportunity to return to ‘Compassionate Conservatism’ as a going concern.  If they are truly serious about being seen in this light, this should be reflected in a social investment agenda pursued through the spending review that promotes employment and secures a future for public services outside the NHS and schools.

This will come at a cost, however. In our paper, we show how the Chancellor could fund our package of proposed policies without increasing the pain on other areas of government, while remaining consistent with the government’s fiscal rules that require him to reach a surplus on overall government borrowing by 2019-20. We do not agree that the Government needs to reach a surplus in that year. But given this target wont be scrapped ahead of the spending review, we suggest that he should target a slightly lower surplus in 2019/20 of £7bn, with the deficit the year before being £2bn higher. In addition, we propose several revenue-raising measures in line with recent government tax policy that together would unlock an additional £5bn of resource for government departments.

Make no mistake, this will be a tough settlement for government departments and for public services. But the Chancellor does have a range of options open as he plans the upcoming spending review. Expect his reputation as a highly political Chancellor to be on full display.

Spencer Thompson is economic analyst at IPPR