The gendered nature of valuation: Valuing life in the Titanic compensation claims process

The sinking of the Titanic has captured the public imagination for over a century. A tragic tale of man's powerlessness over nature, it has served as a lesson in hubris that has been dramatized in film and immortalised in popular culture. Following the disaster, relatives of the deceased lodged compensation claims against the White Star Line (registered owners of the Titanic). In these compensation claims for loss of life we witness the monetary commensuration of life. For the accounting scholar, therefore, the Titanic story offers an opportunity to contribute to the growing body of research in the area of valuation; in particular, it facilitates an understanding of the valuing of human life. Drawing on the history of life assurance and compensation legislation in both the UK and US, the paper argues that by the time of the Titanic disaster in 1912, an accounting constellation (Burchell et al., 1995) had been formed which established an equivalence between the value of a life and economic earning power. However, while this earnings based model determined the value of men lost in the tragedy, it failed to commensurate the lives of women and children. Rather emotion and sentiment arising from the high profile nature of the disaster appeared to allow for a plurality of other valuations to emerge that ruptured the pre-configured constellation and challenged the linear trajectory of the economic model. As such, Titanic was a “valuation event” which severely disrupted the existing gendered assemblage. The contribution of this paper therefore is to recognise the gendered nature of valuation and to appreciate the impact of such gender bias on the practice of valuation.

Key Points

Introduction

The Titanic disaster led to compensation claims against the White Star Line.
The paper examines how human life was valued in these claims, highlighting the gendered nature of valuation.

Theoretical Foundation

Valuation Studies: Recent scholarship has focused on valuation as a practice that classifies and measures worth.
Valuing Human Life: The challenge of attributing monetary value to human life, which is often seen as invaluable.
Historical Context: The development of life insurance and workers’ compensation legislation in the 19th century established an economic model for valuing life based on earning power.

Research Context

The Titanic, built by Harland and Wolff, sank on its maiden voyage in April 1912.
Over 2200 people were on board, with significant differences in survival rates among different classes of passengers.

Method and Data Sources

The study uses compensation claims from the US Limitation of Liability Hearings.
Primary sources include claims documents, press cuttings, and inquiry transcripts.

Valuing Life in Compensation Claims

Men’s Lives: Valued based on lost earning capacity, leading to significant disparities in claims.
Women’s Lives: Valuations were less consistent and often lacked a clear basis, reflecting a silence around the economic value of women’s lives.
Children’s Lives: Valuations varied widely, with no clear pattern based on class or gender.

Discussion

The economic model of valuation was dominant for men’s lives but failed to account for the value of women and children.
Public sentiment and moral outrage following the disaster influenced the valuation process, leading to a plurality of values.
The Titanic case highlights the gendered nature of valuation and the limitations of an economic model that ignores non-economic factors.

Conclusion

The Titanic disaster provides insights into the valuation of human life and the gender biases inherent in valuation practices.
Recognizing the gendered nature of valuation is crucial for understanding how values are determined and the impact of these biases on compensation practices.

Find it on www.sciencedirect.com

Encyclopedia Titanica is not responsible for the content of external sites, and the availability of links may change.

Citation:
Ingrid Jeacle (2022) The gendered nature of valuation: Valuing life in the Titanic compensation claims process, Accounting, Organizations and Society, No. 99

About Research References on Encyclopedia Titanica
This item is not available to read on Encyclopedia Titanica, but we have included it as a reference, provided a brief summary of the key points, and linked to the original source to help readers interested in the finer details of the Titanic story.