Marina Warner, in her book Managing Monsters: Six Myths of Our Time (essentially her 1994 Reith Lectures in book form), has a note on the practice of reclaiming slurs and insults, often called reappropriation:
Moving in to occupy the metaphorical objects of derision and fear has become a popular strategy. Sometimes this takes the form of ironical co-opting of a jibe, or even an insult – as in the open defiance of the black rock group called Niggers With Attitude, or the ironic names of women’s enterprises, like the famous publishers, Virago. In Zagreb, five writers were recently denounced as dangerous women in the Croatian nationalist press: the targets immediately accepted the label, and their supporters now wear badges proclaiming them ‘Opasna Žena’ – a dangerous woman. This is a form of well proven magic, uttering a curse in order to undo or claim its power, pronouncing a name in order to command its field of meaning.
I like Warner’s description of this act as occupying metaphorical objects, like sleight of semantics: it captures the tangle of abstraction we employ in constructing identity, while also prefiguring the global use of occupy in political uprisings and protests in recent years.