- List of Figures
- List of Tables
- Global Finance And Its Institutional Spaces
- Politics And Financial Markets
- Finance And Institutional Investors
- Business Groups And Financial Markets As Emergent Phenomena
- Central Banking And The Triumph Of Technical Rationality
- What is a financial market? Global markets as microinstitutional and post-traditional social forms
- Auctions And Finance
- Interactions And Decisions In Trading
- Traders And Market Morality
- The Material Sociology Of Arbitrage
- Seeing Through The Eyes Of Others: Dissonance Within And Across Trading Rooms
- Market Efficiency: A Sociological Perspective
- Financial Analysts
- Rating Agencies
- Accounting And Finance
- The International Monetary Regime And Domestic Political Economy: The Origin Of The Global Financial Crisis
- A Long Strange Trip: The State And Mortgage Securitization, 1968–2010
- Dead Pledges: Mortgaging Time And Space
- Financial Crises As Symbols And Rituals
- The Sociology Of Financial Fraud
- The Disunity Of Finance: Alternative Practices To Western Finance
- Islamic Banking And Finance: Alternative Or Façade?
- Geographies Of Finance: The State-Enterprise Clusters Of China
- The Financialization Of Art
- Historical Sociology Of Modern Finance
- Gender And Finance
- The Role Of Confidence In Finance
- Finance In Modern Economic Thought
- Financial Automation, Past, Present, And Future
Abstract and Keywords
This article argues that arbitrage — how it is practiced, its risks, its uncertainties, its limits, and its capacities to weld markets together into a financial system — can properly be understood only if it is grasped in its full materiality and sociality. That kind of rich, qualitative understanding differs from the more abstract but quantitatively more precise understanding typically sought by economists, even ‘behavioural finance’ specialists. Nevertheless, there are areas of overlap between a ‘social studies of finance’ perspective and financial economists' investigation of the consequences of relaxing their discipline's traditional purist definition of arbitrage.
Iain Hardie is a Lecturer in International Relations at the University of Edinburgh. He studied history at Gonville and Caius College, Cambridge, before an 18-year career in investment banking in London and Hong Kong. He completed his PhD at Edinburgh in 2007. His articles have appeared in Review of International Political Economy, New Political Economy, The Sociological Review, Journal of Common Market Studies, and Economy and Society. His book, Financialization and Government Borrowing Capacity in Emerging Markets is forthcoming with Palgrave.
Donald MacKenzie works in the sociology of science and technology and in the sociology of markets, especially of financial markets. He holds a personal chair in sociology at the University of Edinburgh, where he has taught since 1975. His most recent books are An Engine, Not a Camera: How Financial Models Shape Markets (2006); Do Economists Make Markets? On the Performativity of Economics (2007), coedited with Fabian Muniesa and Lucia Siu; and Material Markets: How Economic Agents are Constructed (2009).
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