- 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 looks at the ways in which a financial market is not an empty configuration at all but rather a densely structured and coordinated cultural form. It first looks at existing market concepts, which are based on how we view markets in the primary economy. It argues that financial markets are not like the primary markets of a production economy; if production, consumption, and their interface, exchange, are the three pillars of the economy, finance is a fourth pillar. The next two sections clarify this, and the following two look at the architecture of global financial markets. The next section explores how such markets, which are systems outside organizations, intersect with firms. The last section illustrates the temporal vectors of financial markets: it discusses analytic time as a feature of a market that runs forward at its own speed and schedules; the market flow across time zones; and the global communities of time the regime of attention creates.
Karin Knorr Cetina is George Wells Beadle Distinguished Service Professor of Sociology and Anthropology at the University of Chicago and project leader of research on scopic media at the University of Konstanz. Her publications include Maverick Markets: The Virtual Societies of Financial Markets (forthcoming); Epistemic Cultures: How the Sciences Make Knowledge (2003, 3rd edn); The Sociology of Financial Markets (edited with Alex Preda, 2005); “Global Microstructures: The Virtual Societies of Financial Markets” (with Urs Bruegger, American Journal of Sociology, 2002).
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