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Author: Donald MacKenzie Publisher: MIT Press ISBN: 0262250047 Category : Technology & Engineering Languages : en Pages : 782
Book Description
In An Engine, Not a Camera, Donald MacKenzie argues that the emergence of modern economic theories of finance affected financial markets in fundamental ways. These new, Nobel Prize-winning theories, based on elegant mathematical models of markets, were not simply external analyses but intrinsic parts of economic processes. Paraphrasing Milton Friedman, MacKenzie says that economic models are an engine of inquiry rather than a camera to reproduce empirical facts. More than that, the emergence of an authoritative theory of financial markets altered those markets fundamentally. For example, in 1970, there was almost no trading in financial derivatives such as "futures." By June of 2004, derivatives contracts totaling $273 trillion were outstanding worldwide. MacKenzie suggests that this growth could never have happened without the development of theories that gave derivatives legitimacy and explained their complexities. MacKenzie examines the role played by finance theory in the two most serious crises to hit the world's financial markets in recent years: the stock market crash of 1987 and the market turmoil that engulfed the hedge fund Long-Term Capital Management in 1998. He also looks at finance theory that is somewhat beyond the mainstream—chaos theorist Benoit Mandelbrot's model of "wild" randomness. MacKenzie's pioneering work in the social studies of finance will interest anyone who wants to understand how America's financial markets have grown into their current form.
Author: Donald MacKenzie Publisher: MIT Press ISBN: 0262250047 Category : Technology & Engineering Languages : en Pages : 782
Book Description
In An Engine, Not a Camera, Donald MacKenzie argues that the emergence of modern economic theories of finance affected financial markets in fundamental ways. These new, Nobel Prize-winning theories, based on elegant mathematical models of markets, were not simply external analyses but intrinsic parts of economic processes. Paraphrasing Milton Friedman, MacKenzie says that economic models are an engine of inquiry rather than a camera to reproduce empirical facts. More than that, the emergence of an authoritative theory of financial markets altered those markets fundamentally. For example, in 1970, there was almost no trading in financial derivatives such as "futures." By June of 2004, derivatives contracts totaling $273 trillion were outstanding worldwide. MacKenzie suggests that this growth could never have happened without the development of theories that gave derivatives legitimacy and explained their complexities. MacKenzie examines the role played by finance theory in the two most serious crises to hit the world's financial markets in recent years: the stock market crash of 1987 and the market turmoil that engulfed the hedge fund Long-Term Capital Management in 1998. He also looks at finance theory that is somewhat beyond the mainstream—chaos theorist Benoit Mandelbrot's model of "wild" randomness. MacKenzie's pioneering work in the social studies of finance will interest anyone who wants to understand how America's financial markets have grown into their current form.
Author: Keith Breckenridge Publisher: Cambridge University Press ISBN: 1316123944 Category : Technology & Engineering Languages : en Pages : 265
Book Description
Biometric identification and registration systems are being proposed by governments and businesses across the world. Surprisingly they are under most rapid, and systematic, development in countries in Africa and Asia. In this groundbreaking book, Keith Breckenridge traces how the origins of the systems being developed in places like India, Mexico, Nigeria and Ghana can be found in a century-long history of biometric government in South Africa, with the South African experience of centralized fingerprint identification unparalleled in its chronological depth and demographic scope. He shows how empire, and particularly the triangular relationship between India, the Witwatersrand and Britain, established the special South African obsession with biometric government, and shaped the international politics that developed around it for the length of the twentieth century. He also examines the political effects of biometric registration systems, revealing their consequences for the basic workings of the institutions of democracy and authoritarianism.
Author: Gordon L Clark Publisher: Oxford University Press ISBN: 019251167X Category : Business & Economics Languages : en Pages : 275
Book Description
Institutional Investors in Global Market provides you with a comprehensive overview about what institutional investors do, how they do it, and when and where they do it; it is about the production of investment returns in the global economy. Being a book about the production process, you learn about key issues found in the academic literature on the theory of the firm. In this case, the focus is on the global financial services industry, where the building blocks underpinning the study of industrial corporations are less relevant. You gain an understanding of how and why the production of investment returns differs from that of manufactured goods. You are provided with an analytical framework that situates financial institutions within the complex web of the intermediaries that dominate developed financial markets. In summary, you gain further insights into analysis of the organization and management of institutional investors; as well as an analysis of the global financial services industry.
Author: Bradley Ryner Publisher: Edinburgh University Press ISBN: 0748684662 Category : Literary Criticism Languages : en Pages : 230
Book Description
This study examines the structural similarities between English mercantile treatises and drama c1600-1642. Bradley D. Ryner analyses the representational conventions of plays and mercantile treatises written between the chartering of the English East India Company in 1600 and the closing of the public playhouses at the outset of the English Civil War in 1642. He shows that playwrights' manipulation of specific elements of theatrical representation - such as metaphor, props, dramatic character, stage space, audience interaction, and genre - exacerbated the tension between the aspects of the world taken into account by a particular representation and those aspects that it neglects.
Author: John Banks Publisher: Bloomsbury Publishing ISBN: 1849666644 Category : Social Science Languages : en Pages : 289
Book Description
This book is available as open access through the Bloomsbury Open Access programme and is available on www.bloomsburycollections.com. Co-creativity has become a significant cultural and economic phenomenon. Media consumers have become media producers. This book offers a rich description and analysis of the emerging participatory, co-creative relationships within the videogames industry. Banks discusses the challenges of incorporating these co-creative relationships into the development process. Drawing on a decade of research within the industry, the book gives us valuable insight into the continually changing and growing world of video games.
Author: Nick Silver Publisher: Springer ISBN: 1137560614 Category : Business & Economics Languages : en Pages : 310
Book Description
This book is a critical analysis of the impact of the financial system on the economy, society and the natural environment. It cuts through the noise to looks at its purpose, its activities, and what it does in practice. Unlike other books that cover the last financial crisis and the risk of another one; this book is about the consequence of the financial system continuing in its current form. It argues that the financial system is a construct of flawed economic theories, designed in the hope that the market will efficiently allocate society’s capital. Instead, the finance sector allocates savings and investment to maximize its own revenues, with resulting collateral damage to the economy, society and the environment. Although governments try to preserve and regulate the existing system, it is being replaced by a new system driven by technological innovation. The book describes the opportunities this presents for a renaissance of the financial system to actually meet the needs of society, and to re-engineer our economy to avoid environmental crisis. The book is for anyone who would like to understand the finance system’s purpose, what it does in practice and its impact on the real world. For those working in the industry it provides an overview of the system, their place within it, and how to bring about change. For students and academics it provides a valuable critique of the financial system, and the theories on which it is based. For financial policymakers and regulators it identifies key challenges in their activities.
Author: Patrik Aspers Publisher: Princeton University Press ISBN: 1400835186 Category : Design Languages : en Pages : 250
Book Description
For any market to work properly, certain key elements are necessary: competition, pricing, rules, clearly defined offers, and easy access to information. Without these components, there would be chaos. Orderly Fashion examines how order is maintained in the different interconnected consumer, producer, and credit markets of the global fashion industry. From retailers in Sweden and the United Kingdom to producers in India and Turkey, Patrik Aspers focuses on branded garment retailers--chains such as Gap, H&M, Old Navy, Topshop, and Zara. Aspers investigates these retailers' interactions and competition in the consumer market for fashion garments, traces connections between producer and consumer markets, and demonstrates why market order is best understood through an analysis of its different forms of social construction. Emphasizing consumption rather than production, Aspers considers the larger retailers' roles as buyers in the production market of garments, and as potential objects of investment in financial markets. He shows how markets overlap and intertwine and he defines two types of markets--status markets and standard markets. In status markets, market order is related to the identities of the participating actors more than the quality of the goods, whereas in standard markets the opposite holds true. Looking at how identities, products, and values create the ordered economic markets of the global fashion business, Orderly Fashion has wide implications for all modern markets, regardless of industry.
Author: Jason Puskar Publisher: Stanford University Press ISBN: 0804778450 Category : Literary Criticism Languages : en Pages : 280
Book Description
This book argues that language and literature actively produced chance in the late nineteenth and early twentieth centuries by categorizing injuries and losses as innocent of design. Automobile collisions and occupational injuries became "car accidents" and "industrial accidents." During the post-Civil War period of racial, ethnic, and class-based hostility, chance was an abstract enemy against which society might unite. By producing chance, novels by William Dean Howells, Stephen Crane, Anna Katharine Green, Edith Wharton, Theodore Dreiser, and James Cain documented and helped establish new modes of collective interdependence. Chance here is connected not with the competitive individualism of the Gilded Age, but with important progressive and social democratic reforms, including developments in insurance, which had long employed accident narratives to shape its own "mutual society." Accident Society reveals the extent to which American collectivity has depended—and continues to depend—on the literary production of chance.
Author: Christopher S. Chapman Publisher: Oxford University Press ISBN: 0199546355 Category : Business & Economics Languages : en Pages : 458
Book Description
Brings together the work of leading international accounting academics and social scientists. Explores a range of intellectual traditions in accounting research, and their implications for the social sciences more widely.
Author: Donald MacKenzie
Author: Donald MacKenzie
Author: Donald A. MacKenzie
Author: Keith Breckenridge
Author: Gordon L Clark
Author: Bradley Ryner
Author: John Banks
Author: Nick Silver
Author: Patrik Aspers
Author: Jason Puskar
Author: Christopher S. Chapman