Individuality and collectivity are central concepts in sociological inquiry. Incorporating cultural history, social theory, urban and economic sociology, Borch proposes an innovative rethinking of these key terms and their interconnections via the concept of the social avalanche. Drawing on classical sociology, he argues that while individuality embodies a tension between the collective and individual autonomy, certain situations, such as crowds and other moments of group behaviour, can subsume the individual entirely within the collective. These events, or social avalanches, produce an (...) experience of being swept away suddenly and losing one's sense of self. Cities are often on the verge of social avalanches, their urban inhabitants torn between de-individualising external pressure and autonomous self-presentation. Similarly, Borch argues that present-day financial markets, dominated by computerised trading, abound with social avalanches and the tensional interplay of mimesis and autonomous decision-making. Borch argues that it is no longer humans but fully automated algorithms that avalanche in these markets. (shrink)

This paper has been published in 2015 in Environment and Planning D, 33 : p. 1080–1097. It is freely available from Copenhagen Business School. We thank the authors for the permission to reproduce it here.: This paper explores the relationship between bodily rhythms and market rhythms in two distinctly different financial market configurations, namely the open-outcry pit and present-day high-frequency trading. Drawing on Henri - Management et Business – Nouvel article.

Although long forgotten, the sociology of Gabriel Tarde has suddenly re-emerged. This article backs up the renewed interest in Tarde in four ways. First, drawing upon the systems theory of Niklas Luhmann, it demonstrates that the usual critique of Tarde is false: Tarde’s theory of imitation is not trapped in any kind of psychologism but is, indeed, a pure sociology. Against this background, the second part of the article argues that the notion of imitation is closely tied to urbanity, which (...) brings Tarde close to the spatial turn of social thought. While Tarde’s work thus seems compatible with contemporary sociological currents, it also transcends what is presently discussed. The third part of the article therefore examines Tarde’s analysis of urban crowds, as the crowd demonstrates the paradoxical nature of the social. Finally, drawing upon Henri Lefebvre, the article outlines the contours of a particular, contemporary Tardean analysis of imitations. More specifically, the suggestion is to add a more explicitly structural dimension to Tarde’s work, which, it is argued, may be accomplished by pursuing a rhythmanalysis. The rhythmanalysis enables one to bring together Tarde’s focus on imitation, urbanity and crowds. (shrink)

In the late 19th century, a comprehensive semantics of crowds emerged in European social theory, dominated in particular by Gustave Le Bon and Gabriel Tarde. This article extracts two essential, but widely neglected, sociological arguments from this semantics. First, the idea that irrationality is intrinsic to society and, second, the claim that individuality is plastic rather than constitutive. By following the destiny of this semantics in its American reception, the article demonstrates how American scholars soon transformed the conception of crowds. (...) Most importantly, the theoretical cornerstone of the European semantics, the notion of suggestion, was severely challenged in the USA. It is argued that this rejection of the suggestion doctrine paved the way for a distinctive American approach to crowds and collective behaviour in which the early European emphasis on irrationality was ignored and crowds were analysed as rational entities. This may have relieved the discomfort of irrationality but it is also entirely disposed of what were in fact crucial sociological insights. The article recalls the semantics of crowds in order to evoke an early branch of social theory that still contains a provocative gesture. (shrink)

This article examines what the rise in machine learning systems might mean for social theory. Focusing on financial markets, in which algorithmic securities trading founded on ML-based decision-making is gaining traction, I discuss the extent to which established sociological notions remain relevant or demand a reconsideration when applied to an ML context. I argue that ML systems have some capacity for agency and for engaging in forms of collective machine behaviour, in which ML systems interact with other machines. However, ML-based (...) collective machine behaviour is irreducible to human decision-making and thereby challenges established sociological notions of financial markets. I argue that such behaviour can nonetheless be analysed through an adaptation of sociological theories of interaction and collective behaviour. (shrink)

Social media commentary, satellite imagery and GPS data are a part of ‘alternative data’, that is, data that originate outside of the standard repertoire of market data but are considered useful for predicting stock prices, detecting different risk exposures and discovering new price movement indicators. With the availability of sophisticated machine-learning analytics tools, alternative data are gaining traction within the investment management and algorithmic trading industries. Drawing on interviews with people working in investment management and algorithmic trading firms utilizing alternative (...) data, as well as firms providing and sourcing such data, we emphasize social media-based sentiment analytics as one manifestation of how alternative data are deployed for stock price prediction purposes. This demonstrates both how sentiment analytics are developed and subsequently utilized by investment management firms. We argue that ‘alternative data’ are an open-ended placeholder for every data source potentially relevant for investment management purposes and harnessing these disparate data sources requires certain standardization efforts by different market participants. Besides showing how market participants understand and use alternative data, we demonstrate that alternative data often undergo processes of prospecting and assetization. We further contend that the widespread embracement of alternative data in investment management and trading encourages a financialization process at the data level which raises new governance issues. (shrink)

The mass theory of the Austrian novelist and philosopher Hermann Broch has been virtually ignored in social theory. However, the recent theoretical interest in crowds makes it pertinent to scrutinize this part of his work. This article presents and examines the fundamental architecture of Broch's Massenwahntheorie, its historical context and how it may contribute to contemporary social theory. Specifically, Broch's insistence on the irrational dimensions of human behaviour is analysed as well as his emphasis on psychological anxiety in modern society. (...) It is argued that both aspects may point beyond the specific context of his writings and illuminate important general aspects of social and political life. (shrink)

_Niklas Luhmann _offers an accessible introduction to one of the most important sociologists of our time. It presents the key concepts within Luhmann’s multifaceted theory of modern society, and compares them with the work of other key social theorists such as Jürgen Habermas, Michel Foucault, and Zygmunt Bauman. The book pays particular attention to introducing and discussing Luhmann’s original sociological systems theory. It presents a thorough investigation into the different phases of his oeuvre, through which both the shifting emphases as (...) well as the continuities in his thinking are shown. The primary focus of this text is Luhmann’s theory of modern society as being differentiated into a plethora of ‘function systems’ – such as politics, law, and economy – which operate according to their own distinct logics and which cannot interfere with one another. For Luhmann, this functional differentiation works as a bulwark against totalitarian rule, and as such is a key foundation of modern democracy. Furthermore, the book critically examines the implications of this functional differentiation for inclusion and exclusion dynamics, as well as for the understanding of power and politics. This is a key text for both undergraduate and postgraduate students of areas including contemporary social theory, political sociology, and sociology. (shrink)

Machine learning systems are making considerable inroads in society owing to their ability to recognize and predict patterns. However, the decision-making logic of some widely used machine learning models, such as deep neural networks, is characterized by opacity, thereby rendering them exceedingly difficult for humans to understand and explain and, as a result, potentially risky to use. Considering the importance of addressing this opacity, this paper calls for research that studies empirically and theoretically how machine learning experts and users seek (...) to attain machine learning explainability. Focusing on automated trading, we take steps in this direction by analyzing a trading firm’s quest for explaining its deep neural network system’s actionable predictions. We demonstrate that this explainability effort involves a particular form of human–machine interaction that contains both anthropomorphic and technomorphic elements. We discuss this attempt to attain machine learning explainability in light of reflections on cross-species companionship and consider it an example of human–machine companionship. (shrink)