Social Science Information 58 (4):539-565 (2019)

Abstract
Ever since the crisis of 2008, the dynamism and self-referentiality of financial markets have puzzled observers. This article argues that this dynamism is the product of a long process of commensuration, by which ever more heterogeneous financial assets and financial instruments have come to be compared with, substituted for, and valuated relatively to one another, and have thereby been condensed into a highly interconnected financial system. This trajectory can be found both in the long-term historical emergence of financial markets from ancient origins and in the more recent transformations of the financial system since the 1970s, including the rise of derivatives markets, and the rise of capital markets as against bank-intermediated capital flows. The rise of derivatives markets was triggered by the commensuration of basic securities and derivatives, established by the Black-Scholes-Merton theory of option pricing. The rise of capital markets was rooted in the commensuration – and hence, competition and substitution – of bank products and non-bank products.
Keywords No keywords specified (fix it)
Categories No categories specified
(categorize this paper)
DOI 10.1177/0539018419891797
Options
Edit this record
Mark as duplicate
Export citation
Find it on Scholar
Request removal from index
Revision history

Download options

Our Archive


Upload a copy of this paper     Check publisher's policy     Papers currently archived: 50,118
External links

Setup an account with your affiliations in order to access resources via your University's proxy server
Configure custom proxy (use this if your affiliation does not provide a proxy)
Through your library

References found in this work BETA

The Social Order of Markets.Jens Beckert - 2009 - Theory and Society 38 (3):245-269.

View all 9 references / Add more references

Citations of this work BETA

No citations found.

Add more citations

Similar books and articles

Derivatives: Virtual Values and Real Risks.Jakob Arnoldi - 2004 - Theory, Culture and Society 21 (6):23-42.
Information in Financial Markets.Catherine Greene - 2019 - In Mark Addis, Fernand Gobet & Peter Sozou (eds.), Scientific Discovery in the Social Sciences. Springer Verlag.

Analytics

Added to PP index
2019-12-12

Total views
3 ( #1,241,036 of 2,324,566 )

Recent downloads (6 months)
2 ( #464,303 of 2,324,566 )

How can I increase my downloads?

Downloads

My notes