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How can the social studies of finance help us to understand financial markets? Erica Coslor Doctoral Candidate, University of Chicago, Department of Sociology

Introduction to the Social Studies Of Finance 03-2009

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Page 1: Introduction to the Social Studies Of Finance 03-2009

How can the social studies of finance help us to understand financial markets?Erica CoslorDoctoral Candidate, University of Chicago, Department of Sociology

Page 2: Introduction to the Social Studies Of Finance 03-2009

The Chaos of Finance

Andreas Gursky Chicago Board of Trade II (1999)

Page 3: Introduction to the Social Studies Of Finance 03-2009

… To Our Current Financial Crisis

Page 4: Introduction to the Social Studies Of Finance 03-2009

Traders and Emotion

Page 5: Introduction to the Social Studies Of Finance 03-2009

Shaping Technologies

Stock Ticker

Bloomberg Terminal

Page 6: Introduction to the Social Studies Of Finance 03-2009

Emptying of the Pits

Page 7: Introduction to the Social Studies Of Finance 03-2009

Rise of the Screen

Page 8: Introduction to the Social Studies Of Finance 03-2009

Life on Screens

Reuters Screen

FTSE Screen

Page 9: Introduction to the Social Studies Of Finance 03-2009

Global Assemblages

Blaylock Direct Market Access System

Page 10: Introduction to the Social Studies Of Finance 03-2009

Communities of Time

24 hour trading in financial markets

Page 11: Introduction to the Social Studies Of Finance 03-2009

Important ModelsThe FICO™ Score

Page 12: Introduction to the Social Studies Of Finance 03-2009

Implications

• Financial markets are complex socio-technical systems

• Technologies, market devices and assemblages matter

• We need to take a closer look inside the models…

• AND see how they relate to people, organizations, and machines