Donald MacKenzie - Böcker

Investment is no longer a matter of individual savers directly choosing which shares or bonds to buy. Rather, most of their money flows through a 'chain': an often extended sequence of intermediaries. What goes on in that chain is of huge importance: The world's investment managers, who are now almost as well paid as top bankers, control assets equivalent in value to around a year of total global economic output. In Chains of Finance, five social scientists discuss the ways in which the intermediaries in the chain influence each other, channel the flows of savers' money, enhance investment decisions, and form audiences for each other's performances of financially competent selves. The central argument of the book is that investment management is fashioned profoundly by the opportunities and constraints this chain creates. Whether chains constrain or enable, however, they always entangle, tying intermediaries to each other - silently and profoundly shaping the investment management industry. Chains of Finance is a novel analysis that will make students, social scientists, financial professionals, and regulators looking at the workings of financial markets in a new light. A must-read for anyone looking for insights into the decision-making processes of investment managers and those influenced by and working for them.

Financial markets, processes, and instruments are often difficult to fathom; the credit crisis highlights both their importance and their fragility. Donald MacKenzie is one of the most perceptive analysts of the workings of the financial world. In this book, he argues that economic agents and markets need to be analyzed in their full materiality: their physicality, their corporeality, their technicality. Markets are populated not by disembodied, abstract agents, but by embodied human beings and technical systems. Concepts and systematic ways of thinking that simplify market processes and make them mentally tractable are essential to how markets function.In putting forward this material sociology of markets, the book synthesizes and contributes to the field of social studies of finance; the application to financial markets not just of economics but of wider social-science disciplines, in particular science and technology studies. The topics covered include the development of financial derivatives exchanges; arbitrage; how corporate profit figures are constructed; the crucial new markets in carbon emissions; and a case-study of a hedge fund (based, unusually, on direct observation of its trading).The book will appeal to research students and academics across the social sciences, and the general reader will enjoy the book's explanations and analyses of some of the most important phenomena of today's turbulent markets.

Financial markets, processes, and instruments are often difficult to fathom; the credit crisis highlights both their importance and their fragility. Donald MacKenzie is one of the most perceptive analysts of the workings of the financial world. In this book, he argues that economic agents and markets need to be analyzed in their full materiality: their physicality, their corporeality, their technicality. Markets are populated not by disembodied, abstract agents, but by embodied human beings and technical systems. Concepts and systematic ways of thinking that simplify market processes and make them mentally tractable are essential to how markets function.In putting forward this material sociology of markets, the book synthesizes and contributes to the new field of social studies of finance: the application to financial markets not just of economics but of wider social-science disciplines, in particular science and technology studies. The topics covered include the development of financial derivatives exchanges (non-existent in 1970, but now trading products equivalent to $13,000 for every human being on earth); arbitrage; how corporate profit figures are constructed; the crucial new markets in carbon emissions; and a case-study of a hedge fund (based, unusually, on direct observation of its trading).The book will appeal to research students and academics across the social sciences, and the general reader will enjoy the book's explanations and analyses of some of the most important phenomena of today's turbulent markets.

Reviews of the 1st Edition:"....This book is a welcome addition to the sociology of technology, a field whose importance is increasingly recognised." - Sociology

"....sets a remarkably high standard in breadth of coverage, in scholarship, and in readability and can be recommended to the general reader and to the specialist alike." - Science and Society

"....This remarkably readable and well-edited anthology focuses, in a wide variety of concrete examples, not on the impacts of technologies on societies but in the reverse: how different social contexts shaped the emergence of particular technologies." - Technology and Culture

How does social context affect the development of technology? What is the relationship between technology and genderIs production technology shaped by efficiency or by social control?Technological change is often seen as something that follows its own logic - something we may welcome, or about which we may protest, but which we are unable to alter fundamentally. This reader challenges that assumption and its distinguished contributors demonstrate that technology is affected at a fundamental level by the social context in which it develops. General arguments are introduced about the relation of technology to society and different types of technology are examined: the technology of production; domestic and reproductive technology; and military technology.

The book draws on authors from Karl Marx to Cynthia Cockburn to show that production technology is shaped by social relations in the workplace. It moves on to the technologies of the household and biological reproduction, which are topics that male-dominated social science has tended to ignore or trivialise - though these are actually of crucial significance where powerful shaping factors are at work, normally unnoticed. The final section asks what shapes the most frightening technology of all - the technology of weaponry, especially nuclear weapons.

The editors argue that social scientists have devoted disproportionate attention to the effects of technology on society, and tended to ignore the more fundamental question of what shapes technology in the first place. They have drawn both on established work in the history and sociology of technology and on newer feminist perspectives to show just how important and fruitful it is to try to answer that deeper question. The first edition of this reader, published in 1985, had a considerable influence on thinking about the relationship between technology and society. This second edition has been thoroughly revised and expanded to take into account new research and the emergence of new theoretical perspectives.

Around the globe, economists affect markets by saying what markets are doing, what they should do, and what they will do. Increasingly, experimental economists are even designing real-world markets. But, despite these facts, economists are still largely thought of as scientists who merely observe markets from the outside, like astronomers look at the stars. Do Economists Make Markets? boldly challenges this view. It is the first book dedicated to the controversial question of whether economics is performative--of whether, in some cases, economics actually produces the phenomena it analyzes. The book's case studies--including financial derivatives markets, telecommunications-frequency auctions, and individual transferable quotas in fisheries--give substance to the notion of the performativity of economics in an accessible, nontechnical way. Some chapters defend the notion; others attack it vigorously. The book ends with an extended chapter in which Michel Callon, the idea's main formulator, reflects upon the debate and asks what it means to say economics is performative.The book's insights and strong claims about the ways economics is entangled with the markets it studies should interest--and provoke--economic sociologists, economists, and other social scientists. In addition to the editors and Callon, the contributors include Marie-France Garcia-Parpet, Francesco Guala, Emmanuel Didier, Philip Mirowski, Edward Nik-Khah, Petter Holm, Vincent-Antonin Lepinay, and Timothy Mitchell.

A remarkable look at how the growth, technology, and politics of high-frequency trading have altered global financial marketsIn today’s financial markets, trading floors on which brokers buy and sell shares face-to-face have increasingly been replaced by lightning-fast electronic systems that use algorithms to execute astounding volumes of transactions. Trading at the Speed of Light tells the story of this epic transformation. Donald MacKenzie shows how in the 1990s, in what were then the disreputable margins of the US financial system, a new approach to trading—automated high-frequency trading or HFT—began and then spread throughout the world. HFT has brought new efficiency to global trading, but has also created an unrelenting race for speed, leading to a systematic, subterranean battle among HFT algorithms.In HFT, time is measured in nanoseconds (billionths of a second), and in a nanosecond the fastest possible signal—light in a vacuum—can travel only thirty centimeters, or roughly a foot. That makes HFT exquisitely sensitive to the length and transmission capacity of the cables connecting computer servers to the exchanges’ systems and to the location of the microwave towers that carry signals between computer datacenters. Drawing from more than 300 interviews with high-frequency traders, the people who supply them with technological and communication capabilities, exchange staff, regulators, and many others, MacKenzie reveals the extraordinary efforts expended to speed up every aspect of trading. He looks at how in some markets big banks have fought off the challenge from HFT firms, and how exchanges sometimes engineer technical systems to favor certain types of algorithms over others.Focusing on the material, political, and economic characteristics of high-frequency trading, Trading at the Speed of Light offers a unique glimpse into its influence on global finance and where it could lead us in the future.

A remarkable look at how the growth, technology, and politics of high-frequency trading have altered global financial marketsIn today’s financial markets, trading floors on which brokers buy and sell shares face-to-face have increasingly been replaced by lightning-fast electronic systems that use algorithms to execute astounding volumes of transactions. Trading at the Speed of Light tells the story of this epic transformation. Donald MacKenzie shows how in the 1990s, in what were then the disreputable margins of the US financial system, a new approach to trading—automated high-frequency trading or HFT—began and then spread throughout the world. HFT has brought new efficiency to global trading, but has also created an unrelenting race for speed, leading to a systematic, subterranean battle among HFT algorithms.In HFT, time is measured in nanoseconds (billionths of a second), and in a nanosecond the fastest possible signal—light in a vacuum—can travel only thirty centimeters, or roughly a foot. That makes HFT exquisitely sensitive to the length and transmission capacity of the cables connecting computer servers to the exchanges’ systems and to the location of the microwave towers that carry signals between computer datacenters. Drawing from more than 300 interviews with high-frequency traders, the people who supply them with technological and communication capabilities, exchange staff, regulators, and many others, MacKenzie reveals the extraordinary efforts expended to speed up every aspect of trading. He looks at how in some markets big banks have fought off the challenge from HFT firms, and how exchanges sometimes engineer technical systems to favor certain types of algorithms over others.Focusing on the material, political, and economic characteristics of high-frequency trading, Trading at the Speed of Light offers a unique glimpse into its influence on global finance and where it could lead us in the future.

Ritchie Duncan, a convict, is released from prison and decides to go clean. But when he is handed some top secret film containing electronic data by a girl in a bar there ensues mayhem and murder. The film is the property of her communist agent boyfriend, and when she refuses to surrender it her connection is killed and she is kept quietly alive in a nursing home until Duncan can save her.'Donald MacKenzie is a born storyteller' Guardian

'Donald MacKenzie is a born storyteller' GuardianEvery thief dreams of committing the perfect crime. Cameron, Thorne and Gun are convinced that the jewel robbery they have planned cannot possibly go wrong, but jealousy mistrust and fear doom the enterprise from the start.One of them dies a slow, hideous death; the other two find they have walked into hell. Soon, a beautiful woman and two desperate men find themselves trapped by their own actions. And when the thread of tension snaps they learn that death can indeed be a friend.