Making Markets: Opportunism and Restraint on Wall Street
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Numar articol:205096606
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Preț:227,00 Lei
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Anuntul a expirat la:22.12.2020, 15:01
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Specificatii
In the wake of million-dollar scandals brought about by Michael
Milken, Ivan Boesky, and their like, Wall Street seems like the
province of rampant individualism operating at the outermost
extremes of self-interest and greed. But this, Mitchel Abolafia
suggests, would be a case of missing the real culture of the Street
for the characters who dominate the financial news.Making Markets,
an ethnography of Wall Street culture, offers a more complex
picture of how the market and its denizens work. Not merely masses
of individuals striving independently, markets appear here as
socially constructed institutions in which the behavior of traders
is suspended in a web of customs, norms, and structures of control.
Within these structures we see the actions that led to the Drexel
Burnham and Salomon Brothers debacles not as bizarre aberrations,
but as mere exaggerations of behavior accepted on the
Street.Abolafia looks at three subcultures that co-exist in the
world of Wall Street: the stock, bond, and futures markets. Through
interviews, anecdotes, and the author's skillful analysis, we see
how traders and New York Stock Exchange specialists negotiate the
perpetual tension between short-term self-interest and long-term
self-restraint that marks their respective communities--and how the
temptation toward excess spurs market activity. We also see the
complex relationships among those market communities--why, for
instance, NYSE specialists resent the freedoms permitted
over-the-counter bond traders and futures traders. Making Markets
shows us that what propels Wall Street is not a fundamental human
drive or instinct, but strategies enacted in the context of social
relationships, cultural idioms, and institutions--a cycle that
moves between phases of unbridled self-interest and collective
self-restraint.
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