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Framing observation networks in the recent sociology of finance
Abstract
This brief article contextualizes in the recent economic sociology the ‘observation turn' suggested by Elena Esposito and David Stark. Therefore, it can be used in at least two ways, to facilitate the reading of the main articles included in the current issue and to point at connections and questions that have not yet indicated in this discussion.Keywords:
Sociology of Finance, Markets, Finance, Observation Theory, Social Networks, Performativity, Social Systems Theory.References
Ariztía, T. (2012) (Ed.). Produciendo lo social: Usos de las ciencias sociales en el Chile reciente. Santiago de Chile: Ediciones Universidad Diego Portales.
Baker, W. (1984) The Social Structure of a National Securities Market. American Journal of Sociology, 89(4), 775-811.
Beunza, D. & Stark, D. (2008) Tools of the Trade: The Socio-Technology of Arbitrage in a Wall Street Trading Room. En T. Pinch & R. Swedberg (Eds.), Living in a Material World: Economic Sociology meets Science and Technology Studies. Inside Technology (pp. 253-290). Cambridge, MA: MIT Press.
Callon, M. (1998) Introduction: The Embeddedness of Economic Markets in Economics. En M. Callon (Ed.), The Laws of the Market (pp. 1-57). Oxford: Blackwell.
Callon, M. (2007) What Does It Mean to Say that Economics is Performative? En D. Mackenzie, F. Muniesa & L. Sui (Eds.), Do Economists make Markets? (pp. 311-357) Princeton, NJ: Princeton University Press.
Callon, M., Millo, Y. & Muniesa, F. (Eds.) (2007) Market Devices. Oxford: Blackwell.
Esposito, E. (2011). The Future of Futures: The Time of Money in Financing and Society. Cheltenham: Edward Elgar.
Esposito, E. (2013). The Structures of Uncertainty: Performativity and Unpredictability in Economic Operations. Economy and Society, 42(1), 102-129.
Esposito, E. (2014). Circularidades económicas y observación de segundo orden: La realidad de las calificaciones crediticias. Revista Mad, 30, 1-24. [En esta edición]
Favereau, O., Biencourt, O., & Eymard-Duvernay, F. (2002) Where do Markets Come From? From (quality) Conventions! En O. Favereau & E. Lazega (Eds.), Conventions and Structures in Economic Organization: Markets, Networks and Hierarchies (pp. 213-252). Cheltenham: Edward Elgar.
Farías, I. & Ossandón, J. (2011). ¿Luhmann para qué? En I. Farías & J. Ossandón (Eds.), Comunicaciones, semánticas y redes: Usos y desviaciones de la sociología de Niklas Luhmann (pp. 11-36). México, D.F.: Universidad Iberoamericana.
Gane, N. (2012) Max Weber and Contemporary Capitalism. New York: Palgrave Macmillan.
Granovetter, M. (1985). Economic Action and Social Structure: The Problem of Embeddedness. American Journal of Sociology, 91(3), 481-510.
Guseva, A., & Rona-Tas, A. (2001). Uncertainty, Risk, and Trust: Russian and American Credit Card Markets Compared. American Sociological Review, 66(5), 623-646.
Karpik, L. (2010). Valuing the Unique: The Economics of Singularities. Princeton: Princeton University Press.
Knorr-Cetina, K. (2003). From Pipes to Scopes: The Flow Architecture of Financial Markets. Distinktion: Scandinavian Journal of Social Theory, 4(2), 7-23.
Knorr-Cetina, K. & Bruegger, U. (2002). Global Microstructures: The Virtual Societies of Financial Markets. American Journal of Sociology, 107(4), 905-950.
Knorr-Cetina, K., & Preda, A. (Eds.) (2012). The Oxford Handbook of the Sociology of Finance. Oxford: Oxford University Press.
Luhmann, N. (2013). La economía de la sociedad como sistema autopoiético. Revista Mad, 29, 1-25.
Luhmann, N. (2000). Art as a Social System. Stanford: Stanford University Press.
MacKenzie, D. (2006). An Engine, Not a Camera: How Financial Models Shape Markets. Cambridge, Mass: MIT Press.
MacKenzie, D. (2011). The Credit Crisis as a Problem in the Sociology of Knowledge. American Journal of Sociology, 116(6), 1778-1841.
Mackenzie, D. & Millo, Y. (2003). Constructing a Market, Performing Theory: The Historical Sociology of a Financial Derivatives Exchange. American Journal of Sociology, 109(1), 107-145.
MacKenzie, D., Beunza, D., Millo, Y., & Pardo-Guerra, J. P. (2012). Drilling through the Allegheny Mountains: Liquidity, Materiality and High-frequency Trading. Journal of Cultural Economy, 5(3), 279-296.
McKim, J. (2012). De la Micro-percepción y la Micro-política. Entrevista con Brian Massumi. En J. Ossandón & L. Vodanovic (Eds.), Disturbios Culturales (pp. 177-194). Santiago de Chile: Ediciones Universidad Diego Portales.
McFall, L. & Ossandón, J. (En prensa) What's New in the ‘New, New Economic Sociology' and should Organisation Studies care?. En, P. Adler, P. du Gay, G. Morgan, M. Reed (Eds.) Oxford Handbook of Sociology, Social Theory and Organization Studies: Contemporary Currents. Oxford: Oxford University Press.
Muniesa, F. (2007). Market Technologies and the Pragmatics of Prices. Economy and Society, 36(3) 377-395.
Muniesa, F. & M. Callon (2009). La performativité des sciences économiques. En P. Steiner & F. Vatin (Eds.), Traité de sociologie économique (pp. 289-324). Paris: Presses Universitaires de France.
Neiburg, F. (2008). Inflación, monedas enfermas y números públicos. Revista Crítica en Desarrollo, 2, 93-130.
Prato, M. & Stark, D. (manuscrito). Attention Structures and Valuation Models: Cognitive Networks among Securities Analysts.
Polanyi, K. (1992). The Economy as Instituted Process. En M. Granovetter & R. Swedberg (Eds.), The Sociology of Economic Life (pp. 31-49). Boulder, San Francisco, Oxford: Westview Press.
Podolny, J. (2001). Networks as the Pipes and Prisms of the Market. American Journal of Sociology, 107(4), 33-60.
Poon, M. (2009). From New Deal Institutions to Capital Markets: Commercial Consumer Risk Scores and the Making of Subprime Mortgage Finance. Accounting, Organizations and Society, 34(5), 654-674.
Serres, M. (1982). The Parasite. Baltimore: Johns Hopkins University Press.
Simmel, G. (2008). Sociology of Competition. Canadian Journal of Sociology, 33(4), 957-978.
Stark, D. (2014). Observando las finanzas como una red de observaciones: Un comentario a Esposito. Revista Mad, 30, 25-38. [En esta edición]
Swedberg, R. & Granovetter, M. (2001). Introduction to Second Edition. En M. Granovetter & R. Swedberg (Eds.), The Sociology of Economic Life (pp. 1-28). 2nd Edition, Boulder: Westview Press.
Uzzi, B. (1999). Embeddedness in the Making of Financial Capital: How Social Relations and Networks Benefit Firms Seeking Finance. American Sociological Review, 64(4), 481-505.
Varela, F., Thompson, E. & Rosch, E. (1999). The Embodied Mind. Cognitive Science and Human Experience, Seventh Edition. Cambride, Mass: The MIT Press.
Vedres, B. & Stark, D. (2010). Structural Folds: Generative Disruption in Overlapping Groups. American Journal of Sociology, 115(4), 1150-1190.
Von Foerster, H. (2003). Understanding Understanding: Essays on Cybernetics and Cognition. New York: Springer.
White, H. (1981). Where Do Markets Come From? American Journal of Sociology, 87(3), 517-547.
White, H. (2002). Markets from Networks: Socioeconomic Models of Production, Princeton: Princeton University Press.
White, H. (2005). Inventory of Dynamics in Art Markets. Working Paper, Cultural Policy Center Workshop: The Irving B. Harris Graduate School of Public Policy Studies, The University of Chicago.
White, H. (2008). Identity and Control. How Social Formations Emerge, 2nd Edition. Princeton: Princeton University Press.
White, H., Fuhse, J., Thiemann, M. & Buchholz, L. (2011). Redes y sentido. Estilos e intercambios. En I. Farías & J. Ossandón (Eds.), Comunicaciones, semánticas y redes: Usos y desviaciones de la sociología de Niklas Luhmann (pp. 225-244). México, D.F.: Universidad Iberoamericana.
Zuckerman, E. W. (1999). The Categorical Imperative: Securities Analysts and the Illegitimacy Discount. American Journal of Sociology, 104(5), 1398-1438.
Baker, W. (1984) The Social Structure of a National Securities Market. American Journal of Sociology, 89(4), 775-811.
Beunza, D. & Stark, D. (2008) Tools of the Trade: The Socio-Technology of Arbitrage in a Wall Street Trading Room. En T. Pinch & R. Swedberg (Eds.), Living in a Material World: Economic Sociology meets Science and Technology Studies. Inside Technology (pp. 253-290). Cambridge, MA: MIT Press.
Callon, M. (1998) Introduction: The Embeddedness of Economic Markets in Economics. En M. Callon (Ed.), The Laws of the Market (pp. 1-57). Oxford: Blackwell.
Callon, M. (2007) What Does It Mean to Say that Economics is Performative? En D. Mackenzie, F. Muniesa & L. Sui (Eds.), Do Economists make Markets? (pp. 311-357) Princeton, NJ: Princeton University Press.
Callon, M., Millo, Y. & Muniesa, F. (Eds.) (2007) Market Devices. Oxford: Blackwell.
Esposito, E. (2011). The Future of Futures: The Time of Money in Financing and Society. Cheltenham: Edward Elgar.
Esposito, E. (2013). The Structures of Uncertainty: Performativity and Unpredictability in Economic Operations. Economy and Society, 42(1), 102-129.
Esposito, E. (2014). Circularidades económicas y observación de segundo orden: La realidad de las calificaciones crediticias. Revista Mad, 30, 1-24. [En esta edición]
Favereau, O., Biencourt, O., & Eymard-Duvernay, F. (2002) Where do Markets Come From? From (quality) Conventions! En O. Favereau & E. Lazega (Eds.), Conventions and Structures in Economic Organization: Markets, Networks and Hierarchies (pp. 213-252). Cheltenham: Edward Elgar.
Farías, I. & Ossandón, J. (2011). ¿Luhmann para qué? En I. Farías & J. Ossandón (Eds.), Comunicaciones, semánticas y redes: Usos y desviaciones de la sociología de Niklas Luhmann (pp. 11-36). México, D.F.: Universidad Iberoamericana.
Gane, N. (2012) Max Weber and Contemporary Capitalism. New York: Palgrave Macmillan.
Granovetter, M. (1985). Economic Action and Social Structure: The Problem of Embeddedness. American Journal of Sociology, 91(3), 481-510.
Guseva, A., & Rona-Tas, A. (2001). Uncertainty, Risk, and Trust: Russian and American Credit Card Markets Compared. American Sociological Review, 66(5), 623-646.
Karpik, L. (2010). Valuing the Unique: The Economics of Singularities. Princeton: Princeton University Press.
Knorr-Cetina, K. (2003). From Pipes to Scopes: The Flow Architecture of Financial Markets. Distinktion: Scandinavian Journal of Social Theory, 4(2), 7-23.
Knorr-Cetina, K. & Bruegger, U. (2002). Global Microstructures: The Virtual Societies of Financial Markets. American Journal of Sociology, 107(4), 905-950.
Knorr-Cetina, K., & Preda, A. (Eds.) (2012). The Oxford Handbook of the Sociology of Finance. Oxford: Oxford University Press.
Luhmann, N. (2013). La economía de la sociedad como sistema autopoiético. Revista Mad, 29, 1-25.
Luhmann, N. (2000). Art as a Social System. Stanford: Stanford University Press.
MacKenzie, D. (2006). An Engine, Not a Camera: How Financial Models Shape Markets. Cambridge, Mass: MIT Press.
MacKenzie, D. (2011). The Credit Crisis as a Problem in the Sociology of Knowledge. American Journal of Sociology, 116(6), 1778-1841.
Mackenzie, D. & Millo, Y. (2003). Constructing a Market, Performing Theory: The Historical Sociology of a Financial Derivatives Exchange. American Journal of Sociology, 109(1), 107-145.
MacKenzie, D., Beunza, D., Millo, Y., & Pardo-Guerra, J. P. (2012). Drilling through the Allegheny Mountains: Liquidity, Materiality and High-frequency Trading. Journal of Cultural Economy, 5(3), 279-296.
McKim, J. (2012). De la Micro-percepción y la Micro-política. Entrevista con Brian Massumi. En J. Ossandón & L. Vodanovic (Eds.), Disturbios Culturales (pp. 177-194). Santiago de Chile: Ediciones Universidad Diego Portales.
McFall, L. & Ossandón, J. (En prensa) What's New in the ‘New, New Economic Sociology' and should Organisation Studies care?. En, P. Adler, P. du Gay, G. Morgan, M. Reed (Eds.) Oxford Handbook of Sociology, Social Theory and Organization Studies: Contemporary Currents. Oxford: Oxford University Press.
Muniesa, F. (2007). Market Technologies and the Pragmatics of Prices. Economy and Society, 36(3) 377-395.
Muniesa, F. & M. Callon (2009). La performativité des sciences économiques. En P. Steiner & F. Vatin (Eds.), Traité de sociologie économique (pp. 289-324). Paris: Presses Universitaires de France.
Neiburg, F. (2008). Inflación, monedas enfermas y números públicos. Revista Crítica en Desarrollo, 2, 93-130.
Prato, M. & Stark, D. (manuscrito). Attention Structures and Valuation Models: Cognitive Networks among Securities Analysts.
Polanyi, K. (1992). The Economy as Instituted Process. En M. Granovetter & R. Swedberg (Eds.), The Sociology of Economic Life (pp. 31-49). Boulder, San Francisco, Oxford: Westview Press.
Podolny, J. (2001). Networks as the Pipes and Prisms of the Market. American Journal of Sociology, 107(4), 33-60.
Poon, M. (2009). From New Deal Institutions to Capital Markets: Commercial Consumer Risk Scores and the Making of Subprime Mortgage Finance. Accounting, Organizations and Society, 34(5), 654-674.
Serres, M. (1982). The Parasite. Baltimore: Johns Hopkins University Press.
Simmel, G. (2008). Sociology of Competition. Canadian Journal of Sociology, 33(4), 957-978.
Stark, D. (2014). Observando las finanzas como una red de observaciones: Un comentario a Esposito. Revista Mad, 30, 25-38. [En esta edición]
Swedberg, R. & Granovetter, M. (2001). Introduction to Second Edition. En M. Granovetter & R. Swedberg (Eds.), The Sociology of Economic Life (pp. 1-28). 2nd Edition, Boulder: Westview Press.
Uzzi, B. (1999). Embeddedness in the Making of Financial Capital: How Social Relations and Networks Benefit Firms Seeking Finance. American Sociological Review, 64(4), 481-505.
Varela, F., Thompson, E. & Rosch, E. (1999). The Embodied Mind. Cognitive Science and Human Experience, Seventh Edition. Cambride, Mass: The MIT Press.
Vedres, B. & Stark, D. (2010). Structural Folds: Generative Disruption in Overlapping Groups. American Journal of Sociology, 115(4), 1150-1190.
Von Foerster, H. (2003). Understanding Understanding: Essays on Cybernetics and Cognition. New York: Springer.
White, H. (1981). Where Do Markets Come From? American Journal of Sociology, 87(3), 517-547.
White, H. (2002). Markets from Networks: Socioeconomic Models of Production, Princeton: Princeton University Press.
White, H. (2005). Inventory of Dynamics in Art Markets. Working Paper, Cultural Policy Center Workshop: The Irving B. Harris Graduate School of Public Policy Studies, The University of Chicago.
White, H. (2008). Identity and Control. How Social Formations Emerge, 2nd Edition. Princeton: Princeton University Press.
White, H., Fuhse, J., Thiemann, M. & Buchholz, L. (2011). Redes y sentido. Estilos e intercambios. En I. Farías & J. Ossandón (Eds.), Comunicaciones, semánticas y redes: Usos y desviaciones de la sociología de Niklas Luhmann (pp. 225-244). México, D.F.: Universidad Iberoamericana.
Zuckerman, E. W. (1999). The Categorical Imperative: Securities Analysts and the Illegitimacy Discount. American Journal of Sociology, 104(5), 1398-1438.
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