Capturing Finance
Arbitrage and Social Domination
Seiten
2021
Duke University Press (Verlag)
978-1-4780-1338-9 (ISBN)
Duke University Press (Verlag)
978-1-4780-1338-9 (ISBN)
Carolyn Hardin offers a new way of understanding arbitrage—the trading practice that involves buying assets in one market at a cheap price and immediately selling them in another market for a profit—as a means of showing how its reliance upon taking on risk is fundamental to financial markets.
Arbitrage—the trading practice that involves buying assets in one market at a cheap price and immediately selling them in another market for a profit—is fundamental to the practice of financial trading and economic understandings of how financial markets function. Because traders complete transactions quickly and use other people's money, arbitrage is considered to be riskless. Yet, despite the rhetoric of riskless trading, the arbitrage in mortgage-backed securities led to the 2008 financial crisis. In Capturing Finance Carolyn Hardin offers a new way of understanding arbitrage as a means for capturing value in financial capitalism. She shows how arbitrage relies on a system of abstract domination built around risk. The commonsense beliefs that taking on debt is necessary for affording everyday life and that investing is necessary to secure retirement income compel individuals to assume risk while financial institutions amass profits. Hardin insists that mitigating financial capitalism's worst consequences, such as perpetuating class and racial inequities, requires challenging the narratives that naturalize risk as a necessary element of financial capitalism as well as social life writ large.
Arbitrage—the trading practice that involves buying assets in one market at a cheap price and immediately selling them in another market for a profit—is fundamental to the practice of financial trading and economic understandings of how financial markets function. Because traders complete transactions quickly and use other people's money, arbitrage is considered to be riskless. Yet, despite the rhetoric of riskless trading, the arbitrage in mortgage-backed securities led to the 2008 financial crisis. In Capturing Finance Carolyn Hardin offers a new way of understanding arbitrage as a means for capturing value in financial capitalism. She shows how arbitrage relies on a system of abstract domination built around risk. The commonsense beliefs that taking on debt is necessary for affording everyday life and that investing is necessary to secure retirement income compel individuals to assume risk while financial institutions amass profits. Hardin insists that mitigating financial capitalism's worst consequences, such as perpetuating class and racial inequities, requires challenging the narratives that naturalize risk as a necessary element of financial capitalism as well as social life writ large.
Carolyn Hardin is Assistant Professor of Media and Culture and American Studies at Miami University.
Acknowledgments ix
Introduction. Into the Lion's Den 1
1. Capitalism as Capture 11
2. Arbitrage in Theory 33
3. Arbitrage IRL 49
4. The Postonian Turn 68
5. Money Machines 87
6. The Emperor's New Clothes 105
Conclusion. A Politics of Risk 120
Notes 131
References 143
Index 155
| Erscheinungsdatum | 16.08.2021 |
|---|---|
| Zusatzinfo | 7 illustrations |
| Verlagsort | North Carolina |
| Sprache | englisch |
| Maße | 152 x 229 mm |
| Gewicht | 431 g |
| Themenwelt | Sozialwissenschaften ► Ethnologie |
| Sozialwissenschaften ► Soziologie | |
| Wirtschaft ► Allgemeines / Lexika | |
| Wirtschaft ► Volkswirtschaftslehre | |
| ISBN-10 | 1-4780-1338-9 / 1478013389 |
| ISBN-13 | 978-1-4780-1338-9 / 9781478013389 |
| Zustand | Neuware |
| Haben Sie eine Frage zum Produkt? |
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