SSE/EFI Working Paper Series in Business Administration
No 2004:6:
Att klassas som elit - finansmarknadens inbäddning i samhället
Peter Norberg ()
Abstract: The discreet charm of the stock broker: the social
embeddedness of financial markets
Use of technology gives rise to
impersonal relations in financial markets. Personal interaction is replaced
by the cold rationality of algorithms. While working in financial markets,
employees aim at being rational maximizers. This competition is balanced
with a co-operative dimension. The market depends on, and is thus embedded
in non-contractual elements such as morality and social capital. Custom
creates the basis upon which exchange may take place and facilitates the
organisation of economic activities. Trust enables us to engage in economic
action. With a similar background, education, and by means of being part of
one and the same culture, investors have similar values and beliefs. Actors
use norms and habits that reduce the complexity of their work. Resources
embedded in social relations and networks are accessed for utilitarian
purposes.
Financial markets are disembedded while local contexts are
replaced by a world-wide scope. Financial capitalism nonetheless becomes
increasingly integrated in society, as eighty percent of the Swedish
population own shares either directly or through funds. Media takes an
increased interest for securities markets. The exclusivity of financial
markets decreases.
Keywords: financial market; brokers; embeddedness; networks; (follow links to similar papers)
21 pages, June 1, 2004, Revised January 19, 2005
Before downloading any of the electronic versions below
you should read our statement on
copyright.
Download GhostScript
for viewing Postscript files and the
Acrobat Reader for viewing and printing pdf files.
Full text versions of the paper:
hastba2004_006.pdf 
(138kB)
Download Statistics
Questions (including download problems) about the papers in this series should be directed to Helena Lundin ()
Report other problems with accessing this service to Sune Karlsson ()
or Helena Lundin ().
Programing by
Design by Joakim Ekebom
