”Life is a fake. All that is real are the stock prices” - Simulating Authenticity in Financial Markets
AbstractTechnology has contributed to what Max Weber termed the disenchantment of the world. Re-enchantment is a broad tendency than has hitherto been described. This overlooked movement within post-industrial business stretches into financial markets. Presently, we observe magic, morality and narrative being allowed to enter business. Re-enchantment helps us to understand the evolution of post-modern markets, as it partly forms the present exit from industrial society. This piece of research takes a micro-sociological interest with the mentality and culture of financial markets. It also has a macro-sociological character in dealing with the process of rationalisation in society. The article gives a contribution to theory about the evolving entertainment economy under the heading of re-enchantment. The experience of meaning or alternatively deprivation of meaning is decisive for behaviour and interaction at work. Technology in work is vital for this. I study four important aspects of a desired re-enchantment; sense of community, expression, myth and magic, and morality.
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Bibliographic InfoPaper provided by Stockholm School of Economics in its series Working Paper Series in Business Administration with number 2003:15.
Length: 39 pages
Date of creation: 28 Dec 2003
Date of revision: 02 Sep 2004
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re-enchantment; financial markets; morality; meaning;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2004-03-14 (All new papers)
- NEP-CBE-2004-01-18 (Cognitive & Behavioural Economics)
- NEP-FIN-2004-03-14 (Finance)
- NEP-FMK-2004-01-18 (Financial Markets)
- NEP-HIS-2004-01-18 (Business, Economic & Financial History)
- NEP-HPE-2004-03-14 (History & Philosophy of Economics)
- NEP-PKE-2004-03-14 (Post Keynesian Economics)
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