Insurgent capitalism: Island, bricolage and the re-making of finance

Drawing on recent discussions of the material cultures of markets and of financial innovation as bricolage, this paper explores the development of Island, a new share-trading venue set up in 1995. We examine Island's roots in a very specific conflict in the US financial markets and in the infor...

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Published in:Economy and society Vol. 43; no. 2; pp. 153 - 182
Main Authors: MacKenzie, Donald, Pablo Pardo-Guerra, Juan
Format: Journal Article
Language:English
Published: Abingdon Routledge 03.04.2014
Taylor & Francis LLC
Subjects:
Bricolage
Capitalism
Conflict
Cultural Conflict
Europe
Finance
Financial innovation
Fringes
high-frequency trading
Information
Innovations
Insurgency
Island
Islands
Libertarianism
Markets
matching engine
Material Culture
materiality
Securities markets
Securities trading
social studies of finance
Stocks
Studies
U.S.A
United States of America
Western Europe
United States > US
ISSN:0308-5147, 1469-5766
Online Access:Get full text
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Summary:Drawing on recent discussions of the material cultures of markets and of financial innovation as bricolage, this paper explores the development of Island, a new share-trading venue set up in 1995. We examine Island's roots in a very specific conflict in the US financial markets and in the information libertarianism of 'hacker culture', and examine the material bricolage involved in Island's construction. The paper also outlines the processes that led to a dramatic 'Latourian' change of scale: Island was originally a 'micro' development on the fringes of US markets, but within little more than a decade key features of Island became close to compulsory, as the nature of North American and Western European share trading changed utterly.
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ISSN:0308-5147
1469-5766
DOI:10.1080/03085147.2014.881597