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Reconceptualising the space of markets: financial services, performativity and the “credit crunch”

Jones, Andrew M. (2009) Reconceptualising the space of markets: financial services, performativity and the “credit crunch”. In: 2009 Association of American Geographers Annual Convention, March 22-27, 2009, Las Vegas, U.S.. (Unpublished)

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Abstract

Late 2008 saw an unprecedented crisis emerge in global financial markets with the collapse of many large western banks, and the nearest moment of systemic crisis yet witnessed in the globalized financial system. This 'credit crunch' crisis led policy makers around the world to state that financial markets were not operating 'properly'. At the same time, even popular commentators began to question whether financial markets were being 'influenced' or failing to work 'correctly'. This paper contends that this discursive position needs challenging, and argues that existing critiques of 'perfect' free market operation need to be much more radical. Drawing on economic sociological approaches to markets in the work of theorists including Callon and Mackenzie, it argues that the 2008 crisis revealed not only how financial markets are performed by actors but also how globalization is reconfiguring the spatialities of market actors in ways which cannot be captured by existing theories of the market. Using research into financial service actors, it thus seeks to develop a new conceptual framework for theorizing the nature of globalized market spaces which provides scope to better capture the new spatialised forms of market action emerging in the contemporary global economy.

Item Type: Conference or Workshop Item (Paper)
School or Research Centre: Birkbeck Schools and Research Centres > School of Social Sciences, History and Philosophy > Geography, Environment and Development Studies
Depositing User: Administrator
Date Deposited: 14 Sep 2010 10:50
Last Modified: 17 Apr 2013 12:17
URI: http://eprints.bbk.ac.uk/id/eprint/1210

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