Making Markets Opportunism and Restraint on Wall Street

ISBN-10: 0674006887
ISBN-13: 9780674006881
Edition: 1996
List price: $33.00
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Description: In the wake of million-dollar scandals brought about by Michael Milken, Ivan Boesky, and their like, Wall Street seems like the province of rampant individualism operating at the outermost extremes of self-interest and greed. But this, Mitchel  More...

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Book details

List price: $33.00
Copyright year: 1996
Publisher: Harvard University Press
Publication date: 10/30/2001
Binding: Paperback
Pages: 230
Size: 5.75" wide x 9.25" long x 0.25" tall
Weight: 0.748
Language: English

In the wake of million-dollar scandals brought about by Michael Milken, Ivan Boesky, and their like, Wall Street seems like the province of rampant individualism operating at the outermost extremes of self-interest and greed. But this, Mitchel Abolafia suggests, would be a case of missing the real culture of the Street for the characters who dominate the financial news. Making Markets, an ethnography of Wall Street culture, offers a more complex picture of how the market and its denizens work. Not merely masses of individuals striving independently, markets appear here as socially constructed institutions in which the behavior of traders is suspended in a web of customs, norms, and structures of control. Within these structures we see the actions that led to the Drexel Burnham and Salomon Brothers debacles not as bizarre aberrations, but as mere exaggerations of behavior accepted on the Street. Abolafia looks at three subcultures that co-exist in the world of Wall Street: the stock, bond, and futures markets. Through interviews, anecdotes, and the author's skillful analysis, we see how traders and New York Stock Exchange "specialists" negotiate the perpetual tension between short-term self-interest and long-term self-restraint that marks their respective communities--and how the temptation toward excess spurs market activity. We also see the complex relationships among those market communities--why, for instance, NYSE specialists resent the freedoms permitted over-the-counter bond traders and futures traders. Making Markets shows us that what propels Wall Street is not a fundamental human drive or instinct, but strategies enacted in the context of social relationships, cultural idioms, and institutions--a cycle that moves between phases of unbridled self-interest and collective self-restraint.

Introduction: Market Makers on Wall Street
Homo Economicus Unbound: Bond Traders on Wall Street
Structured Anarchy: Formal and Informal Organization in the Futures Market
Taming the Market: Conflict Resolution among Market Makers
Responding to External Threats
Homo Economicus Restrained: Identity and Control at the New York Stock Exchange
Coping with the Threat of Extinction
Opportunism and Innovation: An Interpretation of the Milken Drama
Cycles of Opportunism: Profits, Prudence, and the Public Interest
Notes
Index

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