Negotiating with the Future

The Culture of Modern Risk in Global Financial Markets

Bibliographic Data

ID4476148
AuthorsStephen Green (0009-0000-5382-7974, London School of Economics and Political Science, corresponding author)
Year2000
Volume18
Issue1
Pages77-89
Publication date2000-02-01
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueEnvironment and Planning D Society and Space (JOURNAL)
Journal identifiersISSN: 0263-7758 • E-ISSN: 1472-3433
PublisherSAGE Publications Inc (PUBLISHER)
DOI10.1068/d205t
OpenAlexW1973267885
LanguageEN
Citations received29
References cited25

In contemporary global financial markets, the production and investment of capital is dependent upon complex systems of risk management. In this paper I explore the 'modern' notion of risk within these markets. I argue that these systems are not only dependent upon institutional infrastructure and material resources but are also maintained by a specific 'risk' culture, an entrenched set of practices of market configuration, technological development, social-group construction, and notions of authority, expertise and creativity which combines modernity's ambition to know with the market's ambition to commodify. This form of 'modern' risk can be seen as deeply entrenched within and produced by broader social and economic developments, and runs counter to the critical version of risk developed by Beck. I show how risk itself is a contested concept, and how it defines different practices of dealing with the future

Business · Capital market · Creativity · Economics · Financial market · Financial risk · Investment (military · Market economy · Modernity · Negotiation · Political science · Risk management · Risk society · Social science · Sociology · Global Financial Regulation and Crises · Law · Management and Organizational Studies · State Capitalism and Financial Governance · Finance