Financial derivatives and the globalization of risk

Edward LiPuma and Benjamin Lee

The market for financial derivatives--including currency swaps, stock options, and commodities futures--is far and away the largest and most powerful market in the world, and it is growing exponentially. In 1970 the yearly valuation of financial derivatives was probably only a few million dollars. By 1980 the sum had swollen to nearly one hundred million dollars. By 1990 it had climbed to nearly one hundred billion dollars, and in 2000 it approached one hundred trillion. Created and sustained by a small number of European and American banks, corporations, and hedge funds, the derivatives market has an enormous influence on the economies of nations, because it controls the price of money. Derivatives bought and sold by computer keystrokes in London and New York affect the price of housing in Johannesburg, Kuala Lumpur, and Buenos Aires. Arguing that social theorists concerned with globalization must familiarize themselves with the mechanisms of a world economy based on the rapid circulation of capital, Edward LiPuma and Benjamin Lee provide a concise introduction to financial derivatives. LiPuma and Lee describe the derivative as the primary financial instrument of a global economy based on the circulation of a large, voracious pool of speculative capital and an extremely abstract notion of risk. Emphasizing the relation--or lack of relation--of derivatives to production-oriented, labour-based economies, LiPuma and Lee trace the implications of today's culture of financial circulation for the ongoing construction of democratic governance across the postcolonial divide. While regional crises and spectacular corporate failures--including the collapse of Argentina's peso and the demise of the Enron Corporation--periodically put derivatives trading in the news, LiPuma and Lee seek to catalyze sustained cultural analysis of its staggering social and economic effects.

「Nielsen BookData」より

The market for financial derivatives--including currency swaps, stock options, and commodities futures--is far and away the largest and most powerful market in the world, and it is growing exponentially. In 1970 the yearly valuation of financial derivatives was probably only a few million dollars. By 1980 the sum had swollen to nearly one hundred million dollars. By 1990 it had climbed to nearly one hundred billion dollars, and in 2000 it approached one hundred trillion. Created and sustained by a small number of European and American banks, corporations, and hedge funds, the derivatives market has an enormous influence on the economies of nations, because it controls the price of money. Derivatives bought and sold by computer keystrokes in London and New York affect the price of housing in Johannesburg, Kuala Lumpur, and Buenos Aires. Arguing that social theorists concerned with globalization must familiarize themselves with the mechanisms of a world economy based on the rapid circulation of capital, Edward LiPuma and Benjamin Lee provide a concise introduction to financial derivatives. LiPuma and Lee describe the derivative as the primary financial instrument of a global economy based on the circulation of a large, voracious pool of speculative capital and an extremely abstract notion of risk. Emphasizing the relation--or lack of relation--of derivatives to production-oriented, labour-based economies, LiPuma and Lee trace the implications of today's culture of financial circulation for the ongoing construction of democratic governance across the postcolonial divide. While regional crises and spectacular corporate failures--including the collapse of Argentina's peso and the demise of the Enron Corporation--periodically put derivatives trading in the news, LiPuma and Lee seek to catalyze sustained cultural analysis of its staggering social and economic effects.

「Nielsen BookData」より

[目次]

  • Global flows and the politics of circulation
  • derivatives, risk and speculative capital
  • Historical conjunctures
  • The institutional basis of derivatives
  • Deriving the derivative
  • The world of risk
  • Derivatives and the stability of the state

「Nielsen BookData」より

[目次]

  • Global flows and the politics of circulation
  • derivatives, risk and speculative capital
  • Historical conjunctures
  • The institutional basis of derivatives
  • Deriving the derivative
  • The world of risk
  • Derivatives and the stability of the state

「Nielsen BookData」より

この本の情報

書名 Financial derivatives and the globalization of risk
著作者等 Lee, Benjamin
LiPuma, Edward
シリーズ名 Public planet books
出版元 Duke University Press
刊行年月 2004
ページ数 xi, 209 p.
大きさ 21 cm
ISBN 0822334186
0822334070
NCID BA6990288X
※クリックでCiNii Booksを表示
言語 英語
出版国 アメリカ合衆国
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