Financial derivatives grew from nothing to $108 trillion by 2000

Evidence

In 1970, financial derivatives were unimportant (no reliable figures for market size exist). By June 2000, the total notional amount of derivatives contracts outstanding worldwide was 108 trillion, the equivalent of 18,000 for every human being on earth. — Donald MacKenzie & Yuval Millo, Constructing a Market, Performing Theory, 23

Categorization

• CANDY: A striking, tweetable stat: derivatives went from nonexistent to $18,000 per person on earth in 30 years.
• XREF: Connects to the broader story of financial liberalization and derivatives’ explosive growth. — connects to: Financial derivatives grew from obscurity to $108 trillion notional value in three decades; Derivative markets grew from near-zero to systemically central in seventeen years — Donald MacKenzie, An Engine, Not a Camera: How Financial…, 31; Nominal derivatives totals overstate their significance by roughly a hundredfold — Donald MacKenzie, An Engine, Not a Camera: How Financial…, 32 (+2 more)

Broader Connections

• Financial derivatives grew from obscurity to $108 trillion notional value in three decades #corroborates (1.00)
• Derivative markets grew from near-zero to systemically central in seventeen years #corroborates (0.95) — Donald MacKenzie, An Engine, Not a Camera, 31
• Nominal derivatives totals overstate their significance by roughly a hundredfold #qualifies (0.85) — Donald MacKenzie, An Engine, Not a Camera, 32
• Derivatives evolved from risk-hedging tools into a dominant speculative asset class #expands (0.80) — Max Haiven, Cultures of Financialization, 135
• Interest-rate swaps made up nearly half of global derivatives notional amounts in 2004 #exemplifies (0.75) — Donald MacKenzie, An Engine, Not a Camera, 979