Generational obligation, not reciprocity, sustains moral discipline in trading communities.

Evidence

Actions that are seen as unduly opportunistic are punished by “freezing out,” and actions that are perceived as in the common good are rewarded with “respect” (Melamed interview). Generosity gives rise to obligation, sometimes between generations rather than in the form of mutual reciprocity. — Donald MacKenzie, An Engine, Not a Camera, 685

Categorization

• DEFINE: Freezing out and respect are introduced as the social-control mechanisms of the futures exchange floor.
• XREF: Connects to sociological accounts of reputation and moral economies, and to the Milgrom reputation literature on how communities sustain honest dealing without formal institutions. — connects to: Ancestral-calling logic forces immorality to be preserved across generations; Markets sustain social bonds and moral codes even as they conceal exploitation — Aris Komporozos-Athanasiou, Speculative Communities: Living with…, 162

Broader Connections

• Ancestral-calling logic forces immorality to be preserved across generations #complicates (0.75)