Markets operate as processual social systems shaped by trader practice, knowledge, and globality

Evidence

In addition to contributing to the opening up of microsociology for global studies, this article seeks to extend economic sociology both through the analysis of a global market variant and through our specific approach, which is oriented toward markets as “processual” systems. A central proposition of the new economic sociology on which this article draws is that economic action “is a form of social action” (Swedberg and Granovetter 1992, pp. 6–7; Swedberg 1997, p. 162). In this article, we emphasize three features of the markets studied that specify market action and that we want to add to the characterization of microstructuration. Referred to here are the distinctive features of these markets as “cambist” or trader markets, their intersection with knowledge, and their already-mentioned globality, which needs to be recognized from an economic-sociology point of view as an increasingly important feature of most economic action. — Karin Knorr Cetina & Urs Bruegger, Global Microstructures, 35

Categorization

• DEFINE: Introduces the central analytic orientation of ‘markets as processual systems’ and the ‘cambist/trader market’ concept, foundational terminology for the whole chapter.
• XREF: Connects to Granovetter’s embeddedness tradition; the ‘economic action is a form of social action’ framing echoes the reader’s prior knowledge of new economic sociology. — connects to: Markets can be performatively constructed by agents who are not atomistic homo economicus — Donald MacKenzie & Yuval Millo, Constructing a Market, Performing Theory, 25; Interbank currency traders form a global social system distinct from local exchange brokerages — Karin Knorr Cetina & Urs Bruegger, Global Microstructures: The Virtual…, 13; Geographically dispersed but mutually oriented actors form global microstructures that bind markets together. — Karin Knorr Cetina & Urs Bruegger, Global Microstructures: The Virtual…, 18 (+7 more)

Related

• Geographically dispersed but mutually oriented actors form global microstructures that bind markets together. (similarity 0.88)
• Global markets are assembled through microsocial patterns of relatedness and coordination (similarity 0.87)
• Interbank currency traders form a global social system distinct from local exchange brokerages (similarity 0.87)
• Fieldwork on trading floors reveals the microstructural and knowledge-embedded basis of global trading systems. (similarity 0.86)
• Markets combine distinct forms of coordination beyond network embeddedness, including reflexive temporal coordination. (similarity 0.82)
• Microsocial interactions have risen to structural equivalence with macroscopic global phenomena. (similarity 0.81)
• Market conversations do not merely transmit information but perform the economic action itself (similarity 0.80)
• Karin Knorr Cetina & Urs Bruegger — Global Microstructures The Virtual Societies of Financial Markets (similarity 0.80)
• Markets manifest a third embeddedness type beyond relational and structural forms (similarity 0.80)
• Global market interaction produces intersubjectivity beyond face-to-face encounters (similarity 0.79)
• Geographically dispersed markets achieve social integration through time, not space (similarity 0.79)
• Market conversations do not convey information but perform trades. (similarity 0.78)
• Global social fields can form from micro interactions without complex organization. (similarity 0.78)
• Financial markets show the most intricate response-presence-based global integration (similarity 0.78)

Broader Connections

• Global markets are assembled through microsocial patterns of relatedness and coordination #corroborates (0.85) — Donald MacKenzie, An Engine, Not a Camera, 1086
• Fieldwork on trading floors reveals the microstructural and knowledge-embedded basis of global trading systems. #expands (0.85) — Karin Knorr Cetina & Urs Bruegger, Global Microstructures, 46
• Trader sociality persists inside electronic markets and was ethnographically documented #corroborates (0.80)
• Economic transactions are governed by their embeddedness in social networks #corroborates (0.75) — TOMASZ OLEJNICZAK, Development of Trust in Low-Trust…, 17
• The trading platform infrastructure itself shapes whether trust relationships emerge #expands (0.72) — Karin Knorr Cetina & Urs Bruegger, Global Microstructures, 132
• Trading screens function as observatories permitting remote participation in market constitution #expands (0.70) — Karin Knorr Cetina & Urs Bruegger, Global Microstructures, 85