Moral suasion via respect and obligation recruided members to trade new derivatives products.

Evidence

“Respect” and “obligation,” in their turn, are resources for moral suasion. The need for collective action did not cease once financial derivatives began to be traded. Members of the Board of Trade and of the Mere had to be persuaded to spend some time, and devote some money, to trading the new products, even though they might not at first offer the same opportunities as more familiar commodities: as the new markets were established, trade in agricultural futures was reviving, for example with the beginning of grain sales to the Soviet Union. — Donald MacKenzie, An Engine, Not a Camera, 687

Categorization

• QUESTION: The claim that members had to be persuaded to trade new products implies collective-action coordination was genuine and laborious; would be worth verifying how often such persuasion failed or was contested.
• XREF: connects to: New derivatives markets initially lacked liquidity and depended on founders’ moral suasion to survive — Donald MacKenzie & Yuval Millo, Constructing a Market, Performing Theory, 84; Moral reciprocity can produce trustworthiness in the encapsulated-interest sense — Russell Hardin, Trust and Trustworthiness, 217; Ethical persuasion frameworks smuggle in unexamined standards of what counts as good — Jenny Odell, How to Do Nothing: Resisting the…, 411 (+2 more)

Broader Connections

• Moral reciprocity can produce trustworthiness in the encapsulated-interest sense #corroborates (0.75) — Russell Hardin, Trust and Trustworthiness, 217
• Ethical persuasion frameworks smuggle in unexamined standards of what counts as good #qualifies (0.70) — Jenny Odell, How to Do Nothing, 411