Scheduled economic announcements create collective ritual arousal that binds global markets

Evidence

Calendars and schedules create an atmosphere of collective anticipation and preparation for specific events that pace and interrupt the regular flow of market activities. Temporal structures of this sort recurrently focus a global field of watchers (i.e., participants) on possible changes of direction of the third object (i.e., the market). They bind the field to specific time frames around which global attention is heightened and in relation to which expectations are created. The ordinary temporal flow of synchronous and sequential time-zone observation is thus punctuated regularly by potentially trendchanging occurrences. The scheduled character of these events not only synchronizes experience on a collective and global level but also adds to it a measure of periodic emotional arousal (see Zerubiavel 1981, pp. 65–68). Durkheim ( 1964) thought such arousal was central to the creation of a feeling of solidarity; he assumed that the we experience arises when a group becomes excited. Thus, synchronized collective emotional arousal around weekly, monthly, and quarterly calendar events can plausibly be assumed to further enhance the integration of dispersed global groups. — Karin Knorr Cetina & Urs Bruegger, Global Microstructures, 97

Categorization

• XREF: Directly extends Durkheim’s collective effervescence; maps onto the existing ADDENDUM interest in sacrifice/ritual as stabilizer of social orders. — connects to: Scheduled market events synchronize global attention and create periodic emotional arousal — Karin Knorr Cetina & Urs Bruegger, Global Microstructures: The Virtual…, 97; Unscheduled events also punctuate market flow and refocus global attention — Karin Knorr Cetina & Urs Bruegger, Global Microstructures: The Virtual…, 97; Global traders form communities of time by observing a shared screen object — Karin Knorr Cetina & Urs Bruegger, Global Microstructures: The Virtual…, 60 (+4 more)
• SEED: A piece on NFP Fridays and CPI days as genuinely liturgical events in a secular global religion of markets.

Related

• Scheduled market events synchronize global attention and create periodic emotional arousal (similarity 0.87)

Broader Connections

• Scheduled market events synchronize global attention and create periodic emotional arousal #corroborates (0.95) — Karin Knorr Cetina & Urs Bruegger, Global Microstructures, 97
• Global markets form communities of time bound by a common observed screen object. #corroborates (0.90)
• Shared temporal structuring of a common object distinguishes global markets from ordinary electronic groups #corroborates (0.85) — Karin Knorr Cetina & Urs Bruegger, Global Microstructures, 141
• Global traders form communities of time by observing a shared screen object #expands (0.82) — Karin Knorr Cetina & Urs Bruegger, Global Microstructures, 60
• Unscheduled events also punctuate market flow and refocus global attention #qualifies (0.80) — Karin Knorr Cetina & Urs Bruegger, Global Microstructures, 97
• Global market interaction produces intersubjectivity beyond face-to-face encounters #expands (0.75) — Karin Knorr Cetina & Urs Bruegger, Global Microstructures, 98
• Ongoing markets sustain continual synchronous interaction unlike typical electronic groups #expands (0.72) — Karin Knorr Cetina & Urs Bruegger, Global Microstructures, 142