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Decision Taking, Confidence and Risk Management in Banks from Early Modernity to the 20th CenturyFinancial Centres as Fields: Reflections on Habitus and Risk in the Nineteenth and Twentieth Centuries

Decision Taking, Confidence and Risk Management in Banks from Early Modernity to the 20th... [This article develops a new understanding of the financial centre as a unit of analysis. It draws on Pierre Bourdieu’s generative structuralism to argue that financial centres constitute fields that possess a distinctive habitus through which risk is judged. Furthermore, Douglass North’s New Institutional Economics is used to argue that this distinctive habitus is the product of a combination of ‘hard’ and ‘soft’ forces: economic and business structures, the role of states, social networks, and cultural factors. It pushes beyond a simple geographical understanding of the financial centre while asserting that the financial centre is indeed a critical level of analysis. Moreover, the approach taken strongly suggests the need for historians of finance to incorporate broader macro-level political, economic, social and cultural developments into their analyses.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Decision Taking, Confidence and Risk Management in Banks from Early Modernity to the 20th CenturyFinancial Centres as Fields: Reflections on Habitus and Risk in the Nineteenth and Twentieth Centuries

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References (37)

Publisher
Springer International Publishing
Copyright
© The Editor(s) (if applicable) and The Author(s) 2017
ISBN
978-3-319-42075-2
Pages
125 –145
DOI
10.1007/978-3-319-42076-9_6
Publisher site
See Chapter on Publisher Site

Abstract

[This article develops a new understanding of the financial centre as a unit of analysis. It draws on Pierre Bourdieu’s generative structuralism to argue that financial centres constitute fields that possess a distinctive habitus through which risk is judged. Furthermore, Douglass North’s New Institutional Economics is used to argue that this distinctive habitus is the product of a combination of ‘hard’ and ‘soft’ forces: economic and business structures, the role of states, social networks, and cultural factors. It pushes beyond a simple geographical understanding of the financial centre while asserting that the financial centre is indeed a critical level of analysis. Moreover, the approach taken strongly suggests the need for historians of finance to incorporate broader macro-level political, economic, social and cultural developments into their analyses.]

Published: Jan 27, 2017

Keywords: Central Bank; Financial Organisation; Banking System; Political Culture; Money Market

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