Back in the Bazaar: Taking Pierre Bourdieu to a Trading Room

Godechot, Olivier

doi:10.1080/17530350.2015.1116461

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Back in the Bazaar: Taking Pierre Bourdieu to a Trading Room

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Godechot, Olivier
Max Planck Sciences Po Center on Coping with Instability in Market Societies (MaxPo), MPI for the Study of Societies, Max Planck Society;

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http://dx.doi.org/10.1080/17530350.2015.1116461
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Godechot, O. (2016). Back in the Bazaar: Taking Pierre Bourdieu to a Trading Room. Journal of Cultural Economy, 9(4), 410-429. doi:10.1080/17530350.2015.1116461.

Zitierlink: https://hdl.handle.net/11858/00-001M-0000-002A-1BA5-0

Zusammenfassung

Drawing on Pierre Bourdieu's theory of aesthetic judgment, this text offers an inductive account of financial reasoning inside a trading room. Driven to maximise bank profits, trading room operators do not find ‘one best way’. Rather they choose among several possible winning strategies: mathematical arbitrage, economic analysis, chartist analysis. These strategies differ sharply from one another in their conception of the market, method, proximity to scholarly knowledge, and legitimacy. We show that the choice of one method depends on a system of tastes and distastes that are both historical – depending on individuals’ social and educational background – and relational – depending on the individual's relative position within the trading room viewed as a field.