What is it about?
Are financial markets aggregate of individuals who pursue their expected utilities in a cultural void? What does a market culture look like ? How does the historical sociological evolution of a market come about and affect individuals' perceptions and behaviour in a financial market? This article provides theoretical and empirical answers to these questions from a peripheral point in the global financial system- namely, the Istanbul Stock Exchange .
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Why is it important?
The article explores the historical sociological evolution of the Istanbul Stock Exchange since its opening in 1986 and how retail investors and their brokers have contributed to and affected by this process. In this exploration, it applies the markets-as-cultures perspective of Mitch Abolafia, which he came up with after his extensive ethnographic study of major US markets, to an emerging market setting. Markets-as-cultures focuses on exploring the constitutive rules and roles and the local rationalities in a market setting.
Perspectives
I hope this article gives a sociological and cultural perspective to financial markets and their seeming hyper rationality.
Dr Emre Tarim
Lancaster University
Read the Original
This page is a summary of: Two Waves of Globalization in the Istanbul Stock Exchange since 1985 and the Evolution of the Domestic Retail Investor, Competition & Change, December 2010, SAGE Publications,
DOI: 10.1179/102452910x12837703615535.
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