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Financial Derivatives and the Globalization of Risk (04 Edition)

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Financial Derivatives and the Globalization of Risk (04 Edition) Cover

 

Synopses & Reviews

Publisher Comments:

The market for financial derivatives is far and away the largest and most powerful market in the world, and it is growing exponentially. In 1970 the yearly valuation of financial derivatives was only a few million dollars. By 1980 the sum had swollen to nearly one hundred million dollars. By 1990 it had climbed to almost one hundred billion dollars, and in 2000 it approached one hundred trillion. Created and sustained by a small number of European and American banks, corporations, and hedge funds, the derivatives market has an enormous impact on the economies of nations—particularly poorer nations—because it controls the price of money. Derivatives bought and sold by means of computer keystrokes in London and New York affect the price of food, clothing, and housing in Johannesburg, Kuala Lumpur, and Buenos Aires. Arguing that social theorists concerned with globalization must familiarize themselves with the mechanisms of a world economy based on the rapid circulation of capital, Edward LiPuma and Benjamin Lee offer a concise introduction to financial derivatives.

LiPuma and Lee explain how derivatives are essentially wagers—often on the fluctuations of national currencies—based on models that aggregate and price risk. They describe how these financial instruments are changing the face of capitalism, undermining the power of nations and perpetrating a new and less visible form of domination on postcolonial societies. As they ask: How does one know about, let alone demonstrate against, an unlisted, virtual, offshore corporation that operates in an unregulated electronic space using a secret proprietary trading strategy to buy and sell arcane financial instruments? LiPuma and Lee provide a necessary look at the obscure but consequential role of financial derivatives in the global economy.

Synopsis:

Cultural studies exploration of the implications of the circulation of increasingly abstract forms of capital in the contemporary global economy.

About the Author

Edward LiPuma is Professor of Anthropology at the University of Miami. He is the author of Encompassing Others: The Magic of Modernity in Melanesia and coeditor of Bourdieu: Critical Perspectives.

Benjamin Lee is Professor of Anthropology and Philosophy at New School University and Dean of its Graduate Faculty of Political and Social Science. He is the author of Talking Heads: Language, Metalanguage, and the Semiotics of Subjectivity (published by Duke University Press) and coeditor of Semiotics, Self, and Society.

Product Details

ISBN:
9780822334187
Author:
Lipuma, Edward
Publisher:
Duke University Press
Author:
Warner, Michael
Author:
Lee, Benjamin
Author:
Kramer, Jane
Author:
Gaonkar, Dilip Parameshwar
Author:
Lipuma, Edward
Location:
Durham, N.C.
Subject:
Risk management
Subject:
Derivative securities
Subject:
Investments & Securities - Futures
Subject:
Financial services industry
Subject:
Globalization
Subject:
Financial services industry - Risk management
Subject:
Investments & Securities
Subject:
General-General
Edition Description:
Trade Paper
Series:
Public Planet Books
Series Volume:
2003-03
Publication Date:
20040931
Binding:
TRADE PAPER
Language:
English
Pages:
224
Dimensions:
8 x 5.38 in

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Related Subjects

Business » Investing
Business » Investing » Futures
History and Social Science » Politics » General
History and Social Science » Politics » United States » Foreign Policy
Reference » Science Reference » Technology

Financial Derivatives and the Globalization of Risk (04 Edition) New Trade Paper
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Product details 224 pages Duke University Press - English 9780822334187 Reviews:
"Synopsis" by ,
Cultural studies exploration of the implications of the circulation of increasingly abstract forms of capital in the contemporary global economy.
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