Abstract Market Theory
Financial markets play a huge role in society but theoretical reflections on what constitutes these markets are scarce. Drawing on sources in philosophy, finance, the history of modern mathematics, sociology and anthropology, Abstract Market Theory elabor
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Abstract Market Theory Jon Roffe University of New South Wales, Australia
© Jon Roffe 2015
Softcover reprint of the hardcover 1st edition 2015 978-1-137-51174-4 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6–10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The author has asserted his right to be identified as the author of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2015 by PALGRAVE MACMILLAN Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan in the US is a division of St Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries.
ISBN 978-1-349-55279-5 ISBN 978-1-137-51175-1 (eBook) DOI 10.1057/9781137511751 This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental regulations of the country of origin. A catalogue record for this book is available from the British Library. A catalog record for this book is available from the Library of Congress.
For V. G. – excipe furticas et refer ipsa notas.
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Contents Preface
viii
Acknowledgements
ix
Abbreviations for Commonly Cited Works
x
Introduction – For an Abstract Market Theory
1
Part I 1 2 3 4
Probability and Contingency From Price to the Market The Writing of Price The Intensive Pricing Surface Part II
5 6 7 8
The Being of the Market 9 25 37 64
Realization of the Market
Social Inscription States of the Market Temporality Propositions of Abstract Market Theory
91 106 134 150
Notes
153
Works Cited
170
Index
177
vii
Preface This book presents a philosophy of the market. Rather than demarcate a whole field of engagement, it presents a single chain of concepts, a single line of thought. The various terrains that it cuts through – twentiethcentury French philosophy (particularly that of Gilles Deleuze), finance, sociology, and psychoanalysis – are all familiar, and what follows in no way pretends to exhaust either these fields or the scholarship that turns around them. Neither is the account given its full exte
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