This paper elaborates three approaches to the issue of state autonomy, and uses two empirical cases (British and American treasury policy during the 1930s) to illustrate them. The three approaches are the group affiliations approach, which considers the social characteristics of the individuals who work in an organization; the structural dependence approach, which considers the structural position of the organization within a network of resource flows; and a cultural approach, which considers the role of ideology in the determination of organizational (...) autonomy. The application of these three approaches to the two cases gives some support to all three, but the cultural approach proves especially useful in conjunction with the other two. (shrink)

After decades of deregulation and innovation, contemporary financial markets remain firmly anchored in law and legal institutions. The idea that private financial actors simply want to escape government oversight and regulation is simplistic as private interests find the coercive powers of the state too useful to forgo. Instead, such actors engage law selectively to create a more certain environment for themselves and their profit-seeking activities. Contract law adds certainty to financial transactions; law shapes how financial actors use information and exploit (...) information technology; law constitutes financial values; and law allows financial institutions to be turned into assets. Law’s application is shaped by changing conceptions of risk, as well as by new business models for financial institutions. (shrink)

Money undergirds market exchange, but the social significance of money goes well beyond the obvious importance of its highly uneven distribution in modern market economies. In addition, modern money imposes an ostensibly precise and unidimensional valuation on social products, processes and relations that often conflicts with other modes of social valuation. In this regard, monetarization is a particular instance of quantification. Money’s status as an official economic metric is the result of a long, contingent, and uneven historical process. Given alternative (...) forms of valuation, people manage and constrain the commensurability of money through a variety of individual, institutional and organizational practices. The social reception of money is active, not passive. A variety of examples are discussed to illustrate and develop these points. (shrink)

This paper elaborates three approaches to the issue of state autonomy, and uses two empirical cases (British and American treasury policy during the 1930s) to illustrate them. The three approaches are the group affiliations approach, which considers the social characteristics of the individuals who work in an organization; the structural dependance approach, which considers the structural position of the organization within a network of resource flows; and a cultural approach, which considers the role of ideology in the determination of organizational (...) autonomy. The application of these three approaches to the two cases gives some support to all three, but the cultural approach proves especially useful in conjunction with the other two. (shrink)