The article discusses the use of algorithmic models in finance. Algo trading is widespread but also somewhat controversial in modern financial markets. It is a form of automated trading technology, which critics claim can, among other things, lead to market manipulation. Drawing on three cases, this article shows that manipulation also can happen in the reverse way, meaning that human traders attempt to make algorithms ‘make mistakes’ by ‘misleading’ them. These attempts to manipulate are very simple and immediately transparent to (...) humans. Nevertheless, financial regulators increasingly penalize such attempts to manipulate algos. The article explains this as an institutionalization of algo trading, a trading practice which is vulnerable enough to need regulatory protection. (shrink)

The Representative Claim is set to transform our core assumptions about what representation is and can be. At a time when political representation is widely believed to be in crisis, the book provides a timely and critical corrective to conventional wisdom on the present and potential future of representative democracy.

Recent work on the idea of political representation has challenged effectively orthodox accounts of constituency and interests. However, discussions of representation need to focus more on its dynamics prior to further work on its forms. To that end, the idea of the representative claim is advanced and defended. Focusing on the representative claim helps us to: link aesthetic and cultural representation with political representation; grasp the importance of performance to representation; take non-electoral representation seriously; and to underline the contingency and (...) contestability of all forms of representation. The article draws upon a range of sources and ideas to sketch a new, broader and more complex picture of the representative claim which — despite the complexity — helps us to reconnect representation theory to pressing real-world challenges. (shrink)

In business and government, databases contain large quantities of digital transactional data (purchases made, services used, finances transferred, benefits received, licences acquired, borders crossed, tickets purchased). The data can be understood as ongoing and dynamic measurements of the activities and doings of people. In government, numerous database devices have been developed to connect such data across services to discover patterns and identify and evaluate the performance of individuals and populations. Under the UK’s New Labour government, the development of such devices (...) was part of a broader policy known as ‘joined-up thinking and government’. Analyses of this policy have typically understood joining up as an operation of adding together distributed data about subjects, which can then be used in the service of government surveillance, the database state or informational capitalism. But rather than such technical or managerialist analytics, I argue that topological analytics capture what these database devices enact and do: they materialize the ‘individuality’ of subjects in intensified, distributed and fluctuating ways and materialize and intensify a logic of what Deleuze describes as modulating controls. Through examples of UK New Labour social policy initiatives over the past decade, I argue that topological analytics can account for these as immanent rather than exceptional properties of database devices and, as such, part and parcel of a governmental logic and ontology of subjects. (shrink)

The Snowden revelations about National Security Agency surveillance, starting in 2013, along with the ambiguous complicity of internet companies and the international controversies that followed provide a perfect segue into contemporary conundrums of surveillance and Big Data. Attention has shifted from late C20th information technologies and networks to a C21st focus on data, currently crystallized in “Big Data.” Big Data intensifies certain surveillance trends associated with information technology and networks, and is thus implicated in fresh but fluid configurations. This is (...) considered in three main ways: One, the capacities of Big Data intensify surveillance by expanding interconnected datasets and analytical tools. Existing dynamics of influence, risk-management, and control increase their speed and scope through new techniques, especially predictive analytics. Two, while Big Data appears to be about size, qualitative change in surveillance practices is also perceptible, accenting consequences. Important trends persist – the control motif, faith in technology, public-private synergies, and user-involvement – but the future-orientation increasingly severs surveillance from history and memory and the quest for pattern-discovery is used to justify unprecedented access to data. Three, the ethical turn becomes more urgent as a mode of critique. Modernity's predilection for certain definitions of privacy betrays the subjects of surveillance who, so far from conforming to the abstract, disembodied image of both computing and legal practices, are engaged and embodied users-in-relation whose activities both fuel and foreclose surveillance. (shrink)

This commentary is an attempt to begin to identify and think through some of the ways in which sociocultural theory may contribute to understandings of the relationship between humans and digital data. I develop an argument that rests largely on the work of two scholars in the field of science and technology studies: Donna Haraway and Annemarie Mol. Both authors emphasised materiality and multiple ontologies in their writing. I argue that these concepts have much to offer critical data studies. I (...) employ the tropes of companion species, drawn from Haraway, and eating data, from Mol, and demonstrate how these may be employed to theorise digital data–human assemblages. (shrink)

Research in Science and Technology Studies (STS) tends to presume that intellectual and political radicalism go hand in hand. One would therefore expect that the most intellectually radical movement in the field relates critically to its social conditions. However, this is not the case, as demonstrated by the trajectory of the Parisian School of STS spearheaded by Michel Callon and Bruno Latour. Their position, "actor-network theory," turns out to be little more than a strategic adaptation to the democratization of expertise (...) and the decline of the strong nation-state in France over the past 25 years. This article provides a prehistory of this client-driven, contract-based research culture in U.S. sociology of the 1960s, followed by specific features of French philosophical and political culture that have bred the distinctive tenets of actor-network theory. Insofar as actor-network theory has become the main paradigm for contemporary STS research, it reflects a field that dodges normative commitments in order to maintain a user-friendly presence. (shrink)

"Mille Plateaux (Paris, Éditions de Minuit, 1980) est le second des deux volumes ayant pour sous-titre Capitalisme et schizophrénie issu de la collaboration entre le philosophe Gilles Deleuze et le philosophe et psychanalyste Félix Guattari. Cet ouvrage continue à explorer par des voies inédites - en s'attaquant notamment à une série d'erreurs afférentes selon les auteurs à l'arborescence, à l'État, au langage... - la question déjà avancée dans L'Anti-Œdipe (premier volume) d'une ontologie révolutionnaire des devenirs ("presque imperceptibles") qui ne cessent (...) de défaire l'histoire des identités ("primauté des lignes de fuite") et de produire des "coups" imprévisibles au sociologue et au militant. Sans doute le livre politique de Deleuze et Guattari le plus important, grâce à sa conception originale du pluralisme (l'individu n'y est pas conçu comme fondement de l'organisation sociale : les subjectivités sociales sont toujours au-dessus ou en dessous du niveau de l'individu, composant et décomposant des collectivités de toutes sortes)"--Wikipedia = Mille Plateaux (Paris: Editions de Minuit, 1980) is the second of two volumes which comes in the series of Capitalism and Schizophrenia is a result of collaboration between the philosopher Gilles Deleuze and Felix Guattari, philosopher and psychoanalyst. This book continues to explore new paths - including addressing a series of errors by the authors related to the tree, the state, the language... - that are already dealt with in Anti-Oedipus (first volume) of an ontology of revolutionary futures; the latter continues to unravel the history of identities ("primacy of lines of flight") and produce "coups" unforeseeable to the sociologist and activist. No doubt the political book of Deleuze and Guattari's is the most important, with its original conception of pluralism (the individual is not conceived as the foundation of social organization: social subjectivities are always above or below of the individual level, composing and decomposing communities of all kinds).". (shrink)

The Specter of Capital provides a searching historical analysis and critique of the role of classical and neoclassical economic theory in creating the economic conditions which produced the global financial crisis.

Around the globe, economists affect markets by saying what markets are doing, what they should do, and what they will do. Increasingly, experimental economists are even designing real-world markets. But, despite these facts, economists are still largely thought of as scientists who merely observe markets from the outside, like astronomers look at the stars. Do Economists Make Markets? boldly challenges this view. It is the first book dedicated to the controversial question of whether economics is performative--of whether, in some cases, (...) economics actually produces the phenomena it analyzes.The book's case studies--including financial derivatives markets, telecommunications-frequency auctions, and individual transferable quotas in fisheries--give substance to the notion of the performativity of economics in an accessible, nontechnical way. Some chapters defend the notion; others attack it vigorously. The book ends with an extended chapter in which Michel Callon, the idea's main formulator, reflects upon the debate and asks what it means to say economics is performative.The book's insights and strong claims about the ways economics is entangled with the markets it studies should interest--and provoke--economic sociologists, economists, and other social scientists.In addition to the editors and Callon, the contributors include Marie-France Garcia-Parpet, Francesco Guala, Emmanuel Didier, Philip Mirowski, Edward Nik-Khah, Petter Holm, Vincent-Antonin Lépinay, and Timothy Mitchell. (shrink)

The debtor-creditor relation, which is at the heart of this book, sharpens mechanisms of exploitation and domination indiscriminately, since, in it, there is no distinction between workers and the unemployed, consumers and producers, working and non-working populations, between retirees and welfare recipients. They are all "debtors," guilty and responsible in the eyes of capital, which has become the Great, the Universal, Creditor.--from The Making of the Indebted Man Debt -- both public debt and private debt Has become a major concern (...) of economic and political leaders. In The Making of the Indebted Man, Maurizio Lazzarato shows that, far from being a threat to the capitalist economy, debt lies at the very core of the neoliberal project. Through a reading of Karl Marx's lesser-known youthful writings on John Mill, and a rereading of writings by Friedrich Nietzsche, Gilles Deleuze, Felix Guattari, and Michel Foucault, Lazzarato demonstrates that debt is above all a political construction, and that the creditor/debtor relation is the fundamental social relation of Western societies.Debt cannot be reduced to a simple economic mechanism, for it is also a technique of "public safety" through which individual and collective subjectivities are governed and controlled. Its aim is to minimize the uncertainty of the time and behavior of the governed. We are forever sinking further into debt to the State, to private insurance, and, on a more general level, to corporations. To insure that we honor our debts, we are at once encouraged and compelled to become the "entrepreneurs" of our lives, of our "human capital." In this way, our entire material, psychological, and affective horizon is upended and reconfigured. How do we extricate ourselves from this impossible situation? How do we escape the neoliberal condition of the indebted man? Lazzarato argues that we will have to recognize that there is no simple technical, economic, or financial solution. We must instead radically challenge the fundamental social relation structuring capitalism: the system of debt. (shrink)

_The Uprising_ is an Autonomist manifesto for today's precarious times, and a rallying cry in the face of the catastrophic and irreversible crisis that neoliberalism and the financial sphere have established over the globe. In his newest book, Franco "Bifo" Berardi argues that the notion of economic recovery is complete mythology. The coming years will inevitably see new surges of protest and violence, but the old models of resistance no longer apply. Society can either stick with the prescriptions and "rescues" (...) that the economic and financial sectors have demanded at the expense of social happiness, culture, and the public good; or it can formulate an alternative. For Berardi, this alternative lies in understanding the current crisis as something more fundamental than an economic crisis: it is a crisis of the social imagination, and demands a new language by which to address it. This is a manifesto against the idea of growth, and against the concept of debt, the financial sector's two primary linguistic means of manipulating society. It is a call for exhaustion, and for resistance to the cult of energy on which today's economic free-floating market depends. To this end, Berardi introduces an unexpected linguistic political weapon--poetry: poetry as the insolvency of language, as the sensuous birth of meaning and desire, as that which cannot be reduced to information and exchanged like currency. If the protests now stirring about the world are to take shape and direction, then the revolution will be neither peaceful nor violent--it will be linguistic, or will not be at all. (shrink)

An updated edition of a groundbreaking work on the global financial crisis from a postfordist perspective. The 2010 English-language edition of Christian Marazzi's The Violence of Financial Capitalism made a groundbreaking work on the global financial crisis available to an expanded readership. This new edition has been updated to reflect recent events, up to and including the G20 summit in July 2010 and the broad consensus to reduce government spending that emerged from it. Marazzi, a leading figure in the European (...) postfordist movement, argues that the processes of financialization are not simply irregularities between the traditional categories of wages, rent, and profit, but rather a new type of accumulation adapted to the processes of social and cognitive production today. The financial crisis, he contends, is a fundamental component of contemporary accumulation and not a classic lack of economic growth. Marazzi shows that individual debt and the management of financial markets are actually techniques for governing the transformations of immaterial labor, general intellect, and social cooperation. The financial crisis has radically undermined the very concept of unilateral and multilateral economico-political hegemony, and Marazzi discusses efforts toward a new geomonetary order that have emerged around the globe in response. Offering a radically new understanding of the current stage of international economics as well as crucial post-Marxist guidance for confronting capitalism in its newest form, The Violence of Financial Capitalism is a valuable addition to the contemporary arsenal of postfordist thought. This edition includes the glossary of the esoteric neolanguage of financial capitalism—”Words in Crisis,” from “AAA” to “toxic asset”—written for the first English-language edition, and offers a new afterword by Marazzi. (shrink)