Cultural Life of Risk and Innovation: Imagining New Markets from the Seventeenth Century to the Present

This edited volume explores how innovations are conceived, marketed, navigated, and legitimated from a global perspective, highlighting contrasting experiences such as colonial projecting, trust networks, female investors, life insurance, bubbles, and trusts. It provides a pathbreaking reconsideration of market and business activities in light of the techniques and emotional vectors that infuse them.

Format: Hardback
Length: 176 pages
Publication date: 30 September 2020
Publisher: Taylor & Francis Ltd

Innovation has evolved from a mere means to an end to a sought-after goal in its own right. The concept of the market as a realm of innovation has also emerged. This edited volume offers a comprehensive historical exploration of how innovations are conceived, marketed, navigated, and legitimized on a global scale, highlighting diverse experiences. These experiences encompass colonial projecting in the Dutch New Netherlands, trust networks in the early US securities market, female investors during the Financial Revolution, life insurance in nineteenth-century France, bubbles and trusts in 1920s Shanghai, government regulation of the pre-Revolutionary stock market, and the mixed success of today's bit-coin technology. By examining these diverse contexts in tandem, this volume offers a groundbreaking reevaluation of market and business activities in the light of both the technical aspects and the emotional drivers that shape them.

Colonial Projecting in the Dutch New Netherlands:
The Dutch New Netherlands exemplifies the early stages of market and business development. During the seventeenth century, the Dutch East India Company (VOC) established a colony in the region, bringing with it a capitalist economic system. The VOC sought to project its power and influence through trade and commerce, and the market emerged as a central platform for this endeavor. The colony's economy was characterized by a free market system, where traders and merchants were allowed to engage in unrestricted trade without government interference. This system facilitated the exchange of goods and services, leading to the growth of industries and the development of a prosperous society.

Trust Networks in the Early US Securities Market:
In the early days of the US securities market, trust networks played a crucial role in facilitating transactions and promoting innovation. Before the establishment of formal stock exchanges, investors relied on trust and personal relationships to buy and sell securities. These trust networks were based on a shared sense of trust and mutual benefit, and they allowed investors to pool their resources and invest in larger projects. This system facilitated the growth of the stock market and the development of new financial instruments, such as stocks and bonds.

Female Investors during the Financial Revolution:
The Financial Revolution of the eighteenth and nineteenth centuries saw a significant increase in the participation of female investors in the market. Women were often excluded from traditional investment opportunities, but they began to gain access to financial markets as the economy expanded. Female investors played a crucial role in driving innovation in the stock market, as they were often more risk-averse than male investors and were more likely to seek out new and innovative investment opportunities. This led to the development of new financial instruments, such as mutual funds and index funds, that were designed to appeal to female investors.

Life Insurance in Nineteenth-Century France:
Life insurance emerged as a significant innovation in nineteenth-century France. Prior to the development of life insurance, individuals faced significant financial risks in the event of their death. Life insurance provided a way for individuals to protect their families and assets from these risks. The development of life insurance was driven by a combination of technological advancements, such as the invention of the telegraph, and economic factors, such as the rise of the middle class and the increasing demand for financial security.

Bubbles and Trusts in 1920s Shanghai:
The 1920s in Shanghai was a period of economic boom and innovation, characterized by the emergence of bubbles and trusts. The stock market in Shanghai was highly speculative and volatile, and investors were often driven by a desire for quick profits. Bubbles emerged as a result of this speculation, as investors bought stocks at inflated prices, hoping to sell them at a higher price later. However, these bubbles often burst, leading to significant losses for investors. Trusts, on the other hand, were a form of investment that involved pooling resources and investing in a diversified portfolio of assets. These trusts were often managed by professional investors and were designed to provide a stable return for investors.

Government Regulation of the Pre-Revolutionary Stock Market:
In the pre-Revolutionary period in France, the stock market was heavily regulated by the government. The government sought to protect investors from fraud and manipulation, and it established a series of rules and regulations to govern the market. These regulations included the establishment of stock exchanges, the requirement for companies to disclose financial information, and the imposition of taxes on stock transactions. However, the government's regulation of the stock market also led to a lack of innovation and growth, as it limited the ability of investors to engage in risky and innovative investments.

The Mixed Success of Today's Bit-Coin Technology:
Bit-Coin technology is a recent innovation that has gained significant attention in the financial world. Bit-Coin is a decentralized digital currency that operates on a peer-to-peer network, and it is designed to provide a secure and transparent means of transactions. Bit-Coin has faced a mixed success in the financial world, with some investors praising its potential for revolutionizing the way of transactions and others criticizing its high volatility and lack of regulatory oversight.

In conclusion, the evolution of innovation from a means to an end to a sought-after goal has been a complex and multifaceted process. The concept of the market as a realm of innovation has also emerged, and this edited volume offers a comprehensive historical exploration of how innovations are conceived, marketed, navigated, and legitimized on a global scale. By examining diverse experiences, such as colonial projecting, trust networks, female investors, life insurance, bubbles and trusts, government regulation, and bit-coin technology, this volume provides a groundbreaking reevaluation of market and business activities in the light of both the technical aspects and the emotional drivers that shape them. The experiences discussed in this volume highlight the importance of understanding the historical context in which innovations and markets have developed, as well as the role that different actors, such as governments, companies, and individuals, have played in shaping their evolution.

Weight: 398g
Dimension: 158 x 236 x 18 (mm)
ISBN-13: 9780367361501