The machine in the market: Computers and the infrastructure of price at the New York Stock Exchange, 1965-1975.

This article traces the development and expansion of early computer systems for managing and disseminating 'real-time' market data at the most influential stock market in the United States, the New York Stock Exchange (NYSE). It follows electronic media at the NYSE over a roughly ten-year period, from the time of the deployment of a computer called the Market Data System (MDS) through debates surrounding the National Market System and the passage of the 1975 Securities Acts Amendments. Building on research at the archives of the NYSE and the Securities and Exchange Commission (SEC), this history emphasizes the regulatory and managerial contexts in which market data became computerized. The SEC viewed market automation as both necessary for the viability of the securities industry and a mechanism for expanding regulatory oversight over the venues of stock trading. Moving from the MDS to later technical projects in the late 1960s and early 1970s, this article charts the changing meaning of electronic governance in a market increasingly conceptualized as a technical object. Adding to recent work in the social studies of finance and financial technologies, this history sites early NYSE computerization programs within managerial efforts to consolidate control over the clerical labor of financial markets, and in contests between regulatory and market institutions. It concludes by exploring the differing forms of electronic governance activated in these efforts to bring computers into the market.

Money and sentiment: a psychodynamic approach to behavioral finance.

This article tackles one of the timeliest issues for both practitioners and patients today: sentiment, psychodynamics, and the stock market. Economic bubbles and crashes have occurred regularly through history -- from Holland's 17th century tulip mania, to America's 19th century railway mania, to the 1990s high-tech obsession. Though most investors regard themselves as investing rationally, few do. Instead they react collectively, buying high and selling low in crowds. Being subject to the illusion of control, they follow regressive behavior patterns and irrational, wishful thinking. They are victimized by their own emotions of hope, fear, and uncertainty. Crises happen often in economics. Indeed, the market itself may be quantified as a conglomeration of human sentiment. The relationship between magical thinking and the pictorial language of the market will be explored. Psychodynamic conceptualizations about risk and speculation are discussed, as are the interplay of affects versus judgment, rational thinking, and the knowledge of one's own capacity for stress tolerance.

Tracking the majority: households, older workers, and retirement during the Great Depression.

OBJECTIVES: Well into the 20th century, elderly people relied on traditional means of support, such as children's financial contributions or continued labor force activity. After the institution of Social Security in the late 1930s, retirement--permanent withdrawal from the labor force with financial arrangements made for support--became an expected part of the life cycle of men 65 years and older in the United States. This research explores the extent of retirement and methods to finance it in the period just before Social Security became available. METHODS: The 1935-1936 Study of Consumer Purchases (SCP) contains information on demographic and economic conditions for 5,975 households. The SCP is a rich but underutilized source of data on household behavior. The data allow two definitions of labor force activity to be constructed; descriptive statistics identify factors associated with retirement. RESULTS: Alternative sources of support, such as pensions and investment income, have been thought to be relatively insignificant before the 1940s. This article shows that retirement in the modern sense appeared before state provision of support for aged persons. SCP data indicate considerable reliance on such financial instruments, a particularly noteworthy result given Depression conditions. Pension and investment income also helps identify persons who might report a gainful occupation but appear to have withdrawn from labor force activity, meeting a modern definition of retirement. DISCUSSION: The SCP, collected just as Social Security was enacted, reveals that nonfamilial sources of income like pensions and investments had begun to underwrite retirement without dependence on family members. Many older persons relied on these instruments for support in old age, and many did not have children present in their households. These results constitute evidence for an independent, nonfamily-based retirement before governmental provision of assistance through Social Security.

MIIX reinvents itself, again.

The Medical Inter-Insurance Exchange (MIIX) converted from a reciprocal exchange to a stock company, on August 4, 1999. At the same time, MIIX completed an initial public offering of stock and is now listed on the New York Stock Exchange as The MIIX Group, Inc., under the symbol "MHU." In order to understand the necessity and process of this transformation, a review of the history and operation of MIIX is helpful.

[From biodiversity to biodiversification: a new economy of nature?]. / Von Biodiversität zu Biodiversifizierung: Eine Neue Okonomie der Natur?

This paper explores the relations between economy and ecology in the last quarter of the 20th century with the example of biodiversity. From its definition in the 1980s, the concept of biodiversity responded not only to conservational concerns but also to hopes and demands of economic profitability. The paper argues that archival systems of inventorying and surveying nature, the biodiversity database and the biodiversity portfolio, changed the view on nature from a resource to an investment. The paper studies the alliances of ecologists and environmental economists in managing nature according to economic principles of successful asset management, "diversification", with the aim to distribute risk, minimize ecological loss and maximize overall ecosystem performance. Finally, the paper discusses the assumptions and the consequences of transferring principles from financial risk management to landscape management. How has the substitution of the existential values of nature by shareholder value affected the relations between ecology, environment, and ecosystem conservation? Who gains and who looses in exchanging natural capital and financial capital, yields, and profits?

Capitalist contexts for Darwinian theory: land, finance, industry and empire.

When socio-economic contexts are sought for Darwin's science, it is customary to turn to the Industrial Revolution. However, important issues about the long run of England's capitalisms can only be recognised by taking a wider view than Industrial Revolution historiographies tend to engage. The role of land and finance capitalisms in the development of the empire is one such issue. If we historians of Darwin's science allow ourselves a distinction between land and finance capitalisms on the one hand and industrial capitalism on the other; and if we ask with which side of this divide were Darwin and his theory of branching descent by natural selection aligned, then reflection on leading features of that theory, including its Malthusian elements, suggests that the answer is often and largely, though not exclusively: on the land side. The case of Wallace, socialist opponent of land capitalism, may not be as anomalous for this suggestion as one might at first think. Social and economic historians have reached no settled consensuses on the long-run of England's capitalisms. We historians of Darwin's science would do well to import some of these unsettled states of discussion into our own work over the years to come.

Seeds of hope, seeds of despair: towards a political economy of the seed industry in southern Africa.

The seed industry in Southern Africa has been radically transformed by a policy of liberalisation and privatisation started under structural adjustment. Traditionally under the domain of parastatals, seed research, production and distribution has been criticised for failing to provide modern variety seed to smallholder farmers. However, the private companies which have stepped in to replace seed parastatals in southern Africa have proven no more effective in meeting the demands of smallholders. The Trade Related Intellectual Property Rights (TRIPs) Agreement, concluded in 1994 as part of the Uruguay Rounds of GATT negotiations, as well as certain biotechnological innovations such as Terminator or Traitor technologies, threaten to further undermine local seed production and consumption by destroying the informal seed sector so central to agricultural production in the region. What alternatives exist? The success of Zimbabwe's maize seed network offers some insight. Resting on a unique relationship between government and nationally based producer co-operatives, Zimbabwe's maize programme was able to provide nearly every farmer in the country with hybrid maize suited for local growing conditions.