Introduction and Overview

Author(s):  
Walter Mattli

A key component of the infrastructure of global capital markets—exchanges—has undergone dramatic transformations since the start of the twenty-first century. Two are particularly notable. First, traditional floor trading and ‘market-making’ by humans have been replaced by supercomputer interactions and algorithmic high-speed trading. And, second, previously centralized domestic exchange structures have become decentralized or fragmented, with many exchanges and alternative trading platforms competing for business. This chapter introduces a unique set of chapters by leading scholars, industry insiders, and regulators shedding light on how these changes have impacted on core public policy objectives such as investor protection, reduction of systemic risk, fairness, efficiency, and transparency in markets for the benefit of society at large.

This book illustrates and assesses the dramatic recent transformations in capital markets worldwide and the impact of those transformations. ‘Market making’ by humans in centralized markets has been replaced by supercomputers and algorithmic high frequency trading operating in often highly fragmented markets. How do recent market changes impact on core public policy objectives such as investor protection, reduction of systemic risk, fairness, efficiency, and transparency in markets? The operation and health of capital markets affect all of us and have profound implications for equality and justice in society. This unique set of chapters by leading scholars, industry insiders, and regulators sheds light on these and related questions and discusses ways to strengthen market governance for the benefit of society at large.


2015 ◽  
Vol 11 (2) ◽  
Author(s):  
Ross Garnaut

Frank Holmes was a New Zealand leader of what my recent book, Dog Days: Australia after the Boom, calls the independent centre of the polity. He saw great value in careful and transparent analysis of the public interest, separate from any vested or partisan political interest. The success of public policy in any democracy in these troubled times depends on the strength of a strong independent centre.


2019 ◽  
Vol 45 (1) ◽  
pp. 1-26 ◽  
Author(s):  
James S. House

For over 50 years I have been, and remain, an interdisciplinary social scientist seeking to develop and apply social science to improve the well-being of human individuals and social life. Sociology has been my disciplinary home for 48 of these years. As a researcher/scholar, teacher, administrator, and member of review panels in both sociology and interdisciplinary organizations that include and/or intersect with sociology, I have sought to improve the quality and quantity of sociolog ists and sociolog y. This article offers my assessment as a participant observer of what (largely American) sociology has been over the course of my lifetime, which is virtually coterminous with the history of modern (post–World War II) sociology, and what it might become. I supplement my participant observations with those of others with similarly broad perspectives, and with broader literature and quantitative indicators on the state of sociology, social science, and society over this period. I entered sociology and social science at a time (the 1960s and early 1970s) when they were arguably their most dynamic and impactful, both within themselves and also with respect to intersections with other disciplines and the larger society. Whereas the third quarter of the twentieth century was a golden age of growth and development for sociology and the social sciences, the last quarter of that century saw sociology and much of social science—excepting economics and, to some extent, psychology—decline in size, coherence, and extradisciplinary connections and impact, not returning until the beginning of the twenty-first century, if at all, to levels reached in the early 1970s. Over this latter period, I and numerous other observers have bemoaned sociology's lack of intellectual unity (i.e., coherence and cohesion), along with attendant dissension and problems within the discipline and in its relation to the other social sciences and public policy. The twenty-first century has seen much of the discipline, and its American Sociological Association (ASA), turn toward public and critical sociology, yet this shift has come with no clear indicators of improvement of the state of the discipline and some suggestions of further decline. The reasons for and implications of all of this are complex, reflecting changes within the discipline and in its academic, scientific, and societal environments. This article can only offer initial thoughts and directions for future discussion, research, and action. I do, however, believe that sociology's problems are serious, arguably a crisis, and have been going on for almost a half-century, at the outset of which the future looked much brighter. It is unclear whether the discipline as now constituted can effectively confront, much less resolve, these problems. Sociolog ists continue to do excellent work, arguably in spite of rather than because of their location within the current discipline of sociolog y. They might realize the brighter future that appeared in the offing as of the early 1970s for sociology and its impact on other disciplines and society if they assumed new organizational and/or disciplinary forms, as has been increasingly occurring in other social sciences, the natural sciences, and even the humanities. Society needs more and better sociology. The question is how can we deliver it.


Author(s):  
Marcelo M. Giugale

Why did Piketty’s work pique our sudden interest in inequality? The publication in 2014 of Thomas Piketty’s Capital in the Twenty-First Century brought inequality to the center of the public policy debate.1 Looking at lots of historical data, Piketty found that...


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