Calculating for managing: The emergence of the idea of risk management
Calcular para administrar: el surgimiento de la idea del manejo del riesgo
Contenido principal del artículo
Resumen
Este texto argumenta que el surgimiento de la idea del manejo del riesgo puede rastrearse en el uso de las derivadas en el sector financiero a principios de los años 70. A través de una discusión crítica con la propuesta de Michael Power sobre la consolidación del manejo del riesgo como una práctica organizacional común en los años 90, el artículo afirma que el riesgo como asunto administrable se remonta al uso del modelo Black-Scholes-Merton para fijar los precios de las opciones en el Chicago Board Options Exchange (CBOE) desde 1973. La idea de cálculo, medición y manejo del riesgo se pueden situar hasta ese momento. Este es un ejercicio de teorización que busca identificar el papel de las ideas en las prácticas económicas, de tal manera que se permita una historización del conocimiento técnico.
Palabras clave:
Descargas
Detalles del artículo
Referencias (VER)
Aalbers, M. (2017). “Corporate Financialization”, in Richardson, D., Castree, N., Goodchild M., Kobayashi, A. and Marston, R. (eds.) The International Encyclopaedia of Geography: People, the Earth, Environment, and Technology. Oxford: Wiley. pp. 1-14.
Bank of International Settlements (BIS) (2016). Turnover of OTC foreign exchange instruments. Available at: http://stats.bis.org/statx/srs/table/ d11.2 (Accessed: 18 May 2017).
Beck, U. (1992). Risk Society. Towards a New Modernity. London: Sage.
Beck, U. (2000). “Risk Society Revisited: Theory, Politics and Research Programmes”, in Adam, B.; Beck, U.; Van Loon, J. (eds) The Risk Society and Beyond. Critical Issues for DOI: https://doi.org/10.4135/9781446219539.n12
Social Theory. London, Thousand Oaks, New Delhi: SAGE Publications. pp. 211-229.
Bernstein, P. (1996a). Against the Gods. The Remarkable Story of Risk. New York, Chichester, Weinheim, Brisbane, Singapore, Toronto: John Wiley and Sons, Inc.
Bernstein, P. (1996b). “The New Religion of Risk Management”, Harvard Business Review, 74(2), pp. 47-51.
Bryan, D. and Rafferty, M. (2006). Capitalism with derivatives: A Political Economy of Financial derivatives, Capital and Class. London: Palgrave Macmillan. DOI: https://doi.org/10.1057/9780230501546
De Goede, M. (2004). “Repoliticizing Financial Risk”, Economy and Society, 33(2), pp. 197-217. DOI: https://doi.org/10.1080/03085140410001677120
De Goede, M. (2005). Virtue, Fortune, and Faith. A Genealogy of Finance. Minneapolis and London: University of Minnesota Press.
De Goede, M. (2006). “Introduction: International Political Economy and the Promises of Poststructuralism”, in De Goede (ed.) International Political Economy and Poststructural DOI: https://doi.org/10.1057/9780230800892
Politics. Basingstoke: Palgrave Macmillan. pp. 1-20.
Deutschmann, C. (2011). “Limits to Financialization: Sociological Analyses of the Financial Crisis”, European Journal of Sociology, 52(3), pp. 347–389. DOI: https://doi.org/10.1017/S0003975611000154
Dodd, R. (2005). “Derivatives Markets: Sources of Vulnerability in US Financial Markets”, in Epstein, Gerald A. (ed.) Financialization and the World Economy. Northampton: Edward Elgar Publishing Limited. pp. 149-180.
Douglas, M. and Wildavsky, A. (1982). Risk and Culture. An Essay on the selection of Technical and Environmental Dangers. Berkeley, Los Angeles, and London: University of DOI: https://doi.org/10.1525/9780520907393
California Press.
Epstein, Gerald A. (2005). “Introduction: Financialization and the World Economy”, in Epstein, Gerald A. (ed.) Financialization and the World Economy. Northampton: Edward
Elgar Publishing Limited. pp. 3-16.
Greenberger, M. (2013). “Derivatives in the Crisis and Financial Reform”, in Wolfson, M. and Epstein, G., The Handbook of the Political Economy of Financial Crises. Oxford: Oxford University Press. pp. 467-490.
Kalthoff, H. (2005). “Practices of Calculation. Economic Representations and Risk Management”, Theory, Culture and Society, 22(2), pp. 69-97. DOI: https://doi.org/10.1177/0263276405051666
Knafo, S. (2009). “Liberalisation and the Political Economy of Financial Bubbles”, Competition & Change, 13(2), pp. 128-144. DOI: https://doi.org/10.1179/102452909X417015
Knafo, S. and Dutta, S. (2016). “Patient Capital in the Age of Financialized Managerialism”, Socio-Economic Review, 14(4), pp. 771-788. DOI: https://doi.org/10.1093/ser/mww027
Knafo, S. and Teschke, B. (2017). The Rules of Reproduction of Capitalism: A historicist critique, Working Paper No. 12, Centre of Global Political Economy. University of Sussex.
Kornich, S. and Hicks, A. (2015). “The rise of finance: Causes and consequences of financialization”, Socio-Economic Review, 13(3), pp. 411-415. DOI: https://doi.org/10.1093/ser/mwv022
Lapavitsas, C. and Dos Santos, P. (2008). “Globalization and Contemporary Banking: On the Impact of New Technology”, Contributions to Political Economy, 27, pp. 31-56. DOI: https://doi.org/10.1093/cpe/bzn005
Lapavitsas, C. (2011). “Theorizing Financialization”, Work, Employment and Society, 25(4), pp. 611-626. DOI: https://doi.org/10.1177/0950017011419708
Lagoarde-Segot, T. (2016). “Financialization: Towards a new research agenda”, International Review of Financial Studies, In Press, Corrected Proof, pp.1-11. DOI: https://doi.org/10.1016/j.irfa.2015.01.004
Lazonick, W. (2012). “From Innovation to Financialization: How Shareholder Value Ideology is Destroying the US Economy”, in Wolfson, M., and Epstein, G., The Handbook o the Political Economy of Financial Crises. Oxford: Oxford University Press. pp. 491-
LiPuma, E. and Lee, B. (2005). “Financial Derivatives and the Rise of Circulation”, Economy and Society, 34(3), pp. 404-427. DOI: https://doi.org/10.1080/03085140500111931
MacKenzie, D. (2003). “An Equation and Its Worlds: Bricolage, Exemplars, Disunity and Performativity in Financial Economics”, Social Studies of Science, 33(6), pp. 831-868. DOI: https://doi.org/10.1177/0306312703336002
MacKenzie, D. (2008). An Engine, not a Camera: How Financial Models Shape Markets. Massachusetts: MIT Press.
Millo, Y. and MacKenzie, D. (2003). “Constructing a Market, Performing Theory: The Historical Sociology of a Financial Derivative Exchange”, American Journal of Sociology, DOI: https://doi.org/10.1086/374404
(1), pp. 107-145.
Millo, Y. and MacKenzie, D. (2009). “The usefulness of inaccurate models: Towards an Understanding of the Emergence of Financial Risk Management”, Accounting, Organizations and Society, 34, pp. 638-653. DOI: https://doi.org/10.1016/j.aos.2008.10.002
Navarro, V. and Torres J. (2012). Los amos del mundo. Las armas del terrorismo financiero. Barcelona: Espasa Libros.
Norfield, T. (2012). “Derivatives and Capitalist Markets: The Speculative Heart of Capital”, Historical Materialism, 20(1), pp. 103-132. DOI: https://doi.org/10.1163/156920612X634735
Orhangazi, Ö. (2008). Financialization and the US Economy. Northampton: Edward Elgar Publishing Limited. DOI: https://doi.org/10.4337/9781848440166
Panitch, L. and Gindin, S. (2012). The Making of Global Capitalism. The Political Economy of American Empire. London and New York: Verso
Power, M. (2004). “The Risk Management of Everything”, The Journal of Risk Finance, 5(3), pp. 58-65. DOI: https://doi.org/10.1108/eb023001
Power, M. (2007). Organized Uncertainty. Designing a World of Risk Management. Oxford: Oxford University Press.
Power, M. (2012). “Accounting and Finance”, in Cetina, K. and Preda A. (eds) The Oxford Handbook of the Sociology of Finance. Oxford: Oxford University Press. pp. 293-314.
Power, M. (2014). “Risk, Social Theories, and Organizations”, in Adler, P.; Du Gay, P.; Morgan, G. and Reed, M., The Oxford of Sociology, Social Theory, and Organization Studies. Oxford: Oxford University Press. pp. 370-392.
Scott, B. (2013). The Heretic`s Guide to Global Finance. Hacking the Future of Money. London: Pluto Press.
Swan, E. (2000). Building the Global Market. A 4000 Year History of Derivatives. London: Kluwer Law International.
Turner, J. (2016). “Financial History and Financial Economics”, in Cassis, Y., Grossman, R., Schenk, C., The Oxford Handbook of Banking and Financial History. Oxford: Oxford DOI: https://doi.org/10.1093/oxfordhb/9780199658626.013.3
University Press. pp. 41-61.
Van der Zwan, N. (2014). “Making Sense of Financialization”, Socio-Economic Review, 12, pp. 99-129. DOI: https://doi.org/10.1093/ser/mwt020
Varoufakis, Y.; Halevi, J. and Theocarakis, N. (2011). Modern Political Economics. Making Sense of the Post- 2008 world. London and New York: Routledge. DOI: https://doi.org/10.4324/9780203829356
Wigan, D. (2009). “Financialization and Derivatives: Constructing an Artifice of Indifference”, Competition & Challenge, 13(2), pp. 157-172. DOI: https://doi.org/10.1179/102452909X417033