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2017 | OriginalPaper | Chapter

Financial Centres as Fields: Reflections on Habitus and Risk in the Nineteenth and Twentieth Centuries

Author : Andrew Dilley

Published in: Decision Taking, Confidence and Risk Management in Banks from Early Modernity to the 20th Century

Publisher: Springer International Publishing

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Abstract

This article develops a new understanding of the financial centre as a unit of analysis. It draws on Pierre Bourdieu’s generative structuralism to argue that financial centres constitute fields that possess a distinctive habitus through which risk is judged. Furthermore, Douglass North’s New Institutional Economics is used to argue that this distinctive habitus is the product of a combination of ‘hard’ and ‘soft’ forces: economic and business structures, the role of states, social networks, and cultural factors. It pushes beyond a simple geographical understanding of the financial centre while asserting that the financial centre is indeed a critical level of analysis. Moreover, the approach taken strongly suggests the need for historians of finance to incorporate broader macro-level political, economic, social and cultural developments into their analyses.

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Title: Financial Centres as Fields: Reflections on Habitus and Risk in the Nineteenth and Twentieth Centuries
Author: Andrew Dilley
Publisher: Springer International Publishing
Book: Decision Taking, Confidence and Risk Management in Banks from Early Modernity to the 20th Century
Print ISBN: 978-3-319-42075-2

Electronic ISBN: 978-3-319-42076-9

Copyright Year: 2017
DOI: https://doi.org/10.1007/978-3-319-42076-9_6