Search results for ""author donald mackenzie""

A remarkable look at how the growth, technology, and politics of high-frequency trading have altered global financial marketsIn today’s financial markets, trading floors on which brokers buy and sell shares face-to-face have increasingly been replaced by lightning-fast electronic systems that use algorithms to execute astounding volumes of transactions. Trading at the Speed of Light tells the story of this epic transformation. Donald MacKenzie shows how in the 1990s, in what were then the disreputable margins of the US financial system, a new approach to trading—automated high-frequency trading or HFT—began and then spread throughout the world. HFT has brought new efficiency to global trading, but has also created an unrelenting race for speed, leading to a systematic, subterranean battle among HFT algorithms.In HFT, time is measured in nanoseconds (billionths of a second), and in a nanosecond the fastest possible signal—light in a vacuum—can travel only thirty centimeters, or roughly a foot. That makes HFT exquisitely sensitive to the length and transmission capacity of the cables connecting computer servers to the exchanges’ systems and to the location of the microwave towers that carry signals between computer datacenters. Drawing from more than 300 interviews with high-frequency traders, the people who supply them with technological and communication capabilities, exchange staff, regulators, and many others, MacKenzie reveals the extraordinary efforts expended to speed up every aspect of trading. He looks at how in some markets big banks have fought off the challenge from HFT firms, and how exchanges sometimes engineer technical systems to favor certain types of algorithms over others.Focusing on the material, political, and economic characteristics of high-frequency trading, Trading at the Speed of Light offers a unique glimpse into its influence on global finance and where it could lead us in the future.

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A remarkable look at how the growth, technology, and politics of high-frequency trading have altered global financial marketsIn today’s financial markets, trading floors on which brokers buy and sell shares face-to-face have increasingly been replaced by lightning-fast electronic systems that use algorithms to execute astounding volumes of transactions. Trading at the Speed of Light tells the story of this epic transformation. Donald MacKenzie shows how in the 1990s, in what were then the disreputable margins of the US financial system, a new approach to trading—automated high-frequency trading or HFT—began and then spread throughout the world. HFT has brought new efficiency to global trading, but has also created an unrelenting race for speed, leading to a systematic, subterranean battle among HFT algorithms.In HFT, time is measured in nanoseconds (billionths of a second), and in a nanosecond the fastest possible signal—light in a vacuum—can travel only thirty centimeters, or roughly a foot. That makes HFT exquisitely sensitive to the length and transmission capacity of the cables connecting computer servers to the exchanges’ systems and to the location of the microwave towers that carry signals between computer datacenters. Drawing from more than 300 interviews with high-frequency traders, the people who supply them with technological and communication capabilities, exchange staff, regulators, and many others, MacKenzie reveals the extraordinary efforts expended to speed up every aspect of trading. He looks at how in some markets big banks have fought off the challenge from HFT firms, and how exchanges sometimes engineer technical systems to favor certain types of algorithms over others.Focusing on the material, political, and economic characteristics of high-frequency trading, Trading at the Speed of Light offers a unique glimpse into its influence on global finance and where it could lead us in the future.

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The result of six years of study and travel in pre-Soviet Russia, this work by a major British journalist provides a vivid description of daily life under the last three Tsars, in the turbulent age following the emancipation of the serfs in 1861 Originally published in 1984. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

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Reviews of the 1st Edition:"....This book is a welcome addition to the sociology of technology, a field whose importance is increasingly recognised." - Sociology"....sets a remarkably high standard in breadth of coverage, in scholarship, and in readability and can be recommended to the general reader and to the specialist alike." - Science and Society"....This remarkably readable and well-edited anthology focuses, in a wide variety of concrete examples, not on the impacts of technologies on societies but in the reverse: how different social contexts shaped the emergence of particular technologies." - Technology and Culture How does social context affect the development of technology? What is the relationship between technology and gender Is production technology shaped by efficiency or by social control? Technological change is often seen as something that follows its own logic - something we may welcome, or about which we may protest, but which we are unable to alter fundamentally. This reader challenges that assumption and its distinguished contributors demonstrate that technology is affected at a fundamental level by the social context in which it develops. General arguments are introduced about the relation of technology to society and different types of technology are examined: the technology of production; domestic and reproductive technology; and military technology.The book draws on authors from Karl Marx to Cynthia Cockburn to show that production technology is shaped by social relations in the workplace. It moves on to the technologies of the household and biological reproduction, which are topics that male-dominated social science has tended to ignore or trivialise - though these are actually of crucial significance where powerful shaping factors are at work, normally unnoticed. The final section asks what shapes the most frightening technology of all - the technology of weaponry, especially nuclear weapons.The editors argue that social scientists have devoted disproportionate attention to the effects of technology on society, and tended to ignore the more fundamental question of what shapes technology in the first place. They have drawn both on established work in the history and sociology of technology and on newer feminist perspectives to show just how important and fruitful it is to try to answer that deeper question. The first edition of this reader, published in 1985, had a considerable influence on thinking about the relationship between technology and society. This second edition has been thoroughly revised and expanded to take into account new research and the emergence of new theoretical perspectives.

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Around the globe, economists affect markets by saying what markets are doing, what they should do, and what they will do. Increasingly, experimental economists are even designing real-world markets. But, despite these facts, economists are still largely thought of as scientists who merely observe markets from the outside, like astronomers look at the stars. Do Economists Make Markets? boldly challenges this view. It is the first book dedicated to the controversial question of whether economics is performative--of whether, in some cases, economics actually produces the phenomena it analyzes. The book's case studies--including financial derivatives markets, telecommunications-frequency auctions, and individual transferable quotas in fisheries--give substance to the notion of the performativity of economics in an accessible, nontechnical way. Some chapters defend the notion; others attack it vigorously. The book ends with an extended chapter in which Michel Callon, the idea's main formulator, reflects upon the debate and asks what it means to say economics is performative. The book's insights and strong claims about the ways economics is entangled with the markets it studies should interest--and provoke--economic sociologists, economists, and other social scientists. In addition to the editors and Callon, the contributors include Marie-France Garcia-Parpet, Francesco Guala, Emmanuel Didier, Philip Mirowski, Edward Nik-Khah, Petter Holm, Vincent-Antonin Lepinay, and Timothy Mitchell.

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