TY - JOUR
T1 - Homo Economicus and Homo Politicus
T2 - Non-Economic Rationality in the Early 18th Century London Stock Market
AU - Carruthers, Bruce G.
N1 - Copyright:
Copyright 2016 Elsevier B.V., All rights reserved.
PY - 1994/4
Y1 - 1994/4
N2 - The case of the early 18th-century London stock market is used to evaluate economic and sociological theones of market trading. Data from 1712 on shares in two companies (the Bank of England and the East India Company), and on trading among three different groups (political parties, ethnic-religious groups, and guilds) are used to show how economic theories of rational trading do not account for market behavior, even though the 1712 London stock market was a highly centralized, organized and active capital market. Trading was embedded in domestic and mternational politics as party groups used the market to control joint-stock companies, and as ethnic-religious groups used the market to provide financial support for Britain’s war with France In addition to economic goals, political goals were pursued in the market.
AB - The case of the early 18th-century London stock market is used to evaluate economic and sociological theones of market trading. Data from 1712 on shares in two companies (the Bank of England and the East India Company), and on trading among three different groups (political parties, ethnic-religious groups, and guilds) are used to show how economic theories of rational trading do not account for market behavior, even though the 1712 London stock market was a highly centralized, organized and active capital market. Trading was embedded in domestic and mternational politics as party groups used the market to control joint-stock companies, and as ethnic-religious groups used the market to provide financial support for Britain’s war with France In addition to economic goals, political goals were pursued in the market.
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U2 - 10.1177/000169939403700203
DO - 10.1177/000169939403700203
M3 - Article
AN - SCOPUS:84976928494
VL - 37
SP - 165
EP - 194
JO - Acta Sociologica
JF - Acta Sociologica
SN - 0001-6993
IS - 2
ER -