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Making a Market for Acts of GodThe Practice of Risk Trading in the Global Reinsurance Industry$
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Paula Jarzabkowski, Rebecca Bednarek, and Paul Spee

Print publication date: 2015

Print ISBN-13: 9780199664764

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:oso/9780199664764.001.0001

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Addressing “Big Questions”

Addressing “Big Questions”

Advancing a Practice Theory of the Market

Chapter:
(p.185) 7 Addressing “Big Questions”
Source:
Making a Market for Acts of God
Author(s):

Paula Jarzabkowski

Rebecca Bednarek

Paul Spee

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199664764.003.0007

Chapter 7 offers a novel theoretical framework for understanding market-making, based on relationality, nested relationality, and relational presence. Relationality occurs between actors, their practices and the collective practice of the market. Nested relationality captures the interdependent practice of a global market, coordinating individuals from different geographic locations and different firms, writing different types of risk, with different calculative practices into a coherent pattern of trading. Relational presence refers to the social resources that connect and coordinate underwriters around the world, despite a lack of direct or real-time interaction. This theory of market making allows practice scholars to address big questions about market practice, including some of the questions about financial collapse in other financial markets. The chapter concludes with a strong message of caution for the reinsurance market about the potential for social and economic collapse as the multiple, small, taken-for-granted, and critically interrelated practices of this market are eroded.

Keywords:   financial market, risk transfer, relationality, relational presence, financial collapse, social practice theory, market coordination, market connectivity, global ethnography

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