Maverick Markets: Cultural Economy and Cultural Finance

Undergraduate / Graduate

What are the cultural dimensions of economic and financial institutions and financial action? What social variables influence and shape 'real' markets and market activities? 'If you are so smart, why aren't you rich?' is a question economists have been asked in the past. Why isn't it easy to make money in financial areas even if one knows what economists know about markets, finance and the economy? And why, on the hand, is it so easy to get rich for some participants? Perhaps the answer is the real markets are complex social and cultural institutions which are quite different form organizations, administrations and the production side of the economy. The course provides an overview over social and cultural variables and patterns that play a role in economic behavior and specifically in financial markets. The readings examine the historical and structural embeddedness of economic action and institutions, the different constructions and interpretations of money, prices, and other dimensions of a market economy, and how a financial economy affects organizations, the art and other areas.