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Big Data and algorithmic governance: the case of financial practices

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  • Malcolm Campbell-Verduyn
  • Marcel Goguen
  • Tony Porter

Abstract

Big Data and algorithmic governance are transforming traditional institutions and media of transnational governance in manners that hold important implications for power, accountability and effectiveness. Drawing on actor-network theory, this paper contrasts utopian or dystopian views on the increasing presence of Big Data in contemporary financial practices. We scrutinise the emerging impacts of Big Data in the public governance of private banks in the Basel III arrangements, private governance of individual actors in credit scoring and anarchic competitive governance of markets in high-frequency trading. Our findings reveal varied and emergent forms of governance through, with and by algorithms.

Suggested Citation

  • Malcolm Campbell-Verduyn & Marcel Goguen & Tony Porter, 2017. "Big Data and algorithmic governance: the case of financial practices," New Political Economy, Taylor & Francis Journals, vol. 22(2), pages 219-236, March.
    • Handle: RePEc:taf:cnpexx:v:22:y:2017:i:2:p:219-236
    DOI: 10.1080/13563467.2016.1216533
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    References listed on IDEAS

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    1. Donald MacKenzie, 2008. "An Engine, Not a Camera: How Financial Models Shape Markets," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262633671, April.
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    Cited by:

    1. Daria Gritsenko & Matthew Wood, 2022. "Algorithmic governance: A modes of governance approach," Regulation & Governance, John Wiley & Sons, vol. 16(1), pages 45-62, January.
    2. Li, Yibei & Wang, Ximei & Djehiche, Boualem & Hu, Xiaoming, 2020. "Credit scoring by incorporating dynamic networked information," European Journal of Operational Research, Elsevier, vol. 286(3), pages 1103-1112.
    3. Paraná, Edemilson, 2024. "AI as financial infrastructure?," SocArXiv ub92z, Center for Open Science.
    4. Paulo Ferreira & Éder J.A.L. Pereira & Hernane B.B. Pereira, 2020. "From Big Data to Econophysics and Its Use to Explain Complex Phenomena," JRFM, MDPI, vol. 13(7), pages 1-10, July.
    5. Ali Bhagat & Leanne Roderick, 2020. "Banking on refugees: Racialized expropriation in the fintech era," Environment and Planning A, , vol. 52(8), pages 1498-1515, November.
    6. Nick Bernards, 2019. "Tracing mutations of neoliberal development governance: ‘Fintech’, failure and the politics of marketization," Environment and Planning A, , vol. 51(7), pages 1442-1459, October.
    7. Michael Carolan, 2020. "Acting like an algorithm: digital farming platforms and the trajectories they (need not) lock-in," Agriculture and Human Values, Springer;The Agriculture, Food, & Human Values Society (AFHVS), vol. 37(4), pages 1041-1053, December.
    8. Tiina Koskelainen & Panu Kalmi & Eusebio Scornavacca & Tero Vartiainen, 2023. "Financial literacy in the digital age—A research agenda," Journal of Consumer Affairs, Wiley Blackwell, vol. 57(1), pages 507-528, January.

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