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Understanding technological change in global finance through infrastructures

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  • Nick Bernards
  • Malcolm Campbell-Verduyn

Abstract

Amid escalating claims about the promises and perils of emergent financial technologies (fintech), critical investigation of the extent to which specific technological changes in global finance are truly ‘disruptive’ is sorely needed. Yet, IPE has engaged little with the growing focus on fintech in popular and regulatory debates, as well as in Social Studies of Finance (SSF). This article and accompanying special issue foreground ‘infrastructures’ as a heuristic for injecting nuance into debates on the emergence, limits and implications of technological changes in global finance while bringing IPE into conversation with perspectives on fintech in cognate literatures. Building on insights developed in Science and Technology Studies (STS), we argue that tracing the ways in which infrastructures enabling financial markets to operate are assembled out of multiple old and new socio-technical devices offers productive avenues for addressing key questions arising from several entanglements underpinning technological change. The findings of contributions to this special issue are linked to two key themes in debates on the impacts of technological change: financial inclusion and financial stability. Further avenues are proposed for examining the infrastructures in which technological change occurs in global finance and beyond, while fostering on-going dialogues between IPE, STS and SSF.

Suggested Citation

  • Nick Bernards & Malcolm Campbell-Verduyn, 2019. "Understanding technological change in global finance through infrastructures," Review of International Political Economy, Taylor & Francis Journals, vol. 26(5), pages 773-789, September.
    • Handle: RePEc:taf:rripxx:v:26:y:2019:i:5:p:773-789
    DOI: 10.1080/09692290.2019.1625420
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    Citations

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    Cited by:

    1. Gordon Kuo Siong Tan, 2021. "Democratizing finance with Robinhood: Financial infrastructure, interface design and platform capitalism," Environment and Planning A, , vol. 53(8), pages 1862-1878, November.
    2. Paraná, Edemilson, 2024. "AI as financial infrastructure?," SocArXiv ub92z, Center for Open Science.
    3. Fichtner, Jan & Heemskerk, Eelke & Petry, Johannes, 2021. "The new gatekeepers of financial claims: States, passive markets, and the growing power of index providers," SocArXiv x45j3, Center for Open Science.
    4. Matti Ylönen & Ringa Raudla & Milan Babic, 2024. "From tax havens to cryptocurrencies: secrecy-seeking capital in the global economy," Review of International Political Economy, Taylor & Francis Journals, vol. 31(2), pages 563-588, March.
    5. Nick Bernards, 2022. "Waiting for the market? Microinsurance and development as anticipatory marketization," Environment and Planning A, , vol. 54(5), pages 949-965, August.
    6. Peters, Nils, 2024. "Solving the problem of abundance: venture capital and the making of asset-driven inequalities," LSE Research Online Documents on Economics 125890, London School of Economics and Political Science, LSE Library.
    7. Nick Bernards & Malcolm Campbell‐Verduyn & Daivi Rodima‐Taylor & Jerome Duberry & Quinn DuPont & Andreas Dimmelmeier & Moritz Huetten & Laura C. Mahrenbach & Tony Porter & Bernhard Reinsberg, 2020. "Interrogating Technology‐led Experiments in Sustainability Governance," Global Policy, London School of Economics and Political Science, vol. 11(4), pages 523-531, September.
    8. Sun, Yunpeng & Ajaz, Tahseen & Razzaq, Asif, 2022. "How infrastructure development and technical efficiency change caused resources consumption in BRICS countries: Analysis based on energy, transport, ICT, and financial infrastructure indices," Resources Policy, Elsevier, vol. 79(C).
    9. Petry, Johannes, 2024. "Exchanges: infrastructures, power and the differential organisation of capital markets," OSF Preprints 5gwte, Center for Open Science.

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