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The Ordinary Madness of Markets - Chapter 6

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Published on Feb 8, 2011

http://www.mindfulmoney.co.uk The Ghost in the Machine: How the digitisation of the stock market created new demons we can't control

• Why the new digitised stock market marks a radical shift from the sweaty human face to face world of the pit

• How the social cues which constrained behaviour in the pit are absent from the new digital, online world of the traders

• The new world: a world that's impersonal where the human is edited out

• The gains for traders: all distractions are edited out and traders can exercise judgement unimpeded by social cues of peers

The losses for traders:

• It's now hard to see what's going on where people are profiting from undercover and insider trading

• The new digital software needed to compete is beyond the reach of individuals
• and so the democratic social world of the pit is dying

The losses for the rest of us:

• The market has become more volatile and the reasons for this are invisible to us all because of digitisation

• Its becoming increasingly impossible to detect and address the unconscious human motivations which distorted but also constrained the markets in the social world of the trading pits

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