Spectacular Speculation

Democratizing finance with Robinhood: Financial infrastructure, interface design and platform capitalism

“…Indeed, popular investing has reached a new high under FinTech, where a flood of first-time investors has joined zero-cost brokerage platforms like Robinhood to play the 'game' of speculation in financial markets. Speculation and capitalism have a long and intertwined political history, as manifested in early examples such as the Dutch tulip craze of 1637 and the South Sea Bubble in 1720 (Stäheli, 2013). Operating through the realm of the popular that perceives speculation as a thrilling and entertaining activity, the market mania of the recent 'meme stock' saga reflects such speculative spirits in action.…”

“…Operating through the realm of the popular that perceives speculation as a thrilling and entertaining activity, the market mania of the recent 'meme stock' saga reflects such speculative spirits in action. The legitimization of speculation as an essential market function has further aided the participation of individual speculators, giving rise to debates about whether they contribute to market liquidity or exacerbate market volatility through their apparent naiveté and ignorance (Stäheli, 2013). These debates continue to be relevant in understanding the ongoing discussions surrounding the speculative tendencies and market euphoria triggered by Robinhood. This study has drawn attention to the important role of interface design in keeping users engaged and locked into a gamified trading space, with real and sometimes very severe financial consequences.…”

Symposium – Built Up: An Historical Perspective on the Contemporary Principles and Practices of Real Estate Development, by Patrice Derrington. London: Routledge (2021)

“…In doing this, I make reference to the historical evolution of land economics as the financial measures of land value changed from mere productive agrarian use, or as Weber ascribes Keynes's (1936) term “enterprise” use, to include the cost of the necessary capital, as Keynes terms “investment” yields. However, in the description of this progression, I point out that speculation, as defined by either Keynes or Stäheli (2020), as cited here by Weber, has not yet entered in the financial calculation, but rather this pertains to the necessary contribution of capital (debt and equity).…”

“…It was not just because some were corrupt or abusive. The cultural historian Stäheli (2020) argues that up through the late 19th century, speculating on the economy was viewed as a disreputable, parasitic practice akin to gambling. It rubbed uncomfortably against the Protestant ethics of self-discipline and productive labor.…”

“…It rubbed uncomfortably against the Protestant ethics of self-discipline and productive labor. Among others writing at the same time as Derrington's developers were building London, writer Daniel Defoe noted in 1701 that “fluctuating market prices that could no longer be explained by rational argument had nothing to do with intrinsick [ sic ] value” (cited in Stäheli, 2020: 31). Making money off future prices inevitably employed fictions, deceptions, and manipulations.…”