Finance past, finance future: a brief exploration of the evolution of financial practices

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dc.contributor.author Kavanagh, Donncha
dc.contributor.author Lightfoot, Geoff
dc.contributor.author Lilley, Simon
dc.date.accessioned 2016-06-21T15:36:30Z
dc.date.available 2016-06-21T15:36:30Z
dc.date.issued 2014-04-07
dc.identifier.citation Kavanagh, D., Lightfoot, G. and Lilley, S. (2014) 'Finance past, finance future: a brief exploration of the evolution of financial practices', Management & Organizational History, 9(2), pp.135-149. http://dx.doi.org/10.1080/17449359.2014.891792 en
dc.identifier.volume 9 en
dc.identifier.issued 2 en
dc.identifier.startpage 135 en
dc.identifier.endpage 149 en
dc.identifier.issn 1744-9359
dc.identifier.uri http://hdl.handle.net/10468/2770
dc.identifier.doi 10.1080/17449359.2014.891792
dc.description.abstract As we work our way through the latest financial crisis, politicians seem both powerless to act convincingly and unable to craft from the welter of diverse and antagonistic narratives a coherent and convincing vision of the future. In this article, we argue that a temporal lens brings clarity to such confusion, and that thinking in terms of time and reflecting on privileged temporal structures helps to highlight underlying assumptions and distinguish different narratives from one another. We begin by articulating our understanding of temporality, and we proceed to apply this to the evolution of financial practice during different historical epochs as recently delineated by Gordon (2012). We argue that the principles of finance were effectively in place by the eighteenth century and that consequent developments are best conceptualized as phases in which one particular aspect is intensified. We find that in different historical periods, the temporal intensification associated with specific models of finance shifts, over history, from the past to the present to the future. We argue that a quite idiosyncratic understanding of the future has been intensified in the present phase, what we refer to as proximal future, and we explain how this has come to be. We then consider the ethical consequences of privileging an intensification of proximal future before mapping an alternative model centred on intensifying distal future, highlighting early signs of its potential emergence in the shadows of our present. en
dc.format.mimetype application/pdf en
dc.language.iso en en
dc.publisher Taylor & Francis en
dc.rights © 2014 Taylor & Francis. This is an Accepted Manuscript of an article published by Taylor & Francis in Management & Organizational History, on 07 April 2014, available online: http://www.tandfonline.com/10.1080/17449359.2014.891792 en
dc.subject Time in finance en
dc.subject Industrial revolutions en
dc.subject Proximal future en
dc.subject Future timescapes en
dc.title Finance past, finance future: a brief exploration of the evolution of financial practices en
dc.type Article (peer-reviewed) en
dc.internal.authorcontactother Donncha Kavanagh, Management & Marketing, University College Cork, Cork, Ireland. +353-21-490-3000 Email: d.kavanagh@ucc.ie en
dc.internal.availability Full text available en
dc.date.updated 2014-11-01T15:00:12Z
dc.description.version Accepted Version en
dc.internal.rssid 277098920
dc.description.status Peer reviewed en
dc.identifier.journaltitle Management & Organizational History en
dc.internal.copyrightchecked No. !!CORA!! Yes en
dc.internal.licenseacceptance Yes en
dc.internal.IRISemailaddress donncha.kavanagh@ucd.ie en


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