Our pensions are under threat. You will be familiar with the headline numbers – pensions slashed by over half, to a level where the very survival of the university sector seems in jeopardy. I have done the numbers, like everyone else, and they make grim reading. But how did this whole mess come about? At root, it’s a struggle over risk and who should carry it. The deficit itself is the result of some particular choices made by regulators and administrators. Its very existence is a reflection of the broader struggles over the marketizing of universities and the social contract for public services, and it’s this battle that academics are fighting, whether we know it or not. Continue reading
The rise and fall of the penny-share offer : A historical sociology of London’s smaller company markets
For the last two years I have been working on a ‘historical sociology’ of two stock markets established in London in 1995 in response to a series of rule changes at the London Stock Exchange (LSE).
The first, the Alternative Investment Market, or AIM, was set up by the LSE. It was established as part of LSE chief executive Michael Lawrence’s ‘seven-point plan’ for the repositioning of the Exchange as an engine for economic growth focused on the UK regions. AIM was also, in part, a reactive move allowing the Exchange to deal with competitive threats in Europe and at home, particularly growing activity under its own Rule 535. It has acted as a proving ground for many smaller companies and plays an important role in the political positioning of the LSE.
The second, OFEX (renamed PLUS in 2004) was privately operated and driven by commercial demand. Originally operated as a trading facility, it achieved legal recognition as a ‘designated market’ in 2001, and then as a Recognized Investment Exchange (RIE) in 2007. As OFEX it coexisted with the LSE and rode the dotcom wave; as PLUS it served as a vehicle for a market rebellion against the LSE. It struggled to maintain a commitment to its original small company constituency and to compete as a trading venue of choice against the Exchange. While AIM has flourished, PLUS faltered after the financial crisis of 2008, and my narrative finishes in 2012 with the sale of the PLUS RIE licence to ICAP, now NEX.
My research is based on interviews with members of the small company stock market community, as well as extensive documentary records. I have compiled a narrative account of these markets designed primarily for interested academics and for members of the professional community. It’s freely available and you can download it here. My narrative begins on the old floor of the LSE prior to the 1986 ‘Big Bang’ and finishes with the failure of PLUS in 2012. I conclude with some brief reflections upon the challenges and opportunities facing stock markets serving the smaller company sector, as illuminated by this history.
Please feel free to download, circulate, and quote. Suggested citation: Roscoe , P J 2017 , The rise and fall of the penny-share offer : A historical sociology of London’s smaller company markets. University of St Andrews.
Last week I attended the 12th International Ethnography Symposium, at the University of Manchester, and had the pleasure in speaking to a group of fellow ‘marketographers’, whatever they may be. In fact, I think that was rather the point of the stream, organized by Daniel Neyland and Vera Ehrenstein (both of Goldsmiths University) and Dean Pierides (University of Manchester). My thanks to Dan, Vera and Dean for a great two days. In the meantime, here’s my talk:
When I mischievously titled my abstract ‘Confessions of a critical marketographer’ I had in mind, not so much Augustine, but those bawdy films of the 1970s with names like Confessions of a Window Cleaner, all suggestion and double entendre but no more than the occasional glimpse of flesh on camera. This, I thought, accurately represented the state of my ideas, or lack of them. But of course the confessional tale is one of the categories of ethnography highlighted by John van Maanen in Tales of the Field. It is, he says a response to the realist abstraction of earlier scientific ethnography, focusing attention on the fieldworker as a means of supporting authority. It is typically told from a shifting perspective and in a character building narrative, ending on an upbeat note: a justification, in fact, of the realist work that follows it, or more usually precedes it, because in 1988 at least, one could not write a confession until after the realist account. Van Maanen goes on to introduce the Impressionist tale, a narrative account depending on interest, coherence and fidelity, offering impressionistic moments or fleeting glances of the subject at hand: the audience is invited to relive the tale with the teller, to work out what is going on as the narrative unfolds. It seems to me that this move, described by van Maanen in 1988, it is roughly where we are at when it comes to marketography: glimpses and impressions, stylishly drawn, are appearing alongside more realist tracts. If I had to give an example, I would site Muniesa and company’s achingly stylish oeuvre ‘Capitalization’. Though whether we Brexit Brits could get away with something so assuredly Parisian is another matter… Continue reading
Hot on the heels of my last review – of Ilana Gershon’s Down and Out in the New Economy – here’s a second offering for the THE on the subject of labour relations. This, from the esteemed philosopher Elizabeth Anderson, takes aim at the expansion of market logic into the private realm of firms, and the subsequent ceding of almost all power on the part of employees. In pursuit of a free-market, employers can hire – and fire – at will, and the results are quite shocking. Once again, Brexiteers beware: your much hoped for low-regulation world may have you, quite literally, pissing your pants at work. Here’s a taster:
“Elizabeth Anderson is a philosopher on the warpath. Her Tanner Lectures, published in this volume with comments and a response, take aim at the unelected, arbitrary and dictatorial power that employers, particularly in the US where labour laws are flimsy, hold over their work-forces. She calls it “private government”, in the sense that those governed – that’s us, by the way – are shut out of the governing process.
The book is littered with examples of firms that make employees’ lives a misery. The usual suspects are here and worse: I was shocked to discover that the right to visit the toilet during working hours has been a contentious and ongoing battle of American labour relations for many decades, and that it is not uncommon to be forced to wear nappies on the production line or urinate in one’s clothes…”
Read the rest here
Evolution and organization, part 2: more sloppy language, dodgy organizational theory, and Weber being right all along
Spring is in the air. The sky is blue and the garden robin is lining his nest-box bachelor-pad with moss. At such a time the thoughts of man turn naturally, like those of the robin, to matters evolutionary, and in particular to the long-awaited second half of my blog on organization and evolution. I posted the first part before Christmas, though never made it to organization, waylaid instead by a lengthy detour into Richard Dawkins’ decidedly wonky metaphysics.
Pseudo-evolutionary chatter in organizations: it seems to be everywhere. We don’t bat an eyelid when Amazon talks about its ‘purposeful Darwinism’, a yearly cull of the worst performing employees. It doesn’t make us shudder to hear that this is based on constructive criticism offered to bosses via secret feedback mechanisms. Final year undergraduates cheerfully tell us about the ‘rank and yank’ mechanisms in the firms they hope to work for, never considering that things may not go to plan and they might themselves be yanked, not ranked.
Management scholars of a critical bent should be worried about this kind of thing, so I’ve set out to elaborate a genealogy of these ideas. It’s one of many possible lineages as the evolutionary tropes have themselves evolved and spread out in their own diasporic family tree; Continue reading
A few days ago, a scientist friend remarked that he was reading Richard Dawkins’ The God Delusion. What’s more, he was really enjoying it. It really spoke to him, he averred. This awkward conversational moment set me thinking once again about a topic that I’ve been pursuing on and off for the last couple of years: trying to get a hold of the reasons for importing evolutionary thinking into management thinking. It strikes me as odd when a firm can describe its ruthless annual cull of the weaker performers (as identified by colleagues through anonymous feedback mechanisms, which sounds a very fair and reasonable method to me) as ‘purposeful Darwinism’. Not just as odd, but also morally charged and strategically dishonest, as if ruthless pursuit of shareholder interest can be justified by the subliminal message that those under-performers – the weak! – are dull herbivores, contentedly fattening themselves up until something more leonine, in this case the go-getting manager – the strong! – comes along and scoffs them. Mind you, this week in politics has testified, among other, darker things, to the enduring image of the strong-man in the popular imagination.
Richard Dawkins, of course, is at the epicentre of this particular earthquake of popular thinking. But I was struck by my friend’s comment because the God Delusion is a truly bad
It seems strange to call a book about self-improvement “Peak”. Perhaps the publishers balked at “Uphill Struggle”, though that would have been much more fitting for a tome in which Anders Ericsson – the psychologist behind Malcom Gladwell’s “10,000 hour rule” – and science writer Robert Pool channel the Calvinist spirit to insist that greatness is possible for everyone. So long, that is, as we work at it…
This review appeared in Times Higher Education, 9-15 June 2016
I recently travelled down to the School of Management at the University of Leicester to give a talk titled ‘The stranger, the wager and the ethics of office’. With a bombast designed to obscure my lack of confidence on the topic, the abstract staked my skin in my own wager that arch post-modernist Richard Kearney and Max Weber, high priest of rationality, could somehow be made to speak to one another. In the event, though, I played it cool and confessed the project to be very much work in progress. My good colleagues at Leicester listened helpfully and offered many interesting comments questions. After glass or two of local beer and a fantastic Leicester curry to finish the evening, I returned home full of ideas and enthusiasm. Academia isn’t always such a tough job.
Here’s a lightly polished version of my notes for the talk.
‘Many thanks for inviting me here today to share some thoughts and ideas with you. The project remains at a very early-stage, but perhaps there are the makings of an interesting paper. You will have to tell me what you think.
As some of you may know, my research is inspired by Michel Callon and the performativity/market studies program, with a particular interest in market-type arrangements as organisational devices and all their attendant consequences. By consequences, I mean the moral dimensions of market-type arrangements and their effects upon personhood. You may wonder what leads a scholar of management to this particular topic. But I wasn’t always in a management school. Misspent undergraduate years as a theologian left me with abiding interest in the nature of good personhood, and a conviction that neither good nor personhood can be abstracted from context or described by universal, rational rules. You can see, I hope, how a management scholar with a background such as mine can arrive at the conclusion that organisation and personhood are irrevocably linked.
There are three unexplained phrases in the title – the stranger, the wager, and the ethics of office. I’ll work through them all, and by the end of the talk you’ll have a sense of what I’m up to, I hope. Let’s start with the ethics of office, which of course comes from the work of Max Weber, particularly as represented by du Gay (2000, 2008).
Yikes, you might say! How can Weber possibly sit with Callon’s actor network constructivism? In fact, it sits more comfortably than you might think: Callon explicitly casts his work in the Weberian tradition, for Weber the anthropologist is interested in the ethical possibilities of action open to persons placed into various life spheres, where the ethical character of individuals is determined by institutional constraints. (du Gay helps us distinguish between the anthropologically inclined Weber, and the Weber of rationalist theory whose formalist-substantivist distinction has been used to front various kinds of critical political economy, doing Weber something of a disservice in the process).
The crucial point is that for Weber, and Callon too, good character means being able to live up to the ethical standards embedded in one’s office. This idea of specific, ethical practices, irreducible to common principles, ‘appears quite foreign to those for whom a common or universal form of moral judgement is held to reside in the figure and capacities of the self-reflective person’ (du Gay 2008, 131). Weber can be seen as a late practitioner of an earlier tradition – the ethical tradition of office – where office-holders are personae, bundles of instituted rights and duties.
But there remains a problem: if ethics are embedded in particular offices, rather than the person of the moral agent, how can we talk of business ethics at all. How can we attempt to establish normative commonalities that might transcend, for example, the office of the arms dealer, or bond trader? To put that another way, how can we stop ourselves from falling into anything-goes relativism, where the sole merit attached to a job is the discharge of the technical requirements of that role? Continue reading