‘Casino capitalism’ and the financial crisis

Rebecca Cassidy Rebecca Cassidy is Senior Lecturer in Anthropology at Goldsmiths, University of London. She is the author of Sport of kings (Cambridge University Press, 2002) and Horse people (Johns Hopkins University Press, 2007). She is co-editor, with Molly Mullin, of Where the wild things are now: Domestication reconsidered (Berg, 2007). Her email is [email protected]. MARK PELLEGRINI / GNUFDL 1.2 MARK PELLEGRINI / GNUFDL

Fig. 1. Slot machines in the The casino economy had its chance, and it crapped out. based on fieldwork in London during the past three years – Trump Taj Mahal, Atlantic (Moberg 2008) customers, markets and regulation – in order to support the City, New Jersey. During the current financial crisis it has become com- argument that neither individual casinos nor the industry monplace to equate international finance with casinos in general are good exemplars of ‘casino capitalism’. My (Moore 2007, SocialistWorld.net 2008) and the activities argument is similar to that put forward by Karen Ho in of brokers with gamblers or bookmakers (Kay 2009). In relation to representations of omnipotent capitalism in 1. Minsky referred to the UK, the Guardian has issued warnings about ‘casino social science that ‘sound extremely similar to Wall Street ‘money manager capitalism’ capitalism’ since 2006. Analysts as varied and influential triumphalist discourses’ (Ho 2005: 68; see also Rouse in an influential article on as Will Hutton, Polly Toynbee, Howard Davies and Robert 1999). By describing the current crisis as the result of Schumpeter (1990), and Strange herself returned to Peston have all used the term. ‘casino capitalism’ commentators are reinforcing familiar the theme of instability as It is also being used in the United States: at a congres- and baseless assumptions about exchange and deflecting the defining feature of the sional hearing discussing the fate of AIG, for example, serious criticism from the true causes of the problem and economy in Mad money (1998). California Congresswoman Jackie Speier referred to their how we might respond to them. 2. For an explanation of Mayfair business as ‘the casino in London’ (Koeing 2008). arbitrage and a description The Transnational Institute and Institute for Policy studies’ What is casino capitalism? of its ‘material sociology’, website on the crisis is called simply ‘Casino Crash’ Casino capitalism was the title of Susan Strange’s book see Beunza, Hardie and MacKenzie 2006. (http://casinocrash.org/), and Brazilian President Lula has published in 1986. Strange’s thesis was that ‘the roots of 3. The full text of the described the ‘irresponsibility of speculators who have the world’s economic disorder are monetary and financial’ declaration is available at: transformed the world into a gigantic casino’ (Pasricha and that ‘the disorder has not come about by accident, but www.etuc.org/a/5367. 4. In the UK the roulette 2008). has in fact been nurtured and encouraged by a series of wheel has a single zero; in the The expression ‘casino capitalism’ is a conflation of a [US] government decisions’ (1986: 60). These decisions US it has two, making it a far particularly unhelpful kind. It offers no insight into how were animated by the belief that the market should be less attractive proposition. either international finance or casinos work in practice, allowed to operate without interference from the state. 5. Not all marketing consultants are equally as evidenced by anthropological work in both settings. It Strange identified five ‘distant non-decisions’ that contrib- uncritical: Steve Karoul relies upon a particular model of human nature, exempli- uted to the rise of casino capitalism, all of which increased has written an article in fied by a pre-cultural instinct to trade and barter, recently dependence upon the US for financial security and OPEC AsiaCasinoMarketing which emphasizes that ‘Asia is not interrogated by Sahlins (2008), but also powerfully cri- countries for oil (1986: 41-45). Asia’ and that when devising tiqued by many others including Polanyi (1944). The pur- Of more recent policies in the US, casino capitalism was an ‘Asian’ marketing strategy pose of this article is to resist the idea that either banking associated with the market fundamentalism of Reagan, one must recognize the or casinos can stand in for the most simplistic vision of Greenspan, Rubin and Gramm. In the UK it was exem- complex variation within the market, as what may be unfettered market exchange, and to consider why it might plified by the privatization of utilities and the Big Bang polite or welcoming to one be that commentators, including anthropologists, continue of 1986, overseen by Thatcher. According to Strange’s group of people from within to invoke such unhelpful models when it is evident that analysis, non-decisions and policies such as these mas- the region may be strange or even offensive to another. they are descriptively and analytically inadequate. sively increase the volume, speed and scale of financial www.asiacasinoreport. I begin by exploring what is meant by ‘casino capi- transactions and in doing so create unprecedented vola- com/ documents/ talism’. I then refer to recent ethnography by anthropolo- tility in global markets. These themes have been taken up AsiaCasinoMarketing- gists working in international finance to illustrate the by numerous widely read authors including George Soros diasporadifferences BySteveKaroul2007.pdf. importance of social and historical particularity in this (1998), John Gray (1998) and Naomi Klein (2007; see 6. Sahlins 2008: 96. context. I conclude by mentioning three features of casinos Hart 2008: 1-3).1

10 ANTHROPOLOGY TODAY VOL 25 NO 4, AUGUST 2009 How has the expression ‘casino capitalism’ been used Unlike the homogenous entities suggested by ‘casino in the UK during the current financial crisis? Rhetorical capitalism’, national and regional contrasts, styles and flourish aside, what did shadow chancellor George preoccupations reveal themselves in the global market for Osborne mean when he told the Prime Minister at the finance (Miyazaki 2003, Maurer 2005). Outside anthro- Conservative party conference: ‘Gordon, you won’t get pology, geographers Leyshon and Thrift (1997) have away with nailing us for casino capitalism when you’re described the importance of ‘face work’ in London in the man who has been running the casino and collecting the 1980s. Pryke and Lee (1995) have used the study of the chips for the last 11 years’ (quoted in Wintour 2008)? mortgage-backed securities within the City of London to The economist John Kay is one of the few economists, explore the clustering of financial production contra the politicians or journalists to explain his understanding of idea that financial institutions somehow exist outside his- the relationship between banks, casinos and bookmakers: tory and place and the personal connections that financial The modern financial services industry is a casino attached to a exchanges generate and depend upon. utility. The utility is the payments system, which enables indi- All this work reinforces what anthropologists already viduals and companies to manage their daily affairs. It allows know about exchange more generally: that important differ- them to borrow and lend for their routine activities, and allo- ences exist between particular incarnations of international cates finance in line with the fundamental value of business finance, in terms of locality and function. Ethnographic activities. In the casino, traders make profits from arbitrage. evidence has debunked the idea that people working in the (2009)2 financial sector behave according to principles they have The contrast is moral as well as functional. Bank learned from economics textbooks. Insiders like Gillian Tett lending is presented as structured and patriotic, directed (former anthropologist and assistant editor of the Financial at the growth of business for the good of the nation, by Times) have blown open the eccentric world of investment supporting lending, ‘in line with the fundamental value of banking in London (2008). Many economists are acutely Allen, A. et al. 2008. Fifth business activities’. In contrast, the profits of trading ben- aware of the shortcomings of the models they have inherited survey of the FSA’s Regulatory Performance. efit only the individual. Similarly, Will Hutton contrasts (see, for example, the Post-Autistic Economics Network at: Available at: http://www. the ‘delinquent casino that is the British financial system’ http://www.paecon.net/autistic economist; also Ferber and fs-pp.org.uk/docs/surveys/ the priorities of which are ‘individual self-fulfilment, per- Nelson 1993). What about casinos? bmrb_final_051208.pdf. sonal experience and loyalty to self’ (2008) with the vision Beunza, D. and Stark, D. 2003. Tools of the trade: of stakeholder capitalism that he outlined in The state Casinos The socio-technology of we’re in (1995). The ‘London declaration’, a statement by The increased use of the term ‘casino capitalism’ in the arbitrage in a Wall Street the European Trade Union Confederation (on ‘the crisis British press and the anthropological canon coincided with trading room. Industrial and Corporate Change of casino capitalism’), puts this clearly: ‘This crisis was my fieldwork in betting shops and casinos in London. I 13(2): 369-400. caused by greed and recklessness in Wall Street, London was encouraged to reflect on my experiences in these Buenza, D, Hardie, I. and and other major financial centres.’3 Three elements can be terms, and to investigate productive contrasts between the MacKenzie, D. 2006. A identified: greedy individuals, volatile or chaotic markets idea of gambling and its practice. It was casino industry price is a social thing: Towards a material and the absence or failure of regulation. These monolithic professionals who alerted me to the idea that gambling sociology of arbitrage. and ahistorical constructions can hardly provide the basis is a thoroughly embedded activity, that particular games Organization Studies 27: of a critique that will help to resolve the current crisis. have specific potential and meaning and that discerning 721-745. Fiorito, B. 2006. Calling a We know from the meticulous work of colleagues customers will relocate rather than game on terms that are lemon a lemon: Regulating including Bill Maurer (2005), Caitlin Zaloom (2006), not of their choosing: electronic gambling Karen Ho (2005) and Donald Mackenzie (2003) that Gambling in a casino isn’t like shopping in a supermarket. machines to contain trading rooms and banks provide rich evidence that inter- Games and places take on particular meanings that are vulner- pathological gambling. Northwestern University national finance is an internally diverse and complex able to bad influences. On an individual level, a good croupier Law Review 100(3): 1325- assemblage. MacKenzie and Millo’s work with traders will know his big customers and anticipate bad scenes and if 1366. on the Chicago Board Options Exchange established the possible, prevent them. On a bigger scale, you don’t feng shui Friedman, B. 2000. Designing fundamental premise that financial and other kinds of up the place and then give them blackjack (David, Casino pro- casinos to dominate fessional 2007). the competition. Reno, exchanges cannot be separated: Nevada: Institute for the Day after day, year after year, members of open-outcry A recent review of the differences between ‘Asian’ and Study of Gambling and exchanges trade with each other face-to-face. They have the ‘Western’ casino customers support this idea at a regional Commercial Gaming. Gray, J. 1998. False dawn: incentive to monitor each other’s conduct and (because so much level, concluding that: The delusions of global of this conduct occurs in a public arena) have the capacity to The casino industry is one where stark contrasts in customer capitalism. New York: The do so closely. Infractions are remembered, sometimes for dec- behavior are evident between the West and the East, and where New Press. ades. The result is a moral economy as well as a financial one. globalization is probably least apparent. (Kale and Spence Hart, K. 2008. After the (2003: 117) disaster. Anthropology 2008: 2) Today 24(2): 1-3. The co-creation of financial and moral economies is In North America and Europe slot machines are far more Ho, K. 2005. Situating not limited to markets animated by face-to-face encoun- significant than table games. The reverse is true in Macau. global capitalisms: A view from Wall Street ters. Technologies that facilitate communication and In the first quarter of 2008, for example, slots accounted investment banks. Cultural which may suggest cultural neutrality in various degrees for almost 70% of total gaming revenue in Nevada and Anthropology 20(1): including numbers, screens and buildings are vigorously only 4.5% in Macau. Asian casinos are clearly ‘table- 68-96. Hughes, J. 2008. FSA to appropriated by individuals, who inscribe upon them centric’ (Kale and Spence 2008: 2). Furthermore, not all step up its advisory their own predilections and concerns (Knorr Cetina and table games are equally popular in different jurisdictions role. Financial Times 30 Bruegger 2002, Beunza and Stark 2004). and among different groups of players. As any London November. The combination of face-to-face encounters and tech- croupier will tell you, American customers are likely to Hutton, W. 1995. The state 4 we’re in: Why Britain is in nology designed to reproduce and record disembodied play blackjack, Chinese to play roulette or baccarat. In crisis and how to overcome principles of economic rationalism on the trading floor Nevada in April 2008, for example, blackjack accounted it. London: Jonathan Cape. in Chicago produces a particularly arresting image in for 43% of table game revenue, baccarat and mini-baccarat — 2008. This terrifying moment is our one chance Zaloom’s work (2003). Engineers produce hardware and for 23%. In Macau during the first quarter of 2008, black- for a new world. The software in accordance with an idealized vision of market jack provided MOP0.6 billion (2% of the total) in revenue Observer, 5 October; exchange, only for it to be personalized by individual while baccarat provided MOP26.2 billion (87% of the available at: http:// traders alert to social and sensual determinants and indica- total) (Kale and Spence 2008: 2). www.guardian.co.uk/ business/2008/oct/05/ tors of good business (the movements of crowds, facial Kale and Spence are trying to formulate a marketing banks.marketturmoil expressions, etc.). strategy for casino operators, based on simplistic and

ANTHROPOLOGY TODAY VOL 25 NO 4, AUGUST 2009 11 Fig. 2. Slot machine design is carefully calibrated to the demographics of customer preference..

Kale, S. and Spence, M.T. 2008. Casino operators in Asian vs western gaming jurisdictions: Implications for western casino operators. Available at: SSRN: http:// ssrn.com/abstract=1152098 Kay, J. 2009. Making banks boring again. Prospect Magazine January: 154. Klein, N. 2007. The shock doctrine: The rise of disaster capitalism. London: Allen Lane. Knight, F. 1921. Risk, uncertainty and profit. Boston, MA: Hart, Schaffner and Marx/ Houghton Mifflin Co. Knorr Cetina, K.and Bruegger, U. 2002. Global microstructures: The virtual societies of financial

markets. American Journal SHAREALIKE 2.0 ATTRIBUTION / CC JEFF KUBINA of Sociology 107(4): 905- 950. Koeing, P. 2008. AIG trail leads perhaps offensive observations such as: ‘Asian socie- game is such that anyone could be lucky. As one regular to London ‘casino’. Daily ties tend to be a lot more collectivist in their orientation casino customer told me, ‘I bung him some cash because Telegraph, 18 October. than Western societies’ (ibid.: 7).5 Despite the obvious I feel like it. Easy come, easy go. I don’t want it back. If I Leyshon, A. and Thrift, N. limitations of their understanding of cultural difference, did, I wouldn’t give it away.’ 1997. A phantom state? The de-traditionalization their data is useful. It illustrates the fact that the games Should anthropologists regard these activities as of money, the international offered by casinos reflect complex social histories and residual, my fieldwork as salvage anthropology of an older financial system and associations. system? Will these differences be eradicated by accelera- international financial centers. In Money/space: My fieldwork in casinos and among regular gamblers tion and new technology and thus create an activity that Geographies of monetary in London supports this idea. Dice playing, for example, is helpfully examined as one more example of ‘casino transformation, Leyshon, A continues to be associated with gangster glamour, having capitalism’ in action? Is the latest generation of electronic and N. Thrift (eds), pp. 291- been imported via the morally ambiguous terrain of the slot machines less susceptible to interpretation than the 322. London & New York: Routledge. docks of Liverpool and London after the Second World more traditional table games? Or, like traders in Chicago, MacKenzie, D. 2003. Long War. The changing demographic composition of wealthy do gamblers appropriate new technology in unanticipated term capital management Londoners since the civil war in Lebanon and the fall of ways? Game design research has identified multiple moti- and the sociology of arbitrage. Economy and the Soviet Union, among other world historical events, can vations for play in this sector, and these are rarely simply Society 32(3): 349-380. be traced through the provision of different table games. profit maximization, but include sensual and cognitive — and Millo, Y. 2003. Casino customers make choices between games on the pleasures such as TOD (time on device), soundscape and Constructing a market, basis of a combination of factors which may include the degree of randomness. performing theory: The historical sociology of potential return, but are more likely to be a reflection of Game designers have also learned to appeal to familiar a financial derivatives their playing history and education. Superstition is rife, and comfortable themes to entice players to use their exchange. American Journal and certain casinos keep tables or even rooms solely for consoles. At the annual UK Betting Show in 2007, for of Sociology 109: 107-145. Maurer, B. 2005. Due the benefit of the wealthy individual who will play there, example, the largest display consisted of a machine that diligence and ‘reasonable and nowhere else. The significance of this point for opera- asked Deal or no deal?, referring to a popular Channel man,’ offshore. Cultural tors is captured in books like Designing casinos to domi- 4 TV game show. In the US in 2004, International Game Anthropology 20(4): 474- nate the competition (Friedman 2000). Technology’s most popular machine, Wheel of Fortune, 505. Minsky, H. 1990. Schumpeter: Money is always moving in the casino, as this is the way known simply as ‘Wheel’ was reported to be making more Finance and evolution. In: in which it multiplies. Transactions invigorate existing than one billion dollars a year (Rivlin 2004). According to Heertje, A. and Perlman, M. relationships and create new ones. Cash circulates through one game designer, it is almost impossible to predict which (eds) Evolving technology and market structure several different but related systems, via tips to waitresses, machine will prove a hit, but ‘it’s not a problem, because studies in Schumpeterian informal loans and gifts. Economists might seek to explain the games are cheap. You can buy a new one and it pays for economics, pp 51-74. the numerous informal loans that circulate in the casino as itself in a few weeks.’ Operators provide a constant stream Ann Arbor: University of ways of spreading risk, but in many cases direct return is of new machines for customers to try out, and preserve Michigan Press. Miyazaki, H. 2003. The not expected. older, popular themes in new editions, some of which are temporalities of the market. I have often received unsolicited gifts of money from explicitly nostalgic, appealing to the strong market for American Anthropologist strangers in casinos, having played out my paltry budget. slots among older men and women. 105(2): 255-265. Moberg, D. 2008. Beyond In each case this money was given casually and without Slots design revolves around maximizing REVPAC casino capitalism. In apparent expectation (or realization) of return. In betting (revenue per available customer), but industry profes- these times, 8 December; shops and in casinos, ‘luck money’ is given to strangers sionals agree that the way to do this is not simply through available at: http:// in the belief that money should be circulated rather than price, but also through features that are highly specific to www.inthesetimes.com/ article/4066/beyond_casino_ hoarded. Players are responsible for keeping the money different groups of people. For example, game designers capitalism/ moving, they recognize that the essential nature of the explain how they optimize REVPAC by avoiding certain

12 ANTHROPOLOGY TODAY VOL 25 NO 4, AUGUST 2009 colour combinations that are inauspicious in favour of style of supervision, but the implementation of this new numbers and colours that are considered lucky. policy was dependent upon his staff developing a far better Moore, J. 2007. Lambert More sophisticated versions of the ‘puffed reels’ of understanding of the institutions they oversee (Hughes defends private equity mechanical slots are reproduced in the ‘near miss’ effect. 2008). Although the FSA has the power to impose unlim- against ‘casino capitalism’ Time between spins is minimized in order to induce ited fines on transgressors, it is seen as lagging behind the gibes. Independent, 15 May. trance-like states and maximize turnover. Either random- industry in its understanding of when and how it might Pasricha, A. 2008 India, Brazil, South Africa slam rich ness or skill is emphasized or ignored, in keeping with the enforce this power to maximum effect (Allen et al. 2008). nations over credit crisis. perceived preferences of certain demographics, based on Casinos and international finance do have something in Agence France Presse,15 data gathered from loyalty cards and customer profiling common – their customers and professionals do not behave October. Available at: http://www.voanews.com/ (Fiorito 2006). As industry marketers warn, in this highly according to naive economic principles. These similari- english/archive/2008- differentiated market, what works in one jurisdiction is not ties are unrecognized because they destabilize the idea of 10/2008-10-15-voa45. simply transferable to another. The preferences of casino the individual at the heart of the analogy between casinos cfm?moddate=2008-10-15. customers must be discovered, rather than assumed. and international finance. They reflect the social and Polanyi, K. 1944. The great transformation: The reciprocal elements of exchange, in contrast to exchange political and economic Risk and uncertainty seen as atomized individual accumulation. Casinos and origins of our time. Boston: In False dawn, John Gray refers to the exposure of govern- international finance also differ in suggestive ways. The Beacon Press. Pryke, M. and Lee, R. ments to ‘environments not merely of risk but of radical uncertainty of international finance is not reproduced in 1995. Place your bets: uncertainty’ (1998: 74). One of the causes of this uncer- the casino, where returns are a direct reflection of the game Towards an understanding tainty is that international finance is vulnerable to rumour and the stake, and probabilities are fixed and calculable. of globalisation, socio- and to the actions and inaction of charismatic individuals Furthermore, in mature gambling jurisdictions, casino financial engineering and competition within a and firms. The case of Bernard Madoff illustrates this par- regulation determines not just which games may be financial centre. Urban ticularly well, as does Jim Rogers’ advice, broadcast on played, but also the rules of those games, reinforced by Studies 32(2): 329-344. Bloomberg, to dump sterling following the dramatic fall in a licensing regime which places compliance at the centre Rivlin, G. 2004. The chrome- shiny, lights-flashing, the share price of Royal Bank of Scotland on 19 January of operations. The gambler may bring a particular level of wheel-spinning, touch- 2009. This process can be observed at the micro level as knowledge or self-control to the tables, but the structural screened, Drew-Carey- well, as MacKenzie has argued: ‘[a]rbitrageur’s beliefs qualities of the game will not differ. wisecracking, video-playing, have a self-fulfilling aspect’ (2006: 5). Regulation of international finance appears to be deter- ‘sound events’-packed, pulse-quickening bandit. The price of taking part in various transactions is thus mined by both market fundamentalism and the fact that the New York Times, 9 May. variable. Radical uncertainty is also produced by the com- regulators don’t know what games might be being played, Rouse, R. 1999. Unravelling plexity of transactions, particularly derivatives, the value let alone how they might control them across jurisdictions. global capitalism. American Anthropological of which may be virtually impossible to calculate. As This contrast between casinos and international finance Abstracts. Chicago: Chris Skinner of the Financial Services Club says: draws attention to the question of how the intentional American Anthropological Assets are related to global markets and future contracts, deriv- and unintentional combine, perhaps through a review of Association. atives contracts that are hard to put into a context that says in the history of relationships between relevant bodies, the Sahlins, M. 2008. The Western illusion of human nature: isolation, ‘this is what they mean’, because often they are inter- industry and the state. The contrasts between the two again With reflections on the related with lots of other instruments and other geographies, suggest that ‘casino capitalism’ is an inappropriate way long history of hierarchy, and so that’s the concern. Investors are saying, ‘if the bank to describe international finance, and also point towards equality and the sublimation cannot show me exactly what the cost of these assets is going questions that might help us toward a better understanding of anarchy in the West and to be I cannot trust the bank’s accounting.’ (Today, BBC Radio comparative notes on other 4, 20 January 2009) of the current crisis. conceptions of the human What political work does the analogy between the condition. Chicago: Prickly Casinos do not produce radical uncertainty, they deal most recent wave of market fundamentalist capitalism Paradigm Press. SocialistWorld.net 2008. solely in risk (Knight 1921). Returns in legal, regulated and casinos perform? It leaves the basic idea of human ‘Casino Capitalism’s crisis casinos must be predictable and consistent. In many juris- nature as inherently grasping and blind to the fate of continues’, the Socialist dictions, a player must be informed of the exact rate of others untouched. Greed, or profit maximization, takes paper of the Socialist Party, 9 October. Available at return over time offered by each game. These percentages centre stage, as both the problem and the solution of how http://socialistworld.net/ may be set according to the game, the denomination of people might live together. Despite the vast quantities of eng/2008/10/09britaa.html the machine, or the location. In Nevada, for example, per- anthropological evidence to the contrary, co-operation, Soros, G. 1998. The crisis of centages for 1¢ slot machines in 2008 were: The Strip – mutuality and empathy are reduced to effects of regula- global capitalism: Open society endangered. New 88.35%, Downtown – 88.96%, Boulder Strip – 89.66%, tion: alien impulses imposed upon individuals by govern- York: PublicAffairs. North Las Vegas – 90.23%. Pricing is thus transparent ments seeking to set limits on those of us who insist on Strange, S. 1986. Casino and fixed. It is possible to calculate liabilities and assets ‘doing what comes naturally’ – shafting other people in capitalism, Oxford: Basil Blackwell Press. simply by looking at the game, the stakes and the chips order to prosper. — 1998. Mad money: remaining. According to this logic, serious alternatives to the cur- When markets outgrow In the UK, the provision of large and medium-sized rent system, including ‘democratic solidarity’ achieved by governments. Manchester: casinos is limited by government. Within these limits, par- ‘combining the free reciprocity of self-organized groups Manchester University Press. ticular casinos are subject to a comprehensive licensing with the redistributive powers of the state’ (Hart 2008: Tett, G. 2008. Insight: process overseen by the Gambling Commission (GC). 2) are non-starters, based on a misguided conception of Anthropological insights The games offered must be chosen from an approved human nature. into banking behaviour. Financial Times, 17 January. list and played in accordance with the Commission’s Casino capitalism was a potentially subversive way of Wintour, P. 2008. Osborne Rules of casino games in Great Britain (2008). Casinos describing the most recent wave of market fundamen- tells city to clean up are inspected and the GC may withdraw a licence from talism in the UK and the US, but it failed to realize its the ‘capitalist casino’. any casino held to be in breach of the rules. British casino promise. Continuing to describe the current crisis in this Guardian, 30 September. Zaloom, C. 2003. professionals believe that the effect of policies that might way further abstracts international finance, making it Ambiguous numbers: have been described as deregulatory in spirit, including the less knowable and thus less accessible to criticism. The Trading technologies and creation of the GC, have increased regulation in practice. expression ‘casino capitalism’ makes disparate events and interpretation in financial markets. American The Financial Services Authority (FSA) regulates finan- processes superficially familiar and similar in a way that Ethnologist 30(2): 258-272. cial services in the UK, and was found to be guilty of a obscures our efforts to understand them. It does not pro- — 2006. Out of the pits: ‘systematic failure of duty’ over the collapse of Northern vide a coherent criticism of the systems that produced the Traders and technology Rock by the House of Commons Treasury Committee current crisis, an explanation of how it might have devel- from Chicago to London. Chicago: University of (2008). In November 2008, the chief executive of the FSA, oped or, most importantly, any guidance as to how we Chicago Press. Hector Sants, described a move towards a ‘more intrusive’ might act in the future. l

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