Legal Systems in Conflict: Property and Sovereignty in Missouri, 1750–1860

Bakken, Gordon Morris

doi:10.1215/00021482-76.1.129

Cited by 1 publication

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“…45 35. Cronon,Nature's,[104][105][106][107][108][109][110][111][112][113][114][115][116][117][118][119]120,132. 36.…”

Section: More or Less Like Grainunclassified

“…111 Gray insisted that "all the evidence" pointed to the need for hedging and hedgers, but doubt accumulated at the seminars. 112 Though still convinced of its importance, Working proposed placing "'hedging' in quotation marks" because "the word means different things to different people and in different contexts." 113 The economists produced numerous empirical studies of livestock futures that suggested older hedging models did not work.…”

Section: The Financial Revolution Of 1964mentioning

confidence: 99%

“…Wiese, "Case," 14.; See also whole Peck volume. 61.Baer and Saxon, Commodity,[110][111][112] Kohls, Marketing. ; Bakken, History, 59.…”

mentioning

confidence: 99%

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Paper Steaks: Live Cattle Futures Markets and the Financial Revolution of 1964

Paulson

2024

Enterp. Soc.

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This article argues that live cattle futures, launched in 1964 in Chicago, were revolutionary for professional economics, the derivatives industry, and the beef cattle industry because cattle were the first successful “non-storable” derivatives. Since the late nineteenth century, the ability of derivatives to provide financial services to risk-averse farmers rested on the assumption that futures were interchangeable with physical commodities in storage. Live cattle futures upset theories and norms, which enabled experiments in increasingly abstract forms of speculation and tremendous growth in the derivatives industry. Economists, exchange leaders, and commodity producers cooperated to make live cattle futures work, but they all understood and felt their impacts differently. The article applies market performativity theory to better understand how financial instruments and markets became first less and later more physically abstract over time. The article reveals that the changing materiality of derivatives also led to changes in the social purpose of speculative finance. Sources include published economics articles, conference proceedings, congressional hearings, historical newspapers, and archival records from the derivatives and cattle industries.

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“…45 35. Cronon,Nature's,[104][105][106][107][108][109][110][111][112][113][114][115][116][117][118][119]120,132. 36.…”

Section: More or Less Like Grainunclassified

Section: The Financial Revolution Of 1964mentioning

confidence: 99%