Max Weber, the Exchange, and the possibilities of political and parliamentary intervention

• Autores: Cristiana Senigaglia
• Localización: Parliaments, estates & representation = Parlements, états & représentation, ISSN-e 1947-248X, ISSN 0260-6755, Vol. 32, Nº. 1, 2012, págs. 53-69
• Idioma: inglés
• Texto completo no disponible (Saber más ...)
• Resumen

  • Max Weber's analysis of the Exchange focuses on the one hand on the meaning of this institution for modern economy, and on the other hand on the need to create political frames regulating its activity. According to Weber, the Exchange brings about a rationalization of the financial and economic system based on quantification, globalization, and impersonality, abstracting from concrete situations and relationships. Nevertheless, this also implies limiting personal responsibility and reducing the capacity of control and overview. In order to overcome the negative effects, it is necessary to define the forms of intervention of politics as well as its margins. Weber's scientific issues are supported by the personal experience he had in Germany by participating in the provisory board created after the financial crisis of 1890. Weber conceives of internal representative-like institutions supervising the Exchange, but he also ascribes to the parliament a central function consisting of regulating transactions and taking measures at a legislative level. A parliament elected by means of a universal and equal suffrage is for him the most adequate institution to supervise the Exchange, as it equalizes social as well as economic differences and it takes into consideration the fundamental needs of the people. Nevertheless, since the Exchange is also a global institution, Weber stresses in addition the relevance of international agreements, in order to guarantee more transparency and stability.