Skip to main content Accessibility help
×
Hostname: page-component-77c89778f8-m42fx Total loading time: 0 Render date: 2024-07-22T15:31:46.893Z Has data issue: false hasContentIssue false

9 - Taming the god of opportunism

Published online by Cambridge University Press:  05 June 2012

Jocelyn Pixley
Affiliation:
Macquarie University, Sydney
Get access

Summary

There are no recipes in this brief conclusion. The logical conclusions to my argument are about the preferable emotions for coping with uncertainty. Taming the systemic opportunism, therefore, would start by looking carefully at impersonal trust. The Anglo-Saxon model is untrustworthy, so much so that more countervailing visions are joining my expert ‘sour voices’. Many argue that self-destruction is built into the pattern of boom to bust. That includes the entire ‘community’ more seriously each time, because seeking profits with guile is bound to destroy money's foundations in trust in the future, trust in productive industries, trust in governments and in populations. Finance only deals in promises; when the sector tries to sell them off, it destroys trust, which is the basis of money-production.

No one can reduce uncertainty or attempt to beat it. The world is incoherent and cannot be controlled. In facing the unknowable, emotions provide a way to stabilise uncertainties into routines and standardised procedures. Emotions are rational and unavoidable, but nothing can transform uncertainty into the risk of ‘known chances’ – which can also run huge losses. Some uncertainties may not matter much – will a slight rain fall on the way to work? A precautionary umbrella is the answer. But the uncertainty of money always involves vulnerabilities. No matter the emotional ‘investment’ let alone other expenditure, calculations are all of the past, and tomorrow may be very different from today.

Type
Chapter
Information
Emotions in Finance
Booms, Busts and Uncertainty
, pp. 255 - 263
Publisher: Cambridge University Press
Print publication year: 2012

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Save book to Kindle

To save this book to your Kindle, first ensure coreplatform@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×