ICT & Financial Crises


Andreas Fickers (University of Luxembourg)


Theme ICT and Financial Crisis


European & global dimension:

  • Historicizing EURO crisis 2008
  • problematizing relationship between ITC and media infrastructures in co-shaping of financial crisis
  • reflecting on transnational and global nature of ICT/News Media nexus as actor of socio-economic development


Reaching out to other disciplines:

  • Economics & finance studies: challenging the technological determinism of algorithmic trading and real-time speculation
  • Risk management & regulation: institutional & technical mechanisms to deal with uncertainty & speculation
  • Media history / media studies: merge of ICT and news media: co-construction of “market reality” as “appresentation” (Knorr-Centina)
  • STS: materiality of prices in liquid markets and distinct socio-material assemblage of market sociality (MacKenzie)


Theoretical & Methodological dimension:

  • Studying the different time regimes financialized capitalism
  • Understanding the technologically mediated reflexivity of financial panics / crisis
  • Deconstructing “market reality” as a conglomerate of invested interests of financial, media and political sector


Problematizing different “time regimes” in financial sector

Electric clock time regime (1830s-1950s)

  • standardization of time zones around globe 1884
  • Impact of electric telegraph communication (stock market)
  • Impact of telephony (stock market)
  • Impact of radio (business news)


Electronic time regime (1960s-1980s)

  • Impact of computers, satellites, microchip technologies: increased density of electronic communication


Real-time regime (1990s-today)

  • Impact of digital technologies and Internet as manifestations of inter-networked instantaneity and simultaneity (high-frequency trading HFT as cultural phenomenon)

Algorithmic trading systems and computer/software generated analysis and decision-making based on financial protocols (Financial Information Exchange / FIX)



  • Exploratory Workshop on ToE Flagship-Program “ICT & Financial crises” (C2DH, Luxembourg University, 18 May 2018)