What We Are Reading Today: Darkness by Design

Updated 20 August 2019

What We Are Reading Today: Darkness by Design

Author: Walter Mattli

Capital markets have undergone a dramatic transformation in the past two decades. Algorithmic high-speed supercomputing has replaced traditional floor trading and human market makers, while centralized exchanges that once ensured fairness and transparency have fragmented into a dizzying array of competing exchanges and trading platforms. Darkness by Design exposes the unseen perils of market fragmentation and “dark” markets, some of which are deliberately designed to enable the transfer of wealth from the weak to the powerful.
Walter Mattli traces the fall of the traditional exchange model of the NYSE, the world’s leading stock market in the twentieth century, showing how it has come to be supplanted by fragmented markets whose governance is frequently set up to allow unscrupulous operators to exploit conflicts of interest at the expense of an unsuspecting public.
Market makers have few obligations, market surveillance is neglected or impossible, enforcement is ineffective, and new technologies are not necessarily used to improve oversight but to offer lucrative preferential market access to select clients in ways that are often hidden.
Mattli argues that power politics is central in today’s fragmented markets.


What We Are Reading Today: Floating Coast  by Bathsheba Demuth

Updated 16 September 2019

What We Are Reading Today: Floating Coast  by Bathsheba Demuth

Whales and walruses, caribou and fox, gold and oil: Through the stories of these animals and resources, Bathsheba Demuth reveals how people have turned ecological wealth in a remote region into economic growth and state power for more than 150 years.

The first-ever comprehensive history of Beringia, the Arctic land and waters stretching from Russia to Canada, Floating Coast breaks away from familiar narratives to provide a fresh and fascinating perspective on an overlooked landscape, according to a review published on goodreads.com.

The unforgiving territory along the Bering Strait had long been home to humans — the Inupiat and Yupik in Alaska, and the Yupik and Chukchi in Russia — before Americans and Europeans arrived with revolutionary ideas for progress. 

Rapidly, these frigid lands and waters became the site of an ongoing experiment: How, under conditions of extreme scarcity, would the great modern ideologies of capitalism and communism control and manage the resources they craved?