i303 - Flash Crash -Charged with Layering -they put in fake...

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Flash Crash -Charged with “Layering” -they put in fake buy requests and then the stock goes up. You then quickly change the stock from buy to sell. -Also charged with “spoofing” -Fake interest in stocks to inflate stocks. Weber on Management -In private sector, bureaucratic idea = management -Bureaucracy is depersonalized -Things get done despite who the person is -As a monocratic hierarchy, with own momentum -Single hierarchy -As appointed for no fixed term: dependent on peers (leading to a “managerial class”) -orientation is toward each other. Vocational orientation. Chandler and the “managerial revolution” -That the large firm, not just the firm itself, is the key development innovation of history. -That the large firm is guided by the visible hand of management (vs. smith) -Large firms have 2 distinctive features 1. Many distinct operating units 2. A hierarchy of managers who control the units and form an entirely new class, one independent of owners, of professionals (managerial capitalism, which separates ownership from control.) -Firm arises by internalizing previously distinct activities
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-Can do this bc of routinization, flow scheduling, integration and control, all of which Made possible/necessitated by new technologies Class 9/15/2010 Critique as internal, in that about consequences of the labor process itself, not what workers bring to it. The characteristics of the firm that make it “the one best way” to make things Reductionist: All action reduced to the simplest, so “most efficient” Total control of action, for separation of conception from execution, and control concentrated at the top. Rational, for organization approached scientifically Infinitely scalable (divisional structure) The above statements must all be true, since the firm highly profitable for stockholders The firm still often taken as the model for how to organize: e.g. “the business approach” to the university Roethlisberger on the Hawthorne Experiements Experiments took place at the Hawthorne, IL factory of Bell Telephone As reductionist efforts, that viewed work as mostly a physiological thing Still found the “Human Relations in industry school Nonetheless, results perfectly reasonable humanly:
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o Can’t understand worker behavior apart from feeling or sentiments o Sentiment are easily disguised o Sentiments need to be understood in context, part of a “gestalt” In sum, worker behavior depends upon the meaning they attribute to events
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This note was uploaded on 01/17/2011 for the course INFO-I 303 taught by Professor Dr.hakken during the Spring '10 term at Indiana.

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i303 - Flash Crash -Charged with Layering -they put in fake...

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