Doctoral Dissertation Research: Understanding the Proliferation and Operation of Stock Markets in a Global Economy - Phase Three (Iceland)

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At the end of 1997, there were stock markets in 103 different countries, and 48 were established between 1988 and 1997. Some of these new stock markets appear similar to those established elsewhere, but others involve substantial local control and have special characteristics. What explains the proliferation of these stock markets, and the different forms they can take in different countries? Four theories provide competing answers to these questions. First, a 'strong' theory of global change suggests that states are increasingly powerless against homogenizing global economic forces. Second, a 'hollowing out' theory predicts that global markets weaken and constrain rather than destroy state capacity, and leave room for local control of markets. Third, a 'skeptical' theory argues that states actively participate to varying degrees with international economic forces, produce diverse national institutions, and allow for considerable local control of markets. Fourth, a 'world culture' theory explains increasing similarity across nations through the international diffusion of organizational norms. This project -- the third phase of a larger study of recently-created stock markets -- examines these questions and evaluates these theories through the study of new stock markets in Fiji, Ghana, and Iceland. It uses methods of participant-observation, in-depth interviews with market participants, and archival analysis to test predictions about the global economy and state power in affecting the establishment and operation of new stock market exchanges. In particular, the study describes and analyzes the sources and types of information market participants draw on, the connections of the market to international organizations, and local and regional dynamics in market practices.