ABSTRACTThis work explores financial edgework by professional speculative traders as an explanation for the persistence of rogue trading in financial markets. The article joins in the scholarly application of “edgework,” the social psychological study of voluntary risk, to speculative trading. The discussion focuses on the origins and persistence of that subset of behavior wherein the trader knowingly creates the condition in which he or she endangers the brokerage house that employs them and even, at times, threatens the public's (...) perception of the integrity of the securities industry. Going over the edge between risk taking and unauthorized rogue trading is explained by looking at five inducements to escalate risk taking provided in the securities industry. This examination of financial edgework demonstrates how and, to a lesser degree, why rogue trading is a result of the security industry's pursuit of and desire to capitalize upon yet not publicize an occupational culture stressing a “risk‐and‐win” ethos. (shrink)

The stories people tell in the course of conversations are both implicated in and distinct from the occasions on which they are told. Their implication is a matter of context; their distinctness is a matter of frame. Contexts show up as continuities between stories, conversations, and storytelling occasions; frames mark discontinuities. By virtue of their frames, stories can be identified as a different order of event from the conversations in which they are enclaves and from the occasions of their telling, (...) an event with its own conventions of presentation. Stories are neither natural utterances in conversations nor are they ordinary events in everyday life. They are recountings of such events in the course of such conversations. Stories thus constitute a separate universe of discourse, a storyrealm embedded in the realm of conversation. The storyrealm, that segment of narrative discourse within conversation, in turn directs attention to a third realm, the realm of the events the story is about or taleworld. Events in the taleworld are framed by the storyrealm, itself framed by the realm of conversation. (shrink)

Although the meaning and usefulness of Erving Goffman’s work are still being debated today, few would doubt the importance of his contributions to the sociological study of the self, emotions, deviance, and social interaction. Less well known to most contemporary sociologists is his effort to provide a sociological account of voluntary risk taking—participation in gambling, high-risk sports, dangerous occupations, certain forms of criminal behavior, and the like—activities he classified as ‘action’. While Goffman’s study of action anticipated the expansion of volitional (...) risk taking in Western societies in recent decades, most contemporary research on this trend has been guided by a different concept—the notion of ‘edgework’. Contrasting the action and edgework approaches along three key parameters—fateful action versus corporeal edges, embodied semiotics versus embodied experience, and dramaturgical reflexivity versus hermeneutic reflexivity—reveals how the action and edgework concepts capture conflicting motivations for voluntary risk taking. Finally, this article considers how Goffman’s action framework can be reoriented to contemporary social conditions and integrated with the edgework perspective to yield a multidimensional theory of risk agency in late modern society. (shrink)

In this article, the author examines the gendered emotional culture of high-risk takers. Drawing on five and one-half years of ethnographic fieldwork with a volunteer search and rescue group, the author details the intense emotions rescuers experienced before, during, and after the most dangerous and upsetting rescues. Lyng's concept of “edgework” is used to analyze how male and female rescuers experienced, understood, and acted on their feelings. The data reveal several gendered patterns that characterized this emotional culture. The article (...) concludes with a discussion of gender, edgework, and emotional culture, focusing on the theoretical implications of their confluence. (shrink)

Increasing attention to existentialist thought by criminologists and other social scientists in recent decades has created an opportunity to envision new possibilities in critical theoretic inquiry that extend well beyond the classical formulations of this tradition. In this essay, I draw on existentialist ideas to outline a critical perspective rooted in recent developments associated with Ulrich Beck's notion of "risk society" and the related theory of reflexive modernization. I argue that, though the detraditionalization consequences of reflexive modernization give greater scope (...) to agency in the risk society, transcendence in the existentialist sense is found in the hermeneutic reflexivity one experiences in high risk practices I call "edgework". Finally, I explore several options for using existential transcendence in hermeneutic reflexivity as a reference for critical analysis and, in doing so, suggest an alternative to Beck's own critical approach—cosmopolitanism—as a foundation for a critical theory of the second modern social order. (shrink)

This piece begins with the author’s epiphanic experience with a glacier, Perito Moreno, Southern Patagonia, and follows a journey of fascination for the edifying power and majesty of ice, as not just a metaphorical demonstration of the laws of thermodynamics, but argued as the clearest presentation of the material processes of legality itself. Most lucid when understood as a border phenomenon and a form of edgework within international law, where water meets land, and melting ice reveals the unravelling of (...) sovereignties as climate change alters sea levels, shipping routes and coastlines; capturing singular moments in entropic aesthetics of legal bifurcation in frozen phase states also are offered as a key method of understanding geo-legal movements. Following from the work of Walter Benjamin and historical materialist scholar Esther Leslie, processes of ice formation and degradation offer “dialectics at a standstill.” This is made possible through forms of entropic aesthetics, and methods of artistic research that reveal a percolating nature of sovereignty, and the petrification of legality. Combining legal pluralist understandings of law, with those of art historical and practice-based research, Susan Schuppli’s evidentiary art and the “material as witness,” is suggested as an exemplary way of identifying and bringing presence to the entropic processes of law, and the legal processes of entropy. Fictional scenes and speculative sketches are woven throughout the text to bring its variant phase states to life. Images and paintings from and prompted by the visit to Perito Moreno are added to the body of writing as emergent beings bearing witness throughout the piece. (shrink)