Contemporary financial markets have been characterized by
sociocultural phenomena such as "meme stocks", the Gamestop short
squeeze, and "You Only Live Once (YOLO) trading". These are
movements led by small-scale retail investors banding together to
participate forcefully in financial markets through decentralized
but coordinated actions. This book deploys many different
subdisciplines to explore the recent ‘power grabbing’ of retail
investors and the online environment that enables them to join the
ranks of major financial players, and participate in contemporary
capitalism. It offers multiple perspectives on the genesis, role,
motivations, power, and future prospects of retail investors as a
force in contemporary financial markets. Drawing upon the insights
of authors hailing from many different countries, the book frames
YOLO capitalism through numerous angles that help to explain the
context and the importance of activist retail investors in modern
financial markets, and thereby explore the possibilities of a
transformed financial future with much wider small-scale
participation. The book assesses the potential of online - and
other - communities in enabling global coordination in impacting or
even driving financial and crypto markets, and the challenges that
come with it and weighs the competing narratives both positive and
negative regarding YOLO capitalism. It strikes a balanced
assessment of their legal, cultural, behavioural, economic, and
political roles in modern finance. This book will be of interest to
a multidisciplinary and interdisciplinary audience of scholars in
financial markets, financial regulation, political economy, public
administration, macroeconomics, corporate governance, and the
philosophy and the sociology of finance.
General
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