Everyday discourses of stock market investing: Searching for investor power and responsibility

Abstract

The latest financial crisis has aroused public discussion about the moral aspects of financial speculation and the rights and responsibilities of different market actors, including private consumers of financial products. Shifting the focus away from the level of individual morals and choices, this paper sets out to trace the discursive “conditions of possibility” for reflective and responsible financial consumption. Through a critical discourse analysis of media and marketing texts, the paper identifies and examines four conventionalized discourses of stock market investing: market mechanics, market psychology, market participation, and market expertise. The paper shows how each of these widely normalized discourses articulates investing as an individual enterprise of wealth management, devoid of broader social or political relevance. It is argued that the prevalence of such representations is likely to discourage social awareness with regard to financial consumption and to impede the establishment of fair and sustainable market practices.

Keywords:

• stock market
• financial consumption
• personal investing
• ethical investing
• financialization
• critical discourse analysis

Notes

1. The data is described in more detail in Appendix 1.

2. Schrader (2006) reports similar findings in the context of personal consumer advisory services of retail banks; according to his study, advisors lack initiative and capability in informing customers about ethically oriented investment options.

3. Names of funds are generalized in order to improve readability.