A new framework for the analysis of contemporary financial markets: the need for pluralistic approaches

Abstract

Interdisciplinary approaches are essential to properly evaluate an economic and financial system that is increasingly complex and globally interrelated. With reference to the work of the philosopher Peter Godfrey-Smith, it is argued that a more pronounced interdisciplinarity in the social sciences would enable a flourishing of pluralism in economics. By adopting clearly defined research strategies and objectives, scholars with different academic backgrounds can successfully work on common projects. A better integration of economic, social and behavioural sciences will favour the establishment of new frames of thinking and new analytical tools which are much needed in contemporary financial regulation. Financial markets, defined as competitive markets in financial instruments such as stocks, bonds, loans and derivatives, represent a research subject that may be analysed from a plurality of angles and frames, including a sociological one. In practice, such a plurality of perspectives could favour sustainable wealth creation and contribute to maximizing the benefits from economic globalization.