The invisible robots of global finance

Abstract

One of the barriers for doing ethics of technology in the domain of finance is that financial technologies usually remain invisible. These hidden and unseen devices, machines, and infrastructures have to be revealed. This paper shows how the "robots" of finance, which function as distance technologies, are not only themselves invisible, but also hide people and places, which is ethically and politically problematic. Furthermore, "the market" appears as a ghostly artificial agent, again rendering humans invisible and making it difficult to ascribe responsibility. Epistemic invisibilities thus become moral invisibilities. Finally, if we want to render finance more socially and ethically responsible, we also have to reveal the hidden efforts of many individuals and communities to re-invent finance by means of alternative financial practices and technologies. Research on responsible innovation should also consider less visible innovation that happens outside academia and industry.