INFORMATION IN THE MARKETPLACE - MEDIA EXPLANATIONS OF THE 87 CRASH

Qualitative analysis of the financial press reveals that explanations of the stock market crash of October 1987 rely on socially embedded co nceptions of markets, rather than on prevailing doctrines of economic or financial theory. Mass sentiments and social organizational forces were most pervasive in explaining the price collapse Similarly, the so urces most frequently quoted were experts on the social and political nature of markets, rather than individuals knowledgeable about the pro ductive economy The paper concludes by considering the implications of the role of media coverage in constituting the market through its acc ounts of it