'The sociology of arbitrage': a comment on MacKenzie

This article examines the role of the sociology of arbitrage in developing a sociology of the financial markets. While viewing 'Parsons' Pact' as unhelpful, I suggest that the 'sociology of arbitrage' is a distraction from the questioning of it. I offer a more precise definition of arbitrage than in recent literature, while retaining relevance to the operations of financial markets. By suggesting that, as a result of this more precise definition, much of what is commonly termed 'arbitrage' is actually similar to most other investor activity, I argue that a more productive route to developing a sociology of the financial markets is to focus on the fact that almost all investors face the same consideration: their performance is ultimately determined by the actions of others.