8 See, e.g., Brainard, “Senegal Community and Enterprise Development Project” in C. Mann, M. Grindle, and P. Shipton, eds., Seeking Solutions: Framework and Cases for Small Enterprise Development Programs, 1989. For a more recent perspective, see “Mobile financial services are cornering the market,” The Economist, May 3, 2018, https://www.economist.com/special-report/2018/05/03/mobile-financialservices-are-cornering-the-market.
Some algorithm-based arbitrage trades contributed to spreading this market seizure to a wide range of individual stock prices, leading to the full-blown Flash Crash. Although algorithmic trading may contribute to market stabilization in normal times, this may not be the case when unexpected events or unknown unknowns occur.