Abstract

https://ssrn.com/abstract=2800329
 


 



Categorical Anarchy in the U.K.? The British Media's Classification of Bitcoin and the Limits of Categorization


Jean-Philippe Vergne


Western University - Ivey Business School

Gautam Swain


Western University - Ivey Business School

June 24, 2016

Research in the Sociology of Organizations, Forthcoming

Abstract:     
Bitcoin, introduced in 2009, is a complex entity whose evolving design and purpose are constantly redefined in a decentralized fashion. This makes bitcoin difficult to categorize, and indeed since 2009 bitcoin has been associated with 112 different labels in the British media alone (e.g., “private money”, “asset”, “commodity”) — most of which fail to adequately describe bitcoin. Contrary to expectations, the introduction of new labels meant to encapsulate bitcoin’s unique attributes is rare. By analyzing labels in 674 articles published in the U.K. between 2009 and 2015, we shed new light on the relationship between labeling and categorization, and explain the ongoing confusion faced by the media and their audiences when it comes to bitcoin. In particular, we identify classification inconsistencies at three levels (within clusters of labels, between labels and categories, and between label attributes), which hamper categorization based on attribute similarity, audience goals, and causal models (respectively). We contend that four contextual elements nurture this categorical anarchy: radical innovation, decentralization, nonintersection of knowledge domains, and absence of a superordinate category. We discuss implications for theory on categorization and innovation, and we conclude this paper with a call for more research on the socioeconomic revolution heralded by bitcoin and the blockchain.

Number of Pages in PDF File: 42

Keywords: bitcoin, categorization, innovation, media, expertise


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Date posted: June 30, 2016 ; Last revised: July 5, 2016

Suggested Citation

Vergne, Jean-Philippe and Swain, Gautam, Categorical Anarchy in the U.K.? The British Media's Classification of Bitcoin and the Limits of Categorization (June 24, 2016). Research in the Sociology of Organizations, Forthcoming. Available at SSRN: https://ssrn.com/abstract=2800329 or http://dx.doi.org/10.2139/ssrn.2800329

Contact Information

Jean-Philippe Vergne (Contact Author)
Western University - Ivey Business School ( email )
London, Ontario
Canada
Gautam Swain
Western University - Ivey Business School ( email )
London, Ontario
Canada
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