Collective Dynamics and Structural Limits of Financial Markets

Collective Dynamics and Complex Social Systems.pdf

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Collective Dynamics and State Governance.pdf

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This document presents a structural theory of financial markets grounded in the Crowd-Based Dynamics (CBD) framework, analyzing markets as collective adaptive systems rather than aggregations of individual decisions. It shows that apparent market stability often results from silent mimetic accumulation that progressively rigidifies collective dynamics. This accumulation leads to saturation of collective memory, reducing the system’s capacity to absorb disturbances. The framework identifies key structural regimes, notably continuation divergence (Dc) and reactive divergence (Dr), and their transition phases. Crises are shown not to be caused by isolated events, but to be prepared by endogenous internal dynamics. Governability is defined as a conditional and temporal property that can disappear before any visible rupture. The document is exclusively explanatory, providing a closed, non-predictive, and non-normative framework for understanding structural limits in financial systems (ORCID: https://orcid.org/0009-0004-7889-6641).