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Rethinking the Concept of a ‘Financial Elite’: A Critical Intervention

Moran, Marie ; Flaherty, Eoin

Critical sociology, 2023-11, Vol.49 (7-8), p.1157-1172 [Periódico revisado por pares]

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Título:
Rethinking the Concept of a ‘Financial Elite’: A Critical Intervention
Autor: Moran, Marie ; Flaherty, Eoin
Assuntos: Accumulation ; Capitalism ; Economic elites ; Elites ; Income inequality ; Social sciences ; Wealth
É parte de: Critical sociology, 2023-11, Vol.49 (7-8), p.1157-1172
Descrição: While the concept of a ‘financial elite’ has become prominent within politics and the social sciences, it is not clear what value it holds for the analysis of inequalities of income, wealth and power under financial capitalism. Who are the financial elite, and what distinguishes them from other economically powerful groups? We delineate ‘distributive’, ‘categorical’ and ‘relational’ approaches to financial elites, arguing that various unresolved tensions have hampered clarification of the differentia specifica of the concept, and blunted its normative significance. We develop a new concept of financial elites that combines insights from elite studies and financialisation studies. We argue that the financial elite possess not only high incomes, but income primarily derived from ‘rentier’ channels, as endowed by the institutional structures of financialisation. Financial elites demonstrate the capacity not only to capitalise on these new accumulation channels, but to shape the institutional and regulatory landscapes in which they operate.
Editor: London, England: SAGE Publications
Idioma: Inglês

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