- List of Figures
- List of Tables
- Global Finance And Its Institutional Spaces
- Politics And Financial Markets
- Finance And Institutional Investors
- Business Groups And Financial Markets As Emergent Phenomena
- Central Banking And The Triumph Of Technical Rationality
- What is a financial market? Global markets as microinstitutional and post-traditional social forms
- Auctions And Finance
- Interactions And Decisions In Trading
- Traders And Market Morality
- The Material Sociology Of Arbitrage
- Seeing Through The Eyes Of Others: Dissonance Within And Across Trading Rooms
- Market Efficiency: A Sociological Perspective
- Financial Analysts
- Rating Agencies
- Accounting And Finance
- The International Monetary Regime And Domestic Political Economy: The Origin Of The Global Financial Crisis
- A Long Strange Trip: The State And Mortgage Securitization, 1968–2010
- Dead Pledges: Mortgaging Time And Space
- Financial Crises As Symbols And Rituals
- The Sociology Of Financial Fraud
- The Disunity Of Finance: Alternative Practices To Western Finance
- Islamic Banking And Finance: Alternative Or Façade?
- Geographies Of Finance: The State-Enterprise Clusters Of China
- The Financialization Of Art
- Historical Sociology Of Modern Finance
- Gender And Finance
- The Role Of Confidence In Finance
- Finance In Modern Economic Thought
- Financial Automation, Past, Present, And Future
Abstract and Keywords
This article contends that the structural organization of finance within a country reflects and shapes the organization of business and politics. The ‘structural organization of finance’ refers to the ways that savings are channelled from households to businesses and other borrowers. The article is organized as follows. It first describes how finance varies around the world and some of the efforts to create typologies of national systems. It then reviews research from several disciplines on how law and domestic politics shape finance, and how finance creates interests within the polity. The discussion then turns to how the practice of finance has changed with globalization over the past generation, and how the increasing size, scope, and reach of financial markets has altered some of the traditional ‘varieties of capitalism’. The balance among different institutional elements — product markets, labour markets, education systems, social welfare provision — has shifted due to the expansive spread of financial markets across geographic and social space. Hypertrophied finance created policy challenges that were resolved in diverse ways around the world. The article concludes with a brief discussion of the financial crisis that began in 2008 and its implications for how researchers should think about finance and politics.
Gerald F. Davis is the Wilbur K. Pierpont Collegiate Professor of Management and Professor of Sociology at the University of Michigan. He has published widely in management, sociology, and finance. Recent books include Social Movements and Organization Theory (with Doug McAdam, W. Richard Scott, and Mayer N. Zald; 2005); Organizations and Organizing: Rational, Natural, and Open System Perspectives (with W. Richard Scott; 2007); and Managed by the Markets: How Finance Reshaped America (2009), which won the Academy of Management's George Terry Best Book Award for 2010. He is the editor of Administrative Science Quarterly and Director of the Interdisciplinary Committee on Organization Studies (ICOS) at the University of Michigan.
Access to the complete content on Oxford Handbooks Online requires a subscription or purchase. Public users are able to search the site and view the abstracts and keywords for each book and chapter without a subscription.
If you have purchased a print title that contains an access token, please see the token for information about how to register your code.