Workshop III – Cologne I

The changing ecology of the financial system I

May 2019

The actors and the system. The ecology of the financial system is constantly in flux. While banks have always been central to capitalist money, their activities have changed, as manifest in the growth, for instance, of Special Purpose Vehicles or derivative trading. Along the capital investment chain, we have seen the proliferation of asset managers (mutual, hedge, private equity, venture capital, and exchange-traded funds), investment advisors, and proxy voting firms. Corporate cash pools and sovereign wealth funds have altered the investor landscape, while households have increasingly been drawn into the finance capitalism both as investors and as debtors. How do these changes impact the politics of money and finance?