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The Laws of Finance For a Sociology of Finance and Law Entanglement

Published online by Cambridge University Press:  06 January 2022

Thomas Angeletti  and
Benjamin Lemoine
Thomas Angeletti
Affiliation:
CNRS – IRISSO, Paris Dauphine University (PSL) [thomas.angeletti@dauphine.psl.eu].
Benjamin Lemoine
Affiliation:
CNRS – IRISSO, Paris Dauphine University (PSL) [Benjamin.lemoine@dauphine.psl.eu].
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Abstract

In this special issue, we unpack law and finance entities and consider their co-construction, entanglement and interchanging relationship. Adopting a processual sociology lens, we aim to connect micro-technical devices and controversies to the macroscopic big picture of financialized capitalism. We combine analytical tools from pragmatic sociology, emphasizing how social reality and institutions are (re-)enacted through trials, with a dynamic and historicized sociology of the state and the juridical field. Four avenues illustrate our research program on the sociology of financial law. First, we focus on how this juridical space is co-produced by public and private forces, organizations and initiatives. Second, we look at how financial law displaces and endogenizes core regalian purposes traditionally associated with the state. Third, we show the forms of asymmetries that pervade law enforcement in financial cases. Fourth, we address how power intervenes in normal and exceptional times, such as financial crises. The legal and financial co-production of political regimes shapes economies and legitimate forms of social distribution.

Résumé

Résumé

Cette introduction esquisse les grandes lignes d’un programme de recherche empirique et théorique sur la co-construction et les modalités d’enchevêtrement entre droit et finance. En adoptant une perspective sociologique processuelle, nous montrons comment il est possible de reconnecter les dispositifs socio-techniques juridico-financières, qui se déploient à l’échelle microsociale, à la « big picture » macrosociale du capitalisme financier. Nous combinons une analyse historicisée de l’État et du champ juridique avec les outils de la sociologie pragmatique, attentive à la façon dont la réalité sociale, les institutions et les acteurs de ces processus sont redéfini·e·s au cours d’épreuves successives. Ce programme de recherche sur la sociologie du droit financier se déploie principalement sur quatre axes. Premièrement, nous montrons comment cet espace juridique spécifique est coproduit par des forces et des organisations publiques et privées. Deuxièmement, nous examinons comment le droit financier déplace, redéfinit et « endogénéise » les prérogatives souveraines et de politiques publiques traditionnellement associées à l’État. Troisièmement, nous montrons les formes d’asymétries qui structurent le traitement judiciaire des affaires financières. Enfin, quatrièmement, nous abordons la manière dont ces formes de gouvernement et de pouvoir n’interviennent pas exclusivement lors de situations exceptionnelles, telles que les crises financières, mais aussi en régime ordinaire. La coproduction juridique et financière des régimes politiques façonne ainsi les économies et les formes légitimes de distribution sociale.

Zusammenfassung

Zusammenfassung

In diesem Artikel zeigen wir, wie Interpretationskämpfe um die Einhaltung von Vorschriften zu einer regulatorischen Differenzierung und damit zu einer Marktsegmentierung führen können. Dazu untersuchen wir die Entwicklung der unbesicherten Kreditvergabe in den Vereinigten Staaten in den Jahren zwischen 1900 und 1945. Im frühen 20. Jahrhundert war ein Großteil der Arbeiterschaft auf Löhne angewiesen, um Zugang zu Krediten zu erhalten: Dies erforderte die „legale Kodierung“ von Arbeitseinkommen in Kapital, bei der Kreditgeber Vorschüsse im Austausch für ein Pfandrecht auf zukünftige Einnahmen anboten. Die Regulierung dieser Transaktionen führte zu Konflikten zwischen fortschrittlichen Reformern, Kreditgebern und, nach 1929, den Bundesaufsichtsbehörden, die mehr als fünf Jahrzehnte andauerten. Ein historischer Vergleich dreier Bundesstaaten – Illinois, New York und Georgia - zeigt, dass sich die lokalen Diskussionen um drei Ergebnisse drehten - rechtlicher Status, Preisbildungsmethode und Sicherheiten –, die zu unterschiedlichen Regulierungswegen und Marktkonfigurationen auf bundesstaatlicher Ebene führten. Schließlich schuf die Politik des New Deal eine zusätzliche Ebene staatlicher Kodierung, die die Marktaufteilung zwischen unregulierten Zahltagskreditgebern, Nicht-Bank-Kreditunternehmen und Geschäftsbanken vertiefte. Auf den Finanzmärkten drehen sich die Diskussionen über Compliance oft um Computertechnologien, und wir schlagen vor, dass dies eine mögliche Schnittstelle zwischen den Analysen der Wissenschafts- und Technologiestudien zu Kapitalisierungsschemata und Katharina Pistor‘s Theorie der Kapitalmodulation darstellt.

Keywords

Financial lawFinancialized CapitalismBlack BoxPublic-PrivateJurisdictionDroit financierCapitalisme financierBoites noiresPublic-privéJurisdictionRegulierungKonsumkreditKapitalisierungWirtschaftssoziologieGeschichte der Vereinigten Staaten
Type
Research Article
Information
European Journal of Sociology / Archives Européennes de Sociologie , Volume 62 , Issue 2 , August 2021 , pp. 183 - 212
Copyright
© European Journal of Sociology 2022

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