Echoing the recent revival of elite studies, we ask how financialization shapes the composition of contemporary elites and how organizational mechanisms transform its characteristics in terms of class, gender and race. We ask whether the bureaucratization of finance contributed to a ‘purge’ of particularisms. Or to the contrary, whether class, race and gender have become more salient criteria of elite selection with the emergence of neo-patrimonial organizational forms? Using Orbis data on legal forms of financial firms, and original sociodemographic data on founders and managers in key firms, we show that neo-patrimonial organizational forms based on trust networks are spreading within finance. Moreover, we demonstrate the impact of organizational forms on elite reproduction along gender, race and class lines. White men with upper-class background are over-represented in neo-patrimonial firms – mostly found in the hedge fund and private equity industry − compared to bureaucratic firms mostly found in banking. We suggest that financialization is not a modernization process but a recombination of bureaucracy and neo-patrimonial logics.

中文翻译：

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华尔街的官僚制和世袭主义：组织形式如何促进精英再生产

与最近复兴的精英研究相呼应，我们询问金融化如何塑造当代精英的构成，以及组织机制如何改变其阶级、性别和种族特征。我们询问金融的官僚化是否有助于“清除”特殊主义。或者相反，随着新世袭制组织形式的出现，阶级、种族和性别是否已经成为精英选择的更显着的标准？利用奥比斯关于金融公司法律形式的数据以及主要公司创始人和经理的原始社会人口统计数据，我们表明基于信任网络的新世袭组织形式正在金融领域蔓延。此外，我们还沿着性别、种族和阶级界限展示了组织形式对精英再生产的影响。与主要出现在银行业的官僚公司相比，具有上层阶级背景的白人在新世袭公司（主要出现在对冲基金和私募股权行业）中所占比例过高。我们认为，金融化不是一个现代化过程，而是官僚制和新世袭逻辑的重组。