This article introduces the special issue on ‘Elites and Power after Financialization’. It is presented in three parts. The first sets out the original Weberian problematic that directed the work of Michels and Mills, in the 1910s and 1950s respectively. It then discusses how this framework was appropriated and then cast aside as our understanding of capitalism changed. The second section makes the case for a reset of elite studies around the current capitalist conjuncture of financialization. It is explained how (...) this unifying theme allows for a diverse set of approaches for answering old and new questions about elites and power. The third part identifies four key themes or sites of investigation that emerge within the nine papers offered here. These are: new state-capital relations, innovative forms of value extraction, new elite insecurities and resources in liquid times and the role of elite intermediaries and experts. (shrink)

Neoliberalism and financialization are not synonymous developments. Financialized nations are directed by particularly financialized epistemologies, cultures, and practices, not only neoliberal ones. In examining the financialization of the UK economy since the mid-1970s, this study discovers a socio-economic shift beyond the broad transition from Keynesianism towards free-market fundamentalism. Economic developments were guided by the very particular economic paradigms, discursive practices, and financial devices of the City of London, as financial elites became influential in the Thatcher governments. Five epistemological elements specific (...) to finance are discussed: the creation of money in financial markets, the transactional focus of finance, the centrality of financial markets to economic management, the orthodoxy of shareholder value, and the intensely micro-economic approach to financial calculation. Identifying these distinctions creates new possibilities for understanding financialization, elites, and the neoliberal condition that brought about both the financial crash of 2007–8 and the political and economic crises that have followed. (shrink)