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37 results on '"Bourgeron, Théo"'

1. Constructing legitimacy : an ethnography of the struggle for financial capital in two Paris-based private equity funds

Author

Bourgeron, Théo Paul, MacKenzie, Donald, Boussard, Valérie, and Hardie, Iain

Subjects
332.6, investment funds, circulation of capital, fund managers legitimacy, local symbols, symbols of legitimacy, cultural capital
Abstract

This dissertation uses an original qualitative empirical material (two ethnographic observations of private equity funds and 44 interviews with managers of these funds) to investigate how fund managers construct their legitimacy to manage capital. Focusing on the struggle for capital in the private equity sector, it shows how fund managers use symbols to assert their legitimacy on different stages and details the symbolic hierarchies of the private equity sector: it emphasises how this legitimacy struggle is embodied in the body of fund managers and the geographical organisation of their funds (1); it looks at how fund managers accumulate local symbols, such as diplomas, experiences in prestigious institutions or 'track-record' of past operations (2); it underlines how fund managers turn potential investment operations into 'good investment opportunities' by accumulating symbols of legitimacy coming from bureaucratic internal and external procedures (such as formal decisions by internal committees or reports by auditors and consultants) (3). In doing so, this dissertation shows the cultural dimension of the channels through which capital circulates in the private equity sector.

Published
2019

2. Democratic research: Setting up a research commons for a qualitative, comparative, longitudinal interview study during the COVID-19 pandemic

Author

Zimmermann, Bettina M., Wagenaar, Hendrik, Kieslich, Katharina, Prainsack, Barbara, Meyers, Gert, Buyx, Alena, El-Sayed, Seliem, Fiske, Amelia, Galasso, Ilaria, Geiger, Susi, Hangel, Nora, Horn, Ruth, Johnson, Stephanie, Kuiper, Janneke M.L., Lucivero, Federica, McLennan, Stuart, Paul, Katharina T., Pot, Mirjam, Radhuber, Isabella, Samuel, Gabrielle, Sharon, Tamar, Siffels, Lotje, Van Hoyweghen, Ine, Awad, Sula, Bourgeron, Théo, Eichinger, Johanna, Gaille, Marie, Haddad, Christian, Hayes, Sarah, Hoffman, Andrew, Jasser, Marie, Kenens, Joke, Lanzing, Marjolein, Libert, Sébastien, Lievevrouw, Elisa, Marelli, Luca, Ongolly, Fernandos, Phillips, Amicia, Pinel, Clémence, Riesinger, Katharina, Roberts, Stephen, Saxinger, Gertrude, Schlogl, Lukas, Schönweitz, Franziska, Sierawska, Anna, Spahl, Wanda, Stendahl, Emma, Vanstreels, Siemen, Vidolov, Simeon, and Weiss, Elias

Published
2022
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3. Countermovements from the core: the assetization of pharmaceuticals, transparency activism and the access to medicines movement.

Author

Bourgeron, Théo and Geiger, Susi

Subjects
SOCIAL movements, DRUG prices, HIGH-income countries, GOVERNMENT policy, SOCIAL impact
Abstract

The assetization of essential goods brings to high-income countries the logics of scarcity that have been dominant for long in low-to-middle income countries—fostering the rise of new forms of activism. Will this new activism strengthen already existing social movements or weaken them through more moderate politics? Building on interviews and the observation and mapping of activist events, we investigate this question through the case of pharmaceuticals. We detail how the assetization of pharmaceutical drugs has triggered the constitution of a new 'flank' in the access to medicines (A2M) movement—pharmaceutical transparency activism. We argue that transparency activism has expanded the contestation of the pharmaceutical state of affairs, by bringing into the broader A2M movement countries that were previously at the core of global pharmaceutical chains. Our article illuminates how the assetization of essential goods creates forms of activism that have significant impact on existing social movements. [ABSTRACT FROM AUTHOR]

Published
2024
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9. Response to reviewers: updating Alt-Finance with the literatures on patrimonialism, asset manager capitalism, and blocs: Alt-Finance: How the City Bought Democracy, by Marlène Benquet and Théo Bourgeron, London, Pluto Books, 176 pp., £14.99 (paperback), ISBN 9780745346854

Author

Bourgeron, Théo

Subjects
PRIVATE equity funds, CAPITALISM, REAL estate investment, PLUTO (Dwarf planet), ASSETS (Accounting)
Abstract

Reciprocally, Benjamin Braun quotes alternative asset managers in his description of "asset manager capitalism", but for understandable reasons (major data providers rarely cover alternative assets), his empirical base relates almost exclusively to the Big Three "mainstream asset managers". By "second-wave finance", our book designates actors that are explicitly part of Braun's "asset manager capitalism" - hedge funds, private equity funds and other types of asset manager companies. In other words, when he talks about "asset manager capitalism", Benjamin Braun mainly refers to "mainstream asset managers" and when we talk in I Alt-Finance i about "second-wave finance", we actually refer to "alternative asset managers" (Figure 1). "Asset manager capitalism" designates all the actors that engage in third-party asset management, including asset managers operating on public markets like BlackRock, and other types of asset managers, like private equity funds, hedge funds, and others. [Extracted from the article]

Published
2023
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11. About Alt-Finance: How the City of London Bought Democracy

Author

Benquet, Marlène, Bourgeron, Théo, Institut de Recherche Interdisciplinaire en Sciences Sociales (IRISSO), Université Paris Dauphine-PSL, Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE), Institutions et Dynamiques Historiques de l'Économie et de la Société (IDHES), Université Paris 1 Panthéon-Sorbonne (UP1)-Université Paris 8 Vincennes-Saint-Denis (UP8)-Université Paris Nanterre (UPN)-Université d'Évry-Val-d'Essonne (UEVE)-Centre National de la Recherche Scientifique (CNRS)-Ecole Normale Supérieure Paris-Saclay (ENS Paris Saclay), and Administrateur, Paris Dauphine-PSL

Subjects
sociologie, sociologie économique, [SHS] Humanities and Social Sciences, [SHS]Humanities and Social Sciences
Published
2022

12. Democratic research: Setting up a research commons for a qualitative, comparative, longitudinal interview study during the COVID-19 pandemic

Author

Zimmermann, Bettina M; https://orcid.org/0000-0001-7047-4496, Wagenaar, Hendrik, Kieslich, Katharina; https://orcid.org/0000-0002-0126-6949, Prainsack, Barbara; https://orcid.org/0000-0002-6335-1532, Meyers, Gert, Buyx, Alena, El-Sayed, Seliem, Fiske, Amelia; https://orcid.org/0000-0001-7207-6897, Galasso, Ilaria; https://orcid.org/0000-0002-2789-4708, Geiger, Susi, Hangel, Nora, Horn, Ruth, Johnson, Stephanie, Kuiper, Janneke M L, Lucivero, Federica, McLennan, Stuart; https://orcid.org/0000-0002-2019-6253, Paul, Katharina T, Pot, Mirjam, Radhuber, Isabella; https://orcid.org/0000-0001-8176-5045, Samuel, Gabrielle, Sharon, Tamar, Siffels, Lotje, Van Hoyweghen, Ine, Awad, Sula, Bourgeron, Théo, Eichinger, Johanna; https://orcid.org/0000-0002-5301-3433, Gaille, Marie, Haddad, Christian, Hayes, Sarah, Hoffman, Andrew, et al, Zimmermann, Bettina M; https://orcid.org/0000-0001-7047-4496, Wagenaar, Hendrik, Kieslich, Katharina; https://orcid.org/0000-0002-0126-6949, Prainsack, Barbara; https://orcid.org/0000-0002-6335-1532, Meyers, Gert, Buyx, Alena, El-Sayed, Seliem, Fiske, Amelia; https://orcid.org/0000-0001-7207-6897, Galasso, Ilaria; https://orcid.org/0000-0002-2789-4708, Geiger, Susi, Hangel, Nora, Horn, Ruth, Johnson, Stephanie, Kuiper, Janneke M L, Lucivero, Federica, McLennan, Stuart; https://orcid.org/0000-0002-2019-6253, Paul, Katharina T, Pot, Mirjam, Radhuber, Isabella; https://orcid.org/0000-0001-8176-5045, Samuel, Gabrielle, Sharon, Tamar, Siffels, Lotje, Van Hoyweghen, Ine, Awad, Sula, Bourgeron, Théo, Eichinger, Johanna; https://orcid.org/0000-0002-5301-3433, Gaille, Marie, Haddad, Christian, Hayes, Sarah, Hoffman, Andrew, and et al

Published
2022

15. Introduction

Author

Benquet, Marlène, Bourgeron, Théo, Mondout, Delphine, and Benquet, Marlène and Bourgeron, Théo

Subjects
Domaine 3 - capitaux, sociologie, [SHS.SOCIO] Humanities and Social Sciences/Sociology, Capital, Domaine 2 - Savoirs, direction d'ouvrage
Abstract

"This book explores the renewal of forms of capital accumulation and the institutions that shape it. It focuses on three main sources of accumulation: the extraction of profit through labor and the commodification of nature, financial speculation and the ways in which profit is converted into wealth. It thus offers a new understanding of the economic and political logics of capital accumulation within capitalism in the 21st century. It shows the recomposition of the sources of profit, from the traditional mechanisms of labor exploitation to the contemporary logics of speculation and dispossession. Bringing together the work of scholars who study the social fabric of capitalist accumulation, Accumulating Capital Today goes beyond disciplinary frontiers to describe how capital is accumulating in a world threatened by social and environmental collapse. This book heralds the emergence of "accumulation studies" and will be of interest to researchers in sociology, anthropology, politics, political economy, geography and economics"

Published
2020

17. La finance autoritaire. Vers la fin du néolibéralisme

Author

Benquet, Marlène, Bourgeron, Théo, Institut de Recherche Interdisciplinaire en Sciences Sociales (IRISSO), Université Paris Dauphine-PSL, Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE), Institutions et Dynamiques Historiques de l'Économie et de la Société (IDHES), Université Paris 1 Panthéon-Sorbonne (UP1)-Université Paris 8 Vincennes-Saint-Denis (UP8)-Université Paris Nanterre (UPN)-Université d'Évry-Val-d'Essonne (UEVE)-Centre National de la Recherche Scientifique (CNRS)-Ecole Normale Supérieure Paris-Saclay (ENS Paris Saclay), and Ecole Normale Supérieure Paris-Saclay (ENS Paris Saclay)-Université d'Évry-Val-d'Essonne (UEVE)-Centre National de la Recherche Scientifique (CNRS)-Université Paris Nanterre (UPN)-Université Paris 8 Vincennes-Saint-Denis (UP8)-Université Paris 1 Panthéon-Sorbonne (UP1)

Subjects
libéralisme, autoritarisme, libéralisme économique, [SHS]Humanities and Social Sciences
Abstract

A partir du cas anglais, une analyse de la montée en puissance du libertarianisme via les régimes autoritaires depuis 2010. En étudiant les sources de financement des élections, les auteurs dévoilent l'action organisée d'une partie du patronat financier qui souhaite garder le contrôle sur les démocraties occidentales et les ressources de la planète pour assurer la libre circulation des capitaux.

Published
2021

18. Die Konstruktion der doppelten Zirkulation von Kapital und ,sozialem Impact‘. Eine ethnographische Studie über einen französischen Impact-Investitionsfond

Author

Bourgeron, Théo and GESIS-Leibniz-Institut Für Sozialwissenschaften

Subjects
Wert, Economics, Finanzwirtschaft, Rechnungswesen, Ethnologie, Kulturanthropologie, Ethnosoziologie, Frankreich, ethnography, value, Ethnographie, social effects, ddc:330, Social sciences, sociology, anthropology, Sozialwissenschaften, Soziologie, Impact investing, social impact, social value, social studies of finance, impact equity, France, Ethnology, Cultural Anthropology, Ethnosociology, Investition, Wirtschaft, investment, soziale Folgen, Geldanlage, Financial Planning, Accountancy, ddc:300, Kapitalanlage, financial investment
Abstract

Elaborating on a three-month ethnography of an impact investing fund called Impact Equity, this article aims to understand the mechanisms at work in the emergence of the impact investing sector. After presenting the case of Impact Equity (section 1), the article details the norms and devices through which impact investing is constructed in everyday financial work (sections 2 and 3) and investigates how impact investors mobilise moral beliefs and strategic motivations to navigate competing definitions of “social impact” (section 4). In doing so, this article outlines how the construction of the sector has involved the creation of channels enabling capital and “social impact” to circulate between institutional investors, impact investment funds, and “impactful businesses,” and it highlights the historical tensions that this process has involved.

Published
2020

19. Accumulating Capital. Strategies of profits et politics of dispossession, Routledge

Author

Benquet, Marlène, Bourgeron, Théo, Institut de Recherche Interdisciplinaire en Sciences Sociales (IRISSO), Université Paris Dauphine-PSL, Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE), Institutions et Dynamiques Historiques de l'Économie et de la Société (IDHES), Université Paris 1 Panthéon-Sorbonne (UP1)-Université Paris 8 Vincennes-Saint-Denis (UP8)-Université Paris Nanterre (UPN)-Université d'Évry-Val-d'Essonne (UEVE)-Centre National de la Recherche Scientifique (CNRS)-Ecole Normale Supérieure Paris-Saclay (ENS Paris Saclay), and Ecole Normale Supérieure Paris-Saclay (ENS Paris Saclay)-Université d'Évry-Val-d'Essonne (UEVE)-Centre National de la Recherche Scientifique (CNRS)-Université Paris Nanterre (UPN)-Université Paris 8 Vincennes-Saint-Denis (UP8)-Université Paris 1 Panthéon-Sorbonne (UP1)

Subjects
sociology, economic sociology, [SHS]Humanities and Social Sciences
Abstract

This book explores the renewal of forms of capital accumulation and the institutions that shape it. It focuses on three main sources of accumulation: the extraction of profit through labor and the commodification of nature, financial speculation and the ways in which profit is converted into wealth. It thus offers a new understanding of the economic and political logics of capital accumulation within capitalism in the 21st century. It shows the recomposition of the sources of profit, from the traditional mechanisms of labor exploitation to the contemporary logics of speculation and dispossession. Bringing together the work of scholars who study the social fabric of capitalist accumulation, Accumulating Capital Today goes beyond disciplinary frontiers to describe how capital is accumulating in a world threatened by social and environmental collapse. This book heralds the emergence of "accumulation studies" and will be of interest to researchers in sociology, anthropology, politics, political economy, geography and economics.

Published
2020

21. 'Let the virus spread'. A doctrine of pandemic management for the libertarian-authoritarian capital accumulation regime.

Author

Bourgeron, Théo

Subjects
VIRAL transmission, SOCIAL distancing, COVID-19 pandemic, PANDEMICS, MARXIST philosophy
Abstract

Debates have grown around the initial COVID-19 response of radical right-wing governments such as those of the UK, the US and Brazil. These governments initially let the virus spread among the population and delayed the enforcement of strong social distancing measures such as a lockdown. Focusing on the UK's early response to COVID-19, this article builds on Nicos Poulantzas' Marxist theory of the state to highlight how this pandemic management doctrine stemmed from changes in the UK's capitalist class. It traces the ideological grounding of this doctrine, relating it to the rise of libertarian think tanks in British conservative circles and shifts in the policy committees in charge of pandemic preparedness. It suggests that this pandemic response is an episode of the ongoing replacement of the dominant neoliberal accumulation regime with a new libertarian-authoritarian one and examines how this latter materialises the interests of an emerging group of 'disaster capitalists'. Therefore, it takes the COVID-19 crisis as an example of how the reconfiguration of capitalist accumulation regimes articulates a new doctrine of catastrophe management, radical right-wing ideologies, libertarian-authoritarian institutions and the growing power of capitalist actors able to profit from extreme events. [ABSTRACT FROM AUTHOR]

Published
2022
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23. (De-)assetizing pharmaceutical patents: Patent contestations behind a blockbuster drug.

Author

Bourgeron, Théo and Geiger, Susi

Subjects
DRUG patents, PATENTS, HEPATITIS C
Abstract

Recent debates in public health and social sciences have shown how biofinancialization has been fuelled by patents' transformation into 'patent-as-assets'. This paper traces the historical construction of one such patent-as-asset bundle: the multi-billion worth architecture of patents behind the hepatitis C blockbuster drug sofosbuvir. Following this process from the late 1980s to present times, we highlight the ontological entanglements of pharmaceutical patents and the scientific, legal, commercial and political contestations that result from the focal firms' assetization projects. By shining a light on these entanglements, our paper points to the extraordinary historical conditions required for the assetization of drug patents as well as to their vulnerability to contestations. In particular, we highlight new forms of patent activism that threaten the 'asset condition' of high-priced pharmaceuticals. [ABSTRACT FROM AUTHOR]

Published
2022
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24. Building a centre of capital accumulation: a study of the institutional emergence of the French private equity sector (1982-2017)

Author

Benquet, Marlène, Bourgeron, Théo, Institut de Recherche Interdisciplinaire en Sciences Sociales (IRISSO), Institut National de la Recherche Agronomique (INRA)-Université Paris Dauphine-PSL, Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL), Institutions et Dynamiques Historiques de l'Économie et de la Société (IDHES), Ecole Normale Supérieure Paris-Saclay (ENS Paris Saclay)-Université d'Évry-Val-d'Essonne (UEVE)-Centre National de la Recherche Scientifique (CNRS)-Université Paris Nanterre (UPN)-Université Paris 8 Vincennes-Saint-Denis (UP8)-Université Paris 1 Panthéon-Sorbonne (UP1), Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE)-Université Paris Dauphine-PSL, École normale supérieure - Cachan (ENS Cachan)-Université Panthéon-Sorbonne (UP1)-Université Paris 8 Vincennes-Saint-Denis (UP8)-Université Paris Nanterre (UPN)-Université d'Évry-Val-d'Essonne (UEVE)-Centre National de la Recherche Scientifique (CNRS), and Université Paris 1 Panthéon-Sorbonne (UP1)-Université Paris 8 Vincennes-Saint-Denis (UP8)-Université Paris Nanterre (UPN)-Université d'Évry-Val-d'Essonne (UEVE)-Centre National de la Recherche Scientifique (CNRS)-Ecole Normale Supérieure Paris-Saclay (ENS Paris Saclay)

Subjects
finance, [SHS]Humanities and Social Sciences
Published
2019

25. Entretien avec Marion Fourcade. « La classification, c’est de la morale ! »

Author

Bourgeron, Théo, Fourcade, Marion, Taillandier, Apolline, Institutions et Dynamiques Historiques de l'Économie et de la Société (IDHES), École normale supérieure - Cachan (ENS Cachan)-Université Panthéon-Sorbonne (UP1)-Université Paris 8 Vincennes-Saint-Denis (UP8)-Université Paris Nanterre (UPN)-Université d'Évry-Val-d'Essonne (UEVE)-Centre National de la Recherche Scientifique (CNRS), University of California [Berkeley], University of California, Centre d'études européennes et de politique comparée (CEE), Centre National de la Recherche Scientifique (CNRS)-Sciences Po (Sciences Po), Université Paris 1 Panthéon-Sorbonne (UP1)-Université Paris 8 Vincennes-Saint-Denis (UP8)-Université Paris Nanterre (UPN)-Université d'Évry-Val-d'Essonne (UEVE)-Centre National de la Recherche Scientifique (CNRS)-Ecole Normale Supérieure Paris-Saclay (ENS Paris Saclay), University of California [Berkeley] (UC Berkeley), University of California (UC), Centre d'études européennes et de politique comparée (Sciences Po, CNRS) (CEE), Sciences Po (Sciences Po)-Centre National de la Recherche Scientifique (CNRS), and Ecole Normale Supérieure Paris-Saclay (ENS Paris Saclay)-Université d'Évry-Val-d'Essonne (UEVE)-Centre National de la Recherche Scientifique (CNRS)-Université Paris Nanterre (UPN)-Université Paris 8 Vincennes-Saint-Denis (UP8)-Université Paris 1 Panthéon-Sorbonne (UP1)

Subjects
General Earth and Planetary Sciences, [SHS.SCIPO]Humanities and Social Sciences/Political science, General Environmental Science
Abstract

1ères lignes : Marion Fourcade est professeure de sociologie à l’Université de Berkeley en Californie. Elle a travaillé sur les économistes aux États-Unis, en France et au Royaume-Uni, les pratiques de valorisation de la nature en France et aux États-Unis, et se concentre aujourd’hui sur les nouvelles formes d’inégalités liées à l’économie numérique. Elle participe au dialogue entre les sociologies économiques française et américaine.

Published
2019
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26. FINANCE SAUVAGE.

Author

BOURGERON, THÉO and BENQUET, MARLÈNE

Subjects
FINANCE
Published
2022

27. Building a new centre of capital accumulation. Socio-history of the emergence of the French private equity sector (1982-2017)

Author

Benquet, Marlène, Bourgeron, Théo, Institut de Recherche Interdisciplinaire en Sciences Sociales (IRISSO), Institut National de la Recherche Agronomique (INRA)-Université Paris Dauphine-PSL, Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL), Institutions et Dynamiques Historiques de l'Économie et de la Société (IDHES), Université Paris 1 Panthéon-Sorbonne (UP1)-Université Paris 8 Vincennes-Saint-Denis (UP8)-Université Paris Nanterre (UPN)-Université d'Évry-Val-d'Essonne (UEVE)-Centre National de la Recherche Scientifique (CNRS)-Ecole Normale Supérieure Paris-Saclay (ENS Paris Saclay), Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE)-Université Paris Dauphine-PSL, École normale supérieure - Cachan (ENS Cachan)-Université Panthéon-Sorbonne (UP1)-Université Paris 8 Vincennes-Saint-Denis (UP8)-Université Paris Nanterre (UPN)-Université d'Évry-Val-d'Essonne (UEVE)-Centre National de la Recherche Scientifique (CNRS), and Ecole Normale Supérieure Paris-Saclay (ENS Paris Saclay)-Université d'Évry-Val-d'Essonne (UEVE)-Centre National de la Recherche Scientifique (CNRS)-Université Paris Nanterre (UPN)-Université Paris 8 Vincennes-Saint-Denis (UP8)-Université Paris 1 Panthéon-Sorbonne (UP1)

Subjects
private equity, [SHS]Humanities and Social Sciences
Published
2018

28. Founding a new regime of capital accumulation: entrepreneurs of capitalism, legitimation practices and the institutionalisation of financial irresponsibility. Socio-history of the rise of the French private equity industry (1982-2017)

Author

Benquet, Marlène, Bourgeron, Théo, Institut de Recherche Interdisciplinaire en Sciences Sociales (IRISSO), Institut National de la Recherche Agronomique (INRA)-Université Paris Dauphine-PSL, Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL), Institutions et Dynamiques Historiques de l'Économie et de la Société (IDHES), Université Paris 1 Panthéon-Sorbonne (UP1)-Université Paris 8 Vincennes-Saint-Denis (UP8)-Université Paris Nanterre (UPN)-Université d'Évry-Val-d'Essonne (UEVE)-Centre National de la Recherche Scientifique (CNRS)-Ecole Normale Supérieure Paris-Saclay (ENS Paris Saclay), Ecole Normale Supérieure Paris-Saclay (ENS Paris Saclay)-Université d'Évry-Val-d'Essonne (UEVE)-Centre National de la Recherche Scientifique (CNRS)-Université Paris Nanterre (UPN)-Université Paris 8 Vincennes-Saint-Denis (UP8)-Université Paris 1 Panthéon-Sorbonne (UP1), Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE)-Université Paris Dauphine-PSL, and École normale supérieure - Cachan (ENS Cachan)-Université Panthéon-Sorbonne (UP1)-Université Paris 8 Vincennes-Saint-Denis (UP8)-Université Paris Nanterre (UPN)-Université d'Évry-Val-d'Essonne (UEVE)-Centre National de la Recherche Scientifique (CNRS)

Subjects
France, private equity, [SHS]Humanities and Social Sciences
Abstract

In 1982, the first French private equity fund (i.e. an asset management company that invests innon-listed private companies, such as venture capital or leveraged buyout funds) was created.Twenty years later, in 2016, the French private equity industry raised €39bn and was the thirdcountry for private equity investment in the world after the US and the UK. The developmentof this new financial industry has required the reconfiguration of the institutions of Frenchcapitalism, from the circuits of capital to the ownership of industrial companies. Thesetransformations enabled financial actors to disconnect their expected returns from the financialrisk they make industrial companies endure – therefore generating a phenomenon of financialirresponsibility within the French financial world.Going beyond traditional approaches of the role of institutions in the development of“high finance”, this paper puts into question the split between private and public actors in thereconfiguration of French capitalism’s institutions. It emphasises the constant cooperationbetween administrative and financial actors in building a new institutional “arrangement”favourable to the circulation of capital through the interface of private equity funds. Inparticular, studying these interactions at a microsocial level, this paper shows that the Frenchprivate equity industry had to produce a moral discourse on its activity (equating private equityinvestment with “value creation”) and to organise itself through lobbying groups, in order toaccumulate the legitimacy that enabled it to attract more capital and to defend its favourable regulation. As such, it highlights how the construction of the circuits of capital on which theprivate equity industry relies has required the earlier accumulation of symbolic, administrativeand social capital by this emerging financial sector.This paper is based on an exceptional and lively empirical material, including a fullaccess to the internal archives of the main French private equity lobbying association since1984, and 12 interviews with former presidents of this lobbying association (who also used tomanage some of the main French private equity funds).

Published
2018

29. Fonder un pôle d’accumulation du capital. Socio-histoire du capital investissement en France

Author

Benquet, Marlène, Bourgeron, Théo, Institut de Recherche Interdisciplinaire en Sciences Sociales (IRISSO), Institut National de la Recherche Agronomique (INRA)-Université Paris Dauphine-PSL, Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL), Institutions et Dynamiques Historiques de l'Économie et de la Société (IDHES), Ecole Normale Supérieure Paris-Saclay (ENS Paris Saclay)-Université d'Évry-Val-d'Essonne (UEVE)-Centre National de la Recherche Scientifique (CNRS)-Université Paris Nanterre (UPN)-Université Paris 8 Vincennes-Saint-Denis (UP8)-Université Paris 1 Panthéon-Sorbonne (UP1), Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE)-Université Paris Dauphine-PSL, École normale supérieure - Cachan (ENS Cachan)-Université Panthéon-Sorbonne (UP1)-Université Paris 8 Vincennes-Saint-Denis (UP8)-Université Paris Nanterre (UPN)-Université d'Évry-Val-d'Essonne (UEVE)-Centre National de la Recherche Scientifique (CNRS), and Université Paris 1 Panthéon-Sorbonne (UP1)-Université Paris 8 Vincennes-Saint-Denis (UP8)-Université Paris Nanterre (UPN)-Université d'Évry-Val-d'Essonne (UEVE)-Centre National de la Recherche Scientifique (CNRS)-Ecole Normale Supérieure Paris-Saclay (ENS Paris Saclay)

Subjects
capital investissement, [SHS]Humanities and Social Sciences
Published
2018

30. Optimising ‘cash flows’: converting corporate finance to hard currency

Author

Bourgeron, Théo, Institutions et Dynamiques Historiques de l'Économie et de la Société (IDHES), Ecole Normale Supérieure Paris-Saclay (ENS Paris Saclay)-Université d'Évry-Val-d'Essonne (UEVE)-Centre National de la Recherche Scientifique (CNRS)-Université Paris Nanterre (UPN)-Université Paris 8 Vincennes-Saint-Denis (UP8)-Université Paris 1 Panthéon-Sorbonne (UP1), and Université Paris 1 Panthéon-Sorbonne (UP1)-Université Paris 8 Vincennes-Saint-Denis (UP8)-Université Paris Nanterre (UPN)-Université d'Évry-Val-d'Essonne (UEVE)-Centre National de la Recherche Scientifique (CNRS)-Ecole Normale Supérieure Paris-Saclay (ENS Paris Saclay)

Subjects
Domaine 3 - capitaux, anthropology of money, Anthropology of money, [SHS.SOCIO]Humanities and Social Sciences/Sociology, sociologie, corporate finance, shareholder value, cash flows, monetary conversion
Abstract

Following recent works that have underlined the increasing search for liquidity in economic exchange, this article studies how illiquid forms of money are converted into liquid forms by corporate finance actors. In the name of ‘shareholder value’, the various forms of value generated by companies (such as ‘trade credit’) tend to be increasingly transformed into liquid forms of money that are easily distributable to shareholders (‘cash flows’). Describing this phenomenon as an example of what anthropologists of money call ‘conversion’, this paper highlights how such a conversion process was necessary for the historical development of ‘shareholder value’ policies in corporate finance. Considering documentary sources and interviews with consultants, auditors, and private equity fund managers involved in ‘cash flow’ optimisation practices, this paper details this conversion phenomenon and shows how it has relied on the historical elaboration of specific metrological, technical, legal, and moral norms.

Published
2018
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33. Building a Centre of Capital Accumulation: A Study of the Institutional Emergence of the French Private Equity Sector (from the Early 1980s to 2017).

Author

Benquet, Marlène and Bourgeron, Théo

Subjects
*SAVINGS, *PRIVATE equity, *PRIVATE equity funds, *PRIVATE sector, *INVESTMENT advisors
Abstract

This article describes a major shift in French capitalism: the emergence and development of the new private equity sector. It discusses the particularities involved in the construction of this capital accumulation centre in France, studying how an advantageous institutional arrangement was coproduced by fund managers, government and traditional industrial managers. As such, it takes an institutional approach focusing on the history of the rules that enable financial activities. This article's empirical material takes the form of (hitherto untapped) archives from the professional association of French private equity funds covering the period from 1984 to 2017, 12 interviews with former presidents of the association and ten interviews with partners of large French private equity funds. [ABSTRACT FROM AUTHOR]

Published
2021
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34. [compte rendu d'ouvrages] Barman, E. \textitCaring Capitalism: The Meaning and Measure of Social Value, 2016 Cambridge University Press 266 pp. £64.99 (hardback): Barman, Caring Capitalism

Author

Bourgeron, Théo, Institutions et Dynamiques Historiques de l'Économie et de la Société (IDHES), Ecole Normale Supérieure Paris-Saclay (ENS Paris Saclay)-Université d'Évry-Val-d'Essonne (UEVE)-Centre National de la Recherche Scientifique (CNRS)-Université Paris Nanterre (UPN)-Université Paris 8 Vincennes-Saint-Denis (UP8)-Université Paris 1 Panthéon-Sorbonne (UP1), and Université Paris 1 Panthéon-Sorbonne (UP1)-Université Paris 8 Vincennes-Saint-Denis (UP8)-Université Paris Nanterre (UPN)-Université d'Évry-Val-d'Essonne (UEVE)-Centre National de la Recherche Scientifique (CNRS)-Ecole Normale Supérieure Paris-Saclay (ENS Paris Saclay)

Subjects
Domaine 3 - capitaux, [SHS.SOCIO]Humanities and Social Sciences/Sociology, sociologie
Published
2017
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37. The role of the owner in new capitalist accumulation processes : The case of Finland

Author

Kuusela, Hanna, Kantola, Anu, Benquet , Marlène, Bourgeron, Théo, Tampere University, and Communication Sciences

Subjects
5141 Sociology, 518 Media and communications, 511 Economics
Abstract

In this chapter, we explore the role that ownership and capital income play in creating today’s top earnings and elites, even in a relatively equal society, such as that of Finland, with a strong welfare model. We address the question of income and wealth accumulation by drawing on our large empirical research on the top 0.1% of earners in Finland between 2007 and 2016. In the project, we tracked the top 0.1% from income tax data and identified their sources of income from public records. The three largest groups among the top 0.1% were inheritors of family fortunes, entrepreneurs, and business executives. We also interviewed 90 individuals among them and gathered statistical data. Our results show that private owners of wealth – most notably inheritors and entrepreneurs – constitute the highest-earning group among the top 0.1%, thus playing a substantial role in the intense accumulation of incomes at the top. By analysing how ownership creates top incomes in a Nordic society that has historically tamed income inequalities actively yet has also witnessed the growing pressures of economic inequalities at the top, we contribute to contemporary discussions on the economic role of the elites and on the dynamics of accumulation through ownership. In doing so, we take steps to further illuminate an axiomatic but a surprisingly neglected economic position in contemporary capitalism and elite studies, that of the owner who accumulates income and wealth by virtue of ownership. acceptedVersion

Published
2021

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