December 14, 2020
11 am EST
“Silent Partners: The Institutionalization of Markets and the Making of Financialization, 1950-1970”
Devin Kennedy, Assistant Professor, Department of History, University of Wisconsin-Madison.
This paper examines the emergence and expansion of institutional investing in US equity markets after World War II, especially the growth of pension and mutual fund and insurance company investments in stock. In the article in progress, I trace the origins and growth of what commentators in the mid 1960s described as the “institutionalization of markets,” its relation to changes in the professions of finance, and public discourse about the growth of financial intermediaries during this time, as commentators saw a new kind of capitalism emerging; one that shifted power from the owners of capital (who were now notionally numerous) to professionals, technocrats and intermediaries.