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Investing prudently: How financialization puts a legal standard to use

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Date
2013
Dewey
Economie financière
Sujet
Réglementation; Droit des affaires; Investissements
Journal issue
Sociologie du travail
Volume
55
Number
supp. 1
Publication date
2013
Article pages
e48–e66
Publisher
Elsevier
DOI
http://dx.doi.org/10.1016/j.soctra.2013.08.001
URI
https://basepub.dauphine.fr/handle/123456789/11704
Collections
  • IRISSO : Publications
Metadata
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Author
Montagne, Sabine
status unknown
Type
Article accepté pour publication ou publié
Abstract (EN)
This article reviews the recent history of the prudent investor standard, which provides clear evidence of the changes taking place in American capitalism. By studying legislative, regulatory and judiciary processes together, we can observe how transformations have affected the production and institutionalization of the standard over time. Its meaning has been negotiated both where the federal government's power to regulate meets the political sway of employers and financiers and at the junction between magistrates’ procedural independence and the intellectual authority deriving from economic theories. This method shows that there is no one, single, legal definition of “prudence” but, instead, several connotations that overlap, suggesting that the force of law is (also) based on a semantic diversity, nevertheless instrumental in the structural evolution of financial capitalism.

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