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This working paper gives insights on a theoretical perspective on class formation in the context of global financial markets and presents first empirical findings regarding the formation of a global financial class. It draws on numerous encounters with financial professionals that were inter- viewed in Frankfurt (Germany) and Sydney (Australia). As a preliminary conclusion from those inves- tigations on a micro-perspective, we state that acting on the market creates a sense of global socia- bility, whereby organizations only play a secondary role. Careers in finance follow internationally homogenized pathways. This process of global class formation is taking place prominently in global financial centers. Therefore we link the level of investigation on a micro-perspective (experience of financial professionals) with global city life and the fabric of the city. This results in empirical findings on a meso-level from an ethnography of the social and professional urban environment of finance in the two global cities. Symbolic struggles engraved in the built environment of Frankfurt and Sydney are traced and discussed against the background of every-day-practices of aspiration in the financial districts investigated.
This thesis investigates whether professionals on the global financial markets, such as investment bankers, traders, and analysts, form a global social class.
Over recent decades, rising inequality has reinvigorated interest in issues of class. Despite the experience of world-wide economic crises demonstrating the global reach of the contemporary economy, the research areas of globalisation and class remain surprisingly disengaged from each other. Especially the question of global class formation remains underexplored.
The first part of this thesis examines why the issue of globalisation remains a niche within research on class. Therefore, the theoretical foundations of the dominant approaches to class are investigated, identifying the causes for the implicit “methodological nationalism” of modern mainstream class analysis in the underlying theories of the economy and social action. Vice-versa, an examination of globalisation theory shows that similar obstacles persist in the theoretical reasoning on inequality from a global perspective, precluding a conceptualisation of global class formation. In dialogue with the few existing approaches to conceptualize class on a global level, a framework for the study of global class formation based on Pierre Bourdieu’s notion of social fields is developed.
In part two of the thesis this framework is employed to examine empirically, whether the global field of finance is currently the source for the formation of a global financial class. The field of finance as the most globalised economic sector is a paradigmatic case for studying the formation of a global class. An interview study on the career trajectories of financial professionals from Frankfurt and Sydney uncovers that despite the legacy of national economic specificities on the institutional level, financial actors draw in their social praxis on global forms of social, cultural, and economic capital and have developed a common culture, worldview, praxis, and habitus, delineating the formation of a global financial class.