Fit to be king
How patrimonialism on Wall Street leads to inequality
Bibliographic Data
| ID | 4237684 |
|---|---|
| Authors | Megan Tobias Neely (0000-0002-7012-889X, The Michelle R. Clayman Institute for Gender Research, Stanford University, 450 Serra Mall, Stanford, CA, 94025-2047, USA, corresponding author) |
| Year | 2018 |
| Volume | 16 |
| Issue | 2 |
| Pages | 365-385 |
| Publication date | 2018-04-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Socio-Economic Review (JOURNAL) |
| Journal identifiers | ISSN: 1475-1461 • E-ISSN: 1475-147X |
| Publisher | Oxford University Press (PUBLISHER • GB) |
| DOI | 10.1093/ser/mwx058 |
| OpenAlex | W2802041371 |
| Language | EN |
| Citations received | 45 |
| References cited | 64 |
The hedge fund industry is one of the most lucrative and powerful industries in the USA, yet it mostly comprises white men. To understand why, I turn to Weber's theory of patrimonialism, which primarily has been applied to historical or non-Western societies. I argue that patrimonialism—activated through trust, loyalty and tradition—restricts access to financial rewards and facilitates the reproduction of the white male domination of this industry. Using data from 45 in-depth interviews combined with field observations at industry events over a 4-year period, I investigate how hiring, grooming and seeding practices within and among firms enable certain elites to maintain monopolies over financial resources. Applying the theory of patrimonialism to a context with few women and minority men in power-holding positions demonstrates how practices that reproduce elite structures are directly connected to inequality in the workplace
Business · Context (archaeology · Economics · Elite · Hedge · Inequality · Loyalty · Management · Political science · Politics · Power (physics · Sociology · White (mutation · Gender Politics and Representation · History · Law · Marketing · Social and Cultural Dynamics · Weber, Simmel, Sociological Theory
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The Gendered Intergenerational Transmission of Managerial Status
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Cultural and Human Capital Signals in Hiring—A Factorial Survey Experiment Across Contexts
Ethnographies of the super-rich
Precarious Professionals
Pastoral power in leadership work
Proto-Bureaucracies
Women Walking the Corporate Tightrope
How organizational characteristics shape gender difference and inequality at work
What's love got to do with it? Passion and inequality in white‐collar work
Women, work, and opportunities
Inclusion or co-optation? Navigating recruitment as a gender diversity candidate in finance
Exporting inequality
Performative contortions
The long and short of it
The interplay of female empowerment and subjective beliefs about women in 51 countries
Normative collusion in the industry ecosystem
Autonomy and control in the (home) office
Entering finance
Women and leadership in investment management
Elite recruitment in US finance
Dynastic cores and the borrowed time of newcomers. Wealth accumulation and the Norwegian one percent
Sousveillance Work
The Portfolio Ideal Worker
Keeping the Family Fortune
How cosmopolitan capital shapes the valuation of international credentials
Elite embeddedness
Status hierarchies and norm diffusion
The shift to stock-based compensation and gender inequality in wealth in the United States
It's the value that we bring
Bureaucracy and patrimonialism on Wall Street
Protégés of power
Economic sociology and the far-right
Anxieties of Entitlement
Elite Cohesion and Social Closure
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Gender in the Elite
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Liquidated
Capital without Borders
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Minority Vulnerability in Privileged Occupations
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Racial Segregation and the American Foreclosure Crisis
Race, Gender, and Workplace Power
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Class Advantage, Commitment Penalty
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Against all odds
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| Unique citing works | 45 |
|---|---|
| Citations per year | 6,43 |
| Citation span | 2019 - 2026 (8) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 44 |