Factions of asset-based capitalism: a historical typology

Recent US election cycles have revealed a startling bifurcation in the political allegiances of finance capitalism. The current configuration of alliances places one faction of finance capital, consisting of private equity, hedge funds and venture capital, firmly on the side of the Trumpian GOP, while the other faction, extending to mutual and index fund managers, has become increasingly dependent on the Democrats' policy agenda. By tracing the evolution of New Deal securities law in the 1980s and beyond, this article seeks to explain how this organisational and factional divide fell into place and what it tells us about the evolving commitments of Democrats and Republicans respectively.