Capital and the Family

• In Event: 41063 - Rethinking Economic Sociology

Abstract

How are capital and the family interconnected in contemporary capitalism? In this article, we argue that they come together in owning relations. By owning capital across generations, families bridge the temporal gap between the durability of capital and the finite lifespan of private property holders and thus resolve the problem of bona vacantia. We posit that the ownership of capital influences the structure and practices of families. Vice versa family centered ownership of capital actively shapes economic processes. Making sense of how capital and the family are interlinked helps refine our understanding of the role of wealth in the formation of a family’s identity on the microlevel and for the long-term continuity of capitalism on the macrolevel. Lastly, we point to the social inequality stemming from family-centered owning relations and explore potential alternatives.

Authors

• Jens Beckert, Max Planck Institute for the Study of Societies

• Isabell Stamm