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