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After the Great ComplacenceFinancial Crisis and the Politics of Reform$
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Ewald Engelen, Ismail Ertürk, Julie Froud, Sukhdev Johal, Adam Leaver, Mick Moran, Adriana Nilsson, and Karel Williams

Print publication date: 2011

Print ISBN-13: 9780199589081

Published to Oxford Scholarship Online: January 2012

DOI: 10.1093/acprof:oso/9780199589081.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 28 October 2021

‘Alternative Investment’ or Nomadic War Machine?

‘Alternative Investment’ or Nomadic War Machine?

(p.66) Chapter 3 ‘Alternative Investment’ or Nomadic War Machine?
After the Great Complacence

Ewald Engelen

Ismail Ertürk

Julie Froud

Sukhdev Johal

Adam Leaver

Michael Moran

Adriana Nilsson

Karel Williams

Oxford University Press

This chapter explores the role of alternative investment funds in the recent financial crisis. It considers the different ways in which the source of private equity and hedge fund success during the boom were understood, contrasting the positions of supporters and critics. In contrast to these positions, the chapter reframes private equity and hedge funds as a mutable, integral part of the world of bricolage described in 2. It is argued that these intermediaries were bricoleurs building structures from conjunctural conditions of low interest rates and abundant liquidity in the 2000s. Yet there was something distinctive about their strategy which we understand outside the market frame through the Deleuzian analogy of ‘nomadic war machine’. The chapter concludes by arguing that it is not fixed strategies that generate reward, but rewards which drive variable tactics of value extraction which often impose costs on others.

Keywords:   private equity, hedge funds, alternative investment, financial crisis, nomadic war machine, financial intermediaries

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