The intermediary role of architects in financialisation

The interaction of financial markets, the real economy and society raises many questions - not only in times of crisis. Several researchers dealt with this tension field, often from a broad macroeconomic perspective or by examining the effects on listed companies. Recent research showed the growing importance of financial criteria in firms and society and that leading principle are derived from financial markets. It also showed that the appearances of financialisation changed and do not appear to have one logic in all times and places. Observations showed that constraints (such as "shareholder value") do not directly go back to financial market constraints and that intermediaries play an important role in decision taking and channel capital. In relation to financialization intermediaries were until now identified in professional fields which have a direct connection to financial markets, i.e. managers of funds, business consultants and advocates. The question is how intermediation in financialization works in a field of the economy, such as architecture, which is seen as traditional, down-home and provides long- lasting products. The project deals with the role of architects as intermediaries in the context of financialization. How does intermediation work in the architectural field? Here, "intermediary" refers to a person chosen by the investors because they expect her/him to maximize the invested capital by an intermediating service in real economy which otherwise the investor would not achieve. The aspired profits relate to profit expectations of an investment in financial markets and could not be reached in the specific field without an intermediary. Which type of architect act as intermediary and what does this mean for the professional field of architects as a whole? It will also be examined in which way architects are concerned because of the rising importance of financial criteria in different situations. These questions go back to the hypotheses that a special kind of architect who is named here "second tier architect" fulfils this role because on the one hand she/he augment the return by providing symbolic capital which generates real capital. On the other hand second tier architects use disintermediation strategies such as rationalizing the building process. Above this it is expected that traditionally working architects are discriminated because they do not reach to profit from financial flows in the same way as intermediaries. In sum the assumption is that there is a growing importance of financial criteria in architecture. These hypotheses shall be verified by first examining the intermediary role of architects in Austria from the 70s onwards. Secondly interview based case studies will be conducted on the situation of the professional field of architects. The chosen locations will comprehend sites in different phases of financialization. The project should open up the discussion on intermediaries in architecture and contribute to understand how intermediation in financialization works.

The interaction of financial markets, the real economy and society raises many questions - not only in times of crisis. Several researchers dealt with this tension field, often from a broad macroeconomic perspective or by examining the effects on listed companies. Recent research showed the growing importance of financial criteria in firms and society and that leading principle are derived from financial markets. It also showed that the appearances of financialisation changed and do not appear to have one logic in all times and places. Observations showed that constraints (such as "shareholder value") do not directly go back to financial market constraints and that intermediaries play an important role in decision taking and channel capital. In relation to financialization intermediaries were until now identified in professional fields which have a direct connection to financial markets, i.e. managers of funds, business consultants and advocates. The question is how intermediation in financialization works in a field of the economy, such as architecture, which is seen as traditional, down-home and provides long- lasting products. The project deals with the role of architects as intermediaries in the context of financialization. How does intermediation work in the architectural field? Here, "intermediary" refers to a person chosen by the investors because they expect her/him to maximize the invested capital by an intermediating service in real economy which otherwise the investor would not achieve. The aspired profits relate to profit expectations of an investment in financial markets and could not be reached in the specific field without an intermediary. Which type of architect act as intermediary and what does this mean for the professional field of architects as a whole? It will also be examined in which way architects are concerned because of the rising importance of financial criteria in different situations. These questions go back to the hypotheses that a special kind of architect who is named here "second tier architect" fulfils this role because on the one hand she/he augment the return by providing symbolic capital which generates real capital. On the other hand second tier architects use disintermediation strategies such as rationalizing the building process. Above this it is expected that traditionally working architects are discriminated because they do not reach to profit from financial flows in the same way as intermediaries. In sum the assumption is that there is a growing importance of financial criteria in architecture. These hypotheses shall be verified by first examining the intermediary role of architects in Austria from the 70s onwards. Secondly interview based case studies will be conducted on the situation of the professional field of architects. The chosen locations will comprehend sites in different phases of financialization. The project should open up the discussion on intermediaries in architecture and contribute to understand how intermediation in financialization works.