The vanishing intermediary: Towards a sociology of financial intermediation

Abstract This review article reflects on the emerging sociology of financial intermediation, focusing on three contributions: Stories of Capitalism by Stefan Leins, The Everyday Practice of Valuation and Investment by Horacio Ortiz, and Inertia by Yuval Millo, Crawford Spence, and James Valentine. These three studies distance themselves from the performativity literature and approach financial intermediation as a sui generis social phenomenon, offering complementary perspectives with a shared emphasis on actors’ reflexivity. Focusing on areas of convergence, this article discusses the valuation practices, social relationships, and self-justifications of financial intermediaries, calling for more historically-grounded research that situates them within broader capitalist dynamics.