1 Financialization of Philanthropy: The Case of Social Investment Ekkehard Thümler Centre for Social Investment Heidelberg University Paper presented at the ISTR 11 th International Conference Münster, Germany, 25 July 2014 Abstract This paper explores the financialization of philanthropy. Comparing structural characteristics of the financial sphere and current attempts at realizing a ‘social investment’ conception of the philanthropic sector, I find a broad range of parallels, such as a heightened interest in financial flows and products, the emulation of structural components of finance as well as a redefinition of existing actors and practices in financial terms. I argue that financialization, thus understood, is part of a broader project of marketization which aims at reshaping philanthropy along the lines of financial capitalism. Finally, I discuss those consequences of financialization which can most clearly be seen through this particular conceptual lens. The key contribution of the paper is twofold: to explore a type of financialization that has not yet been an object of scholarly scrutiny; and to equip researchers with theoretical leverage when it comes to explaining current developments, predicting the future course of events, and assessing consequences for the field of philanthropy and for society at large. 1. From Marketization to Financialization of Philanthropy? Until very recently, the markets have widely been regarded as the paradigm of a rational organization of society (Friedland and Robertson 1990). Just like other sectors of society,