How Financialization is Reproduced Politically

Authored by: Stefano Pagliari , Kevin L. Young

The Routledge International Handbook of Financialization

Print publication date:  February  2020
Online publication date:  February  2020

Print ISBN: 9781138308213
eBook ISBN: 9781315142876
Adobe ISBN:

10.4324/9781315142876-10

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Abstract

While most analyses of financialization in the literature have focused on primarily the economic and social dimensions of this phenomenon, it is increasingly recognized that financialization is also a political phenomenon. Recent scholarship has investigated the multiple political roots that explain the rise of finance, such as the structural crises of the 1970s, and the associated deregulation of financial services across many jurisdictions in recent years (Johnson and Kwak 2010; Krippner 2011; Hopkin and Alexander Shaw 2016; Witko 2016). Scholars have come to recognize that financialization is a political phenomenon not only for its roots in political decisions and processes, but also for its consequences over the political processes and the design of public policies. The central contention explored in this contribution is that financialization is creating the conditions for its own deepening by conditioning the regulatory environment in which it is situated.

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