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The Routledge International Handbook of Financialization





ISBN 9781032174631
Published September 30, 2021 by Routledge
532 Pages

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Book Description

Financialization has become the go-to term for scholars grappling with the growth of finance. This Handbook offers the first comprehensive survey of the scholarship on financialization, connecting finance with changes in politics, technology, culture, society and the economy.




It takes stock of the diverse avenues of research that comprise financialization studies and the contributions they have made to understanding the changes in contemporary societies driven by the rise of finance. The chapters chart the field’s evolution from research describing and critiquing the manifestations of financialization towards scholarship that pinpoints the driving forces, mechanisms and boundaries of financialization.



Written for researchers and students not only in economics but from across the social sciences and the humanities, this book offers a decidedly global and pluri-disciplinary view on financialization for those who are looking to understand the changing face of finance and its consequences.

Table of Contents

1. Financialization: An Introduction Philip Mader, Daniel Mertens & Natascha van der Zwan Part A – Finance and Financialization: Taking Stock 2. The Value of Financialization and the Financialization of Value Brett Christophers & Ben Fine 3. Entrepreneurship, Finance and Social Stratification. The Socio-Economic Background of Financialization Christoph Deutschmann 4. Shareholder Primacy and Corporate Financialization Ismail Erturk 5. Financialization, Money and the State Sheila Dow 6. The Financialization of Life Paul Langley Part B – Approaches to Studying Financialization 7. Financialization as a Socio-technical Process Ève Chiapello 8. The Anthropological Study of Financialization Hadas Weiss 9. How Financialization is Reproduced Politically Stefano Pagliari & Kevin Young 10. Feminist and Gender Studies Approaches to Financialization Signe Predmore 11. Financialization in Heterodox Economics Dimitris Sotiropoulos & Ariane Hillig 12. Financialization and the Uses of History Mareike Beck & Samuel Knafo Part C – Structures, Spaces and Sites of Financialization 13. Financialization and Demand Regimes in Advanced Economies Engelbert Stockhammer & Karsten Köhler 14. Economic Development and Variegated Financialization in Emerging Economies Ewa Karwowski 15. Subordinate Financialization in Emerging Capitalist Economies Bruno Bonizzi, Annina Kaltenbrunner & Jeff Powell 16. Financialization and State Transformations Yingyao Wang 17. The Financialization of Real Estate Manuel Aalbers, Rodrigo Fernandez & Gertjan Wijburg 18. Financialization and the Environmental Frontier Sarah Bracking 19. Offshore Finance Rodrigo Fernandez & Reijer Hendrikse Part D – Actors, Agency and Politics of Financialization 20. Central Banking, Shadow Banking, and Infrastructural Power Benjamin Braun & Daniela Gabor 21. Securities Exchanges: Subjects and Agents of Financialization Johannes Petry 22. The Rise of Institutional Investors Jan Fichtner 23. Trusts and Financialization Brooke Harrington 24. Impact Investing, Social Enterprise and Global Development Dennis Stolz & Karen Lai 25. Micro-credit and the Financialization of Low-Income Households Felipe González 26. The Collateralization of Social Policy by Financial Markets in the Global South Lena Lavinas 27. Essay Forum: Labor in Financialization Paul Thompson & Jean Cushen, Kavita Datta & Vincent Guermond, Lisa Adkins, and Michael McCarthy Part E – Techniques, Technologies and Cultures of Financialization 28. Culture and Financialization: Four Approaches Max Haiven 29. The Calculative and Regulatory Consequences of Risk Management Nathan Coombs & Arjen van der Heide 30. ‘A Machine for Living’: The Cultural Economy of Financial Subjectivity Rob Aitken 31. Indebtedness and Financialization in Everyday Life Johnna Montgomerie 32. Financial Literacy Education: A Questionable Answer to the Financialization of Everyday Life Jeanne Lazarus 33. Cultures of Debt Management Enter City Hall Laura Deruytter & Sebastian Möller Part F – Instabilities, Insecurities and the Discontents of Financialization 34. Financialization and the Increase in Inequality Olivier Godechot 35. Financialization and the Crisis of Democracy Andreas Nölke  36. The Bankers' Club and the Power of Finance Gerald Epstein 37. Financialization, Speculation and Instability Sunanda Sen 38. Reforming Money to Fix Financialization Beat Weber 39. Macro-prudential Regulation Post-crisis and the Resilience of Financialization Matthias Thiemann 40. Historical Perspectives on Current Struggles Against Illegitimate Debt Christina Laskaridis, Nathan Legrand & Eric Toussaint

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Editor(s)

Biography

Philip Mader is a Research Fellow at the Institute of Development Studies (Brighton, UK) and program convenor of the MA in Globalisation, Business and Development. His research focuses on development and the politics of markets. His PhD from the Max Planck Institute for the Study of Societies and the University of Cologne was published as The Political Economy of Microfinance: Financializing Poverty (Palgrave, 2015) and was recognized with the Otto Hahn Medal and the German Thesis Award.



Daniel Mertens is Professor of International Political Economy at the University of Osnabrück. Prior to that, he was an assistant professor at Goethe University Frankfurt and a visiting scholar at Northwestern University. He received his PhD from the Max Planck Institute for the Study of Societies and the University of Cologne. His work ranges from the politics of credit markets and banking to analyses of the modern tax state and has been published in outlets such as the Journal of European Public Policy, New Political Economy and Competition & Change.



Natascha van der Zwan is Assistant Professor in Public Administration at Leiden University. She does comparative and historical research on financialization and pension systems, investment rules and regulations, and pension fund capitalism. Her article ``Making Sense of Financialization'' (Socio-Economic Review, 2014) has become a key article in scholarship on financialization and is widely used in university courses. Dr Van der Zwan holds a PhD in Political Science from the New School for Social Research.

Reviews

"[M]akes a monumental contribution to debates on what financialization is, what it means to live in an (increasingly) financialized world, and how we, as academics and policymakers, might grapple with the various debates surrounding financialization, financial geography and associated processes."

- Frances Brill, Regional Studies

“This will be an indispensable working tool, not just for specialists, in one of the central fields in contemporary political economy.”
 
- Wolfgang Streeck, Max Planck Institute for the Study of Societies, Cologne

“Presenting an impressive range of authors and perspectives, this Handbook succeeds at delivering a comprehensive mapping of financialization studies. It is imaginatively organised and manages to bring coherence to this untidy and rapidly growing research field. This inevitably critical collection of chapters not only covers the reach and effects of finance, but also conveys some hope for future definancialization.”
 
- Julie Froud, Professor of Financial Innovation, University of Manchester

“This book is a major contribution to the study of financialization. There has been an explosion in the term’s use across a wide range of disciplines, which indicates the concept’s usefulness. The book collates contributions from those disciplines, documenting how financialization helps understand both the “big picture” and developments in specific fields. It immediately establishes itself as the defining reference on financialization.”

- Thomas Palley, independent economist, Washington, DC.