1st Edition

The Routledge International Handbook of Financialization

    532 Pages
    by Routledge

    530 Pages
    by Routledge

    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.


    1. Financialization: An Introduction
    2. Philip Mader, Daniel Mertens & Natascha van der Zwan

      Part A – Finance and Financialization: Taking Stock

    3. The Value of Financialization and the Financialization of Value
    4. Brett Christophers & Ben Fine

    5. Entrepreneurship, Finance and Social Stratification. The Socio-Economic Background of Financialization
    6. Christoph Deutschmann

    7. Shareholder Primacy and Corporate Financialization
    8. Ismail Erturk

    9. Financialization, Money and the State
    10. Sheila Dow

    11. The Financialization of Life
      Paul Langley
    12. Part B – Approaches to Studying Financialization

    13. Financialization as a Socio-technical Process
    14. Ève Chiapello

    15. The Anthropological Study of Financialization
    16. Hadas Weiss

    17. How Financialization is Reproduced Politically
    18. Stefano Pagliari & Kevin Young

    19. Feminist and Gender Studies Approaches to Financialization
    20. Signe Predmore

    21. Financialization in Heterodox Economics
    22. Dimitris Sotiropoulos & Ariane Hillig

    23. Financialization and the Uses of History
    24. Mareike Beck & Samuel Knafo

      Part C – Structures, Spaces and Sites of Financialization

    25. Financialization and Demand Regimes in Advanced Economies
    26. Engelbert Stockhammer & Karsten Köhler

    27. Economic Development and Variegated Financialization in Emerging Economies
    28. Ewa Karwowski

    29. Subordinate Financialization in Emerging Capitalist Economies
    30. Bruno Bonizzi, Annina Kaltenbrunner & Jeff Powell

    31. Financialization and State Transformations
    32. Yingyao Wang

    33. The Financialization of Real Estate
    34. Manuel Aalbers, Rodrigo Fernandez & Gertjan Wijburg

    35. Financialization and the Environmental Frontier
      Sarah Bracking
    36. Offshore Finance
    37. Rodrigo Fernandez & Reijer Hendrikse

      Part D – Actors, Agency and Politics of Financialization

    38. Central Banking, Shadow Banking, and Infrastructural Power
    39. Benjamin Braun & Daniela Gabor

    40. Securities Exchanges: Subjects and Agents of Financialization
    41. Johannes Petry

    42. The Rise of Institutional Investors
      Jan Fichtner
    43. Trusts and Financialization
    44. Brooke Harrington

    45. Impact Investing, Social Enterprise and Global Development
    46. Dennis Stolz & Karen Lai

    47. Micro-credit and the Financialization of Low-Income Households
    48. Felipe González

    49. The Collateralization of Social Policy by Financial Markets in the Global South
    50. Lena Lavinas

    51. Essay Forum: Labor in Financialization
    52. Paul Thompson & Jean Cushen, Kavita Datta & Vincent Guermond, Lisa Adkins, and Michael McCarthy

      Part E – Techniques, Technologies and Cultures of Financialization

    53. Culture and Financialization: Four Approaches
    54. Max Haiven

    55. The Calculative and Regulatory Consequences of Risk Management
    56. Nathan Coombs & Arjen van der Heide

    57. ‘A Machine for Living’: The Cultural Economy of Financial Subjectivity
    58. Rob Aitken

    59. Indebtedness and Financialization in Everyday Life
    60. Johnna Montgomerie

    61. Financial Literacy Education: A Questionable Answer to the Financialization of Everyday Life
    62. Jeanne Lazarus

    63. Cultures of Debt Management Enter City Hall
    64. Laura Deruytter & Sebastian Möller

      Part F – Instabilities, Insecurities and the Discontents of Financialization

    65. Financialization and the Increase in Inequality
    66. Olivier Godechot

    67. Financialization and the Crisis of Democracy
    68. Andreas Nölke

    69. The Bankers' Club and the Power of Finance
    70. Gerald Epstein

    71. Financialization, Speculation and Instability
    72. Sunanda Sen

    73. Reforming Money to Fix Financialization
      Beat Weber
    74. Macro-prudential Regulation Post-crisis and the Resilience of Financialization
    75. Matthias Thiemann

    76. Historical Perspectives on Current Struggles Against Illegitimate Debt

    Christina Laskaridis, Nathan Legrand & Eric Toussaint


    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.

    "[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.