Global Financial Crisis and educational restructuring

Abstract

“Financialisation” is a term that describes an economic system or process that attempts to reduce all value that is exchanged (whether tangible, intangible, future, or present promises, etc.) either into a financial instrument or a derivative of a financial instrument. The original intent of financialization is to be able to reduce any work product or service to an exchangeable financial instrument. It is an aspect of increased symbolization, mathematization, and computerization of financial markets that are trends within knowledge capitalism. Neoliberalism is an expression of the power of finance that has gathered pace with the internationalization of capital and the globalization of markets. Some scholars suggest that neoliberalism and globalization are themselves expressions of finance, closely tied to the development of derivatives markets and the evolution of an international financial system where the international rentiers have managed to significantly increase their share of national income on the basis of systematic fraud, corruption, and widespread criminalization of financial practices. The current financial crisis is a systemic crisis of the entire capitalistic system based on interconnected global financial markets. This is a fundamental shift that represents the financialization of the reproductive sphere of life itself. Under this regime, the monopolization and privatization of knowledge and education has proceeded rapidly. One of the effects of financialization and the economic crisis has been to popularize a debate on budget cuts and “austerity politics” across the board for public services provided at the state level with massive cuts to education in all aspects, attacks on collective bargaining, and the sacking of thousands of teachers. This paper will explore education in the age of financialization and the Global Financial Crisis.