Abstract

La financiarización es un proceso de cambio estructural e incompleto en las economías contemporáneas. El crecimiento del sistema financiero en las últimas décadas ha estado acompañado por una relación cada vez más compleja entre los actores socioeconómicos y los mercados financieros. En este artículo analizamos las causas y consecuencias de la financiarización con respecto a: la erosión de la relación capital-trabajo; el aumento de la desigualdad del ingreso laboral; y la comercialización de la vida cotidiana y los derechos sociales. Revisamos las principales conceptualizaciones de la financiarización en varios sitios de investigación correspondientes a los principales actores económicos, es decir: corporaciones no financieras; el estado y los individuos; y su compleja relación con los mercados financieros. Nuestro objetivo principal es evaluar las contribuciones y limitaciones de los estudios de financiarización en estos espacios de investigación.

Highlights

  • Financialisation refers to the increasing importance of financial actors, markets and values in economic and social life (Dore 2008; Epstein 2005)

  • We explore the main contributions of financialisation literature on various areas or research sites such as non-financial corporations, the state, and individuals, and their relationship with financial markets

  • The enduring consequences of the 2007/8 crisis have highlighted the centrality of financial markets in contemporary economies and individual lives

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Summary

Introduction

Financialisation refers to the increasing importance of financial actors, markets and values in economic and social life (Dore 2008; Epstein 2005). As the growth of the financial system in the last few decades has been accompanied by an increasingly complex relationship between socioeconomic actors and financial markets (Erturk et al 2008; Mader et al, 2020), financialisation studies have become more and more specialised For this reason, we explore the main contributions of financialisation literature on various areas or research sites such as non-financial corporations, the state, and individuals, and their relationship with financial markets. The strength of these processes is accompanied by a narrative that shapes identities, values, public policies and entrepreneurial practices (Mazzucato 2014) This paper discusses these questions through research on shifts in the financial structure of modern societies and their consequences on the behaviour and outputs of productive companies, the state and individuals. Section five concludes the article with a discussion of our major findings and suggested directions for future research

Financialisation as an uncompleted stage of capitalist economies
What is new in financialised economies?
A conceptualisation proposal
The causes of present day financialisation
The social consequences of financialisation
The process of financialisation: strategic research sites and actors
Non-financial corporations
The state
Individuals: financial subjectivities and the marketisation of daily life
Findings
Conclusions
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