The global financial crisis of 2007-2008 is perceived by many observers as a moment of historical change, spotlighting the structural power of the financial sphere and the complex interdependence of global financial markets and growth regimes in the world.
The concept of financialisation capitalizes various visions of the evolution of world market economies from comparative and international political economy approaches (Lapavitsas and Powell,
Financialisation is the category used to represent transformations in corporate structure and behaviour, as well as providing a broad map of privatization models for public infrastructures, services (Davis and Cartwright
The intention behind this special issue is to examine how the financialisation process is affecting the behaviour of the principal social actors, namely non-financial corporations, the State and social protection systems, and individuals in Europe. From a plurality of cross- disciplinary approaches and frameworks, it explores the social consequences of the democratisation of finances, the transformation of employment relations, and the marketisation of daily life and social rights.
This special issue is a compilation of studies conducted within the framework of two research projects of which a number of contributors to this volume are members, funded by Spain’s Ministry of Science and Innovation, and the European Commission
All the contributions contain the key results of the latest research in financialisation studies (Massó, Davis, Abalde), and shifts in the financial structure and practices of modern societies and their consequences in terms of democratising finance (Davis, Braunholtz-Speight and Wardrop), the behaviour and outputs of productive companies (see Klinge, Fernández and Aalbers; Scheuplein; Bruna and Massó), state and social protection systems (van der Zwan), as well as individual decisions and subjectivities (Abalde Bastero). More particularly, this monograph seeks to debate the process of financialisation in Europe around four carefully selected axes: the effects of financialisation on welfare systems; the social consequences of financialisation on productive companies; individual attitudes toward indebtedness; and new alternatives to the democratisation of finances. These contributions discuss how these processes are potentially reshaping the primacy of the capital labour relationship in Europe and its interdependencies with the restructuring of welfare states and primacy commercial market obligations over political citizenship rights.
In addition, common to these contributions is the question of conceptualising financialisation in operational terms. There is widespread recognition among scholars of economic sociology and international and comparative political economy of the imprecision of literature when defining and measuring financialisation. This special issue aims to contribute to this debate by rebuilding financialisation theories close to the data available. Addressing these questions points to future debates on how financial markets work across different types of institutional contexts and the policy implications.
“Social consequences of financialisation: monetary accumulation, lack of employment, social inequality” funded by the Ministry of Economy and Competitiveness, Government of Spain, AEI/FEDER, UE. REF: CSO2016-78122-R PI; “The effects of financial capital accumulation on employment and wealth distribution”. Marie Sklodowska-Curie Individual Fellowships 2016. REF 746622.