The financialisation of everyday life? An analysis of financial subjectivities and attitudes to economic risk in Spain
DOI:
https://doi.org/10.3989/ris.2020.78.4.m20.004Keywords:
Financialisation, Neoliberalism, Qualitative research, SubjectivityAbstract
This article addresses the constitution of financial subjectivities in Spain. It is part of a series of studies aimed at furthering knowledge of the financialisation of everyday life, a process that is redefining the lifecycles of individuals and forging new spaces for calculation and investment. Our work analyses this process, using the technique of the semi-structured in-depth interview. The discourse analysis, based on an analytical model of the concept of financial subjectivity, points to a lack of correspondence between the theoretical contributions concerning this concept and empirical findings. Respondents’ economic behaviour was found to be only weakly financialised. A generalised lack of trust in the financial system, together with the predominance of public social welfare structures, discourage the use of financial investment as a means of protection against risk.
Downloads
References
Aalbers, M. A. 2008. "The Financialization of Home and the Mortgage Market Crisis." Competition & Change 12(2): 148-166.
Aalbers, M. A. 2015. "The Great Moderation, the Great Excess and the global housing crisis." Journal of Housing Policy 15(1): 43-60. https://doi.org/10.1080/14616718.2014.997431
Alonso, L. E. 1998. La Mirada cualitativa en sociología: una aproximación interpretativa. Madrid: Fundamentos.
Alonso, L.E. and C. J. Fernández. 2015. "La razón disciplinaria: los efectos de la financiarización en la vida social." Gaceta sindical: reflexión y debate 24: 95-110.
Barnett, C. 2001. "Culture, Geography, and the Arts of Government." Environment and Planning D: Society and Space 19(1): 7-24. https://doi.org/10.1068/d236
Beck, U. 2013. La sociedad del riesgo: hacia una nueva modernidad. Barcelona: Paidós Surcos 25.
Boyer, R. 2005. "From Shareholder Value to CEO Power: The Paradox of the 1990s." Competition & Change 9: 7-47. https://doi.org/10.1179/102452905X38623
Brown, W. 2006. "American Nightmare: Neoliberalism, Neoconservatism, and Democratization." Political Theory 34(6): 690-714. https://doi.org/10.1177/0090591706293016
Brown, W. 2015. Undoing the Demos. Massachusetts: The MIT Press. https://doi.org/10.2307/j.ctt17kk9p8
Callon, M. 2005. "Why virtualism paves the way to political impotence: A reply to Daniel Miller's critique of The laws of the market." Economic Sociology: European Electronic Newsletter 6(2): 3-20. Accessed September 2019 (https://www.econstor.eu/bitstream/10419/155843/1/vol06-no02-a2.pdf)
Chaves-Avila, R. and T. Savall-Morera. 2019. "The Social Economy in a Context of Austerity Policies: The Tension Between Political Discourse and Implemented Policies in Spain." VOLUNTAS: International Journal of Voluntary and Nonprofit Organizations 30(3): 487-498. https://doi.org/10.1007/s11266-018-00075-3
Crotty, J. 2003. "The Neoliberal Paradox: The Impact of Destructive Product Market Competition and Impatient Finance on Nonfinancial Corporations in the Neoliberal Era." Review of Radical Political Economics 35(3): 271-279. https://doi.org/10.1177/0486613403255533
Cutler, T. and B. Waine. 2001. "Social Insecurity and the Retreat from Social Democracy: Occupational Welfare in the Long Boom and Financialization." Review of International Political Economy 8: 96-118. https://doi.org/10.1080/09692290010010308
Dardot, P. and C. Laval. 2015. La nueva razón del mundo: Ensayo sobre la sociedad neoliberal. Barcelona: Gedisa.
Davis, M. and L. Cartwright. 2019. "Deferred Lives: Money, Debt, and the Financialized Futures of Young Temporary Workers." Pp. 91-118 in The Sociology of Debt. Bristol: Policy Press. https://doi.org/10.2307/j.ctvggx2fq.9
Dean, M. 2014. "Rethinking neoliberalism." Journal of Sociology 50(2): 150-163. https://doi.org/10.1177/1440783312442256
Duménil, G. and D. Lévy. 2001. "Costs and Benefits of Neoliberalism: A Class Analysis." Review of International Political Economy 8(4): 578-607. https://doi.org/10.1080/09692290110077593
Feher, M. 2009. "Self-Appreciation; or, the Aspirations of Human Capital." Public Culture 21(1): 21-41. https://doi.org/10.1215/08992363-2008-019
Fernández, C.J. and M. Medina-Vicent. 2017. "Los nuevos discursos del management: difusión, impactos y resistencias." Recerca, Revista de Pensament i Anàlisi 20: 7-14. https://doi.org/10.6035/Recerca.2017.20.1
Foucault, M. 2009. El nacimiento de la biopolítica: curso del Collège de France (1978-1979). Madrid: Akal.
Froud, J.; C. Haslam; S. Johal and K. Williams. 2002. "Cars after Financialisation: A Case Study in Financial Under-Performance, Constraints and Consequences." Competition and Change 6(1): 13-41. https://doi.org/10.1080/10245290212675
Gibbs, G. 2012. El análisis de datos cualitativos en investigación cualitativa. Madrid: Morata.
Giddens, A. 1995. Modernidad e identidad del yo. Barcelona: Península.
Han, B. 2018. La sociedad del cansancio. Barcelona: Herder. https://doi.org/10.2307/j.ctvt9k12c
Harvey, D. 2007. Breve historia del neoliberalismo. Madrid: Akal.
Krippner, G. 2005. "The Financialization of the American Economy." Socio-Economic Review 3: 173-208. https://doi.org/10.1093/SER/mwi008
Lai, K.P.Y. 2017. "Unpacking financial subjectivities: Intimacies, governance and socioeconomic practices in financialisation." Environment and Planning D: Society and Space 35(5): 913-932. https://doi.org/10.1177/0263775817696500
Langley, P. 2006. "The Making of Investor Subjects in Anglo- American Pensions." Environment and Planning D: Society and Space 24: 919-934. https://doi.org/10.1068/d405t
Langley, P. 2007. "Uncertain Subjects of Anglo-American Financialization." Cultural Critique 65: 67-91. https://doi.org/10.1353/cul.2007.0009
Langley, P. and A. Leyshon. 2012. "Financial subjects: Culture and materiality." Journal of Cultural Economy 5(4): 369-373. https://doi.org/10.1080/17530350.2012.703146
Lazonick, W. and M. O'Sullivan. 2000. "Maximising shareholder value: a new ideology for corporate governance." Economy & Society. 29(1): 13-35. https://doi.org/10.1080/030851400360541
Lazzarato, M. 2013. La fábrica del hombre endeudado: Ensayo sobre la condición neoliberal. Buenos Aires: Amorrortu.
Lazzarato, M. 2015. Gobernar a través de la deuda: Tecnologías de poder del capitalismo neoliberal. Buenos Aires: Amorrortu.
Lee, S. M. 2008. "What is neo-liberalism?" Socio-Economic Review 6(4): 703-731. https://doi.org/10.1093/ser/mwn016
Mackenzie, D. 2009. Material markets: How Economic Agents are Constructed. New York: Oxford University Press.
Martin, R. 2002. Financialization of Daily Life. Philadelphia: Temple University Press.
Massó, M. and M. Pérez-Yruela. 2017. "Financialisation in Spain: The Emergence of a New Accumulation Model?" Revista Española de Investigaciones Sociológicas 157: 103-122.
Mirowski, P. 2009. "Postface" Pp. 417-455 in The Road from Mont Pèlerin: the Making of the Neoliberal Thought Collective. 1st ed. Cambridge, MA: Harvard University Press. https://doi.org/10.4159/9780674054264
Mulcahy, N. 2017. "Entrepreneurial subjectivity and the political economy of daily life in the time of finance." European Journal of Social Theory 20(2): 216-235. https://doi.org/10.1177/1368431016655074
Read, J. 2009. "A Genealogy of Homo-oeconomicus: Neoliberalism and the Production of Subjectivity." Foucault Studies 6: 25-36. https://doi.org/10.22439/fs.v0i0.2465
Serrano Pascual, A. and C. J. Fernández Rodríguez. 2018. "De La Metáfora Del Mercado a La Sinécdoque Del Emprendedor: La Reconfiguración Política Del Modelo Referencial De Trabajador." Cuadernos de Relaciones Laborales 36(2): 207-224. https://doi.org/10.5209/CRLA.60694
Smith, A. 2017. Investigación sobre la naturaleza y causas de la riqueza de las naciones. México D.F.: Fondo de Cultura Económica.
Standing, G. 2013. El precariado: una nueva clase social. Barcelona: Ediciones de Pasado y Presente.
Stockhammer, E. 2012. "Financialization, Income Distribution and the Crisis." Investigación Económica 71(279): 39-70. https://doi.org/10.22201/fe.01851667p.2012.279.37326
Van der Zwan, N. 2014. "Making sense of financialization." Socio-Economic Review 12: 99-129. https://doi.org/10.1093/ser/mwt020
Verd, J. M. 2001. "Itineario biográfico, recursos formativos y empleo. Una aproximación integrada de carácter teórico y metodológico." Ph.D. dissertation, Departament de Sociologia, Universitat Autònoma de Barcelona, España.
Verdouw, J. J. 2016. "The subject who thinks economically? Comparative money subjectivities in neoliberal context." Journal of Sociology 53(3): 523-540. https://doi.org/10.1177/1440783316662717
Zelizer, V. 2015. Vidas económicas: cómo la cultura da forma a la economía. Madrid: Centro de Investigaciones Sociológicas.
Published
How to Cite
Issue
Section
License
Copyright (c) 2020 Consejo Superior de Investigaciones Científicas (CSIC)
This work is licensed under a Creative Commons Attribution 4.0 International License.
© CSIC. Manuscripts published in both the printed and online versions of this Journal are the property of Consejo Superior de Investigaciones Científicas, and quoting this source is a requirement for any partial or full reproduction.All contents of this electronic edition, except where otherwise noted, are distributed under a “Creative Commons Attribution 4.0 International” (CC BY 4.0) License. You may read here the basic information and the legal text of the license. The indication of the CC BY 4.0 License must be expressly stated in this way when necessary.
Self-archiving in repositories, personal webpages or similar, of any version other than the published by the Editor, is not allowed.
Funding data
Ministerio de Economía y Competitividad
Grant numbers CSO2016-78122-R
