Publication Date
2015
Journal or Book Title
Teorija in Praksa
Abstract
One of the central projects of neoliberalism has been the financialization of the global economy. Financialization refers to both the rising political and economic power of financial service firms and the growing importance of financial, rather than production, strategies in the rest of the economy. In the US case at least, financialization also accompanied a shift from values associated with employment and production to a normative elevation of financial investment. In the US the financialization dimension of neoliberalism has increased national and global systemic risk, increased income inequality between sectors of the economy, capital and labor and among classes of workers, and at the same time has led to decreased employment and a less productive economy. The lesson is that, despite the surface attractiveness of globalized finance, financialization is a particular dangerous dimension of neoliberal politics and policy
Volume
52
Issue
3
Recommended Citation
Tomaskovic-Devey, Donald, "Beware Financialization, Attractive and Dangerous, but Mostly Dangerous" (2015). Teorija in Praksa. 6.
Retrieved from https://scholarworks.umass.edu/sociol_faculty_pubs/6