Citizens and governments alike borrowed heavily, embedding finance in everyday life.

Evidence

Meanwhile, the dream of middle-class inclusion has seen workers and other citizens borrow from the market to buy homes (mortgages), education (student loans) and consumer goods (credit cards) in the hopes of achieving class mobility or maintaining middle-class status (Bryan and Rafferty 2009). And, as multiple levels of government have sought to compete with other locales by cutting taxes, they have covered the shortfall (when not slashing spending) by borrowing, injecting trillions of dollars into financial markets (McNally 2011, 106). — Max Haiven, Cultures of Financialization, 150

Categorization

• XREF: The colonization of everyday life through household debt is a core premise for deWaard’s cultural argument; mortgage/student-loan debt as subjectification mechanism. — connects to: Households borrowed heavily to preserve their lifestyles amid economic insecurity. — Neil Fligstein & Adam Goldstein, The Emergence of a Finance Culture in…, 41; Households in social democracies face pressure to adopt finance culture too. — Neil Fligstein & Adam Goldstein, The Emergence of a Finance Culture in…, 152; Finance creatively generates new forms of social and political life — Aris Komporozos-Athanasiou, Speculative Communities: Living With…, 98 (+7 more)
• SEED: The ‘dream of middle-class inclusion’ as a channel for financialization is an article angle on how aspiration gets financialized.

Broader Connections

• Finance creatively generates new forms of social and political life #exemplifies (0.85) — Aris Komporozos-Athanasiou, Speculative Communities, 98
• Finance is socially and politically generative, not merely economically exploitative #expands (0.85) — Aris Komporozos-Athanasiou, Speculative Communities, 22
• Financialization operates as decentralized power through everyday financial practices #corroborates (0.85) — Natascha van der Zwan, Making Sense of Financialization, 20
• Financialization is reproduced from everyday life, not imposed by an autonomous elite #corroborates (0.82) — Max Haiven, Cultures of Financialization, 129
• Everyday financialized actors co-produce precarity alongside macro institutions #corroborates (0.80) — Max Haiven, Cultures of Financialization, 214
• Financialization means finance’s logics penetrate the fabric of everyday life #contradicts (0.75) — Max Haiven, Cultures of Financialization, 72