Finance has come to dominate American economic life.

Evidence

It is difficult to escape the impression that we live in a world of finance. Financial news dominates the business press. The management of American corporations, large and small, moves to the rhythm of Wall Street. In recent years, a series of corporate scandals have dramatized the degree to which financial machinations have superseded productive enterprise in the US economy. — Greta R. Krippner, The Financialization of the American…, 7

Categorization

• CANDY: A compact, quotable opening observation about finance dominating American corporate life, good conversation material.
• XREF: connects to: Finance produced 40 percent of US corporate profits despite being only an information system — Mark Blyth, Austerity: The History of a Dangerous…, 624; Financial markets reshaped households, corporations, and states over the past 30 years. — Gerald F. Davis & Suntae Kim, Financialization of the Economy, 10; The US financial industry grew fastest, while other advanced economies plateaued. — Gerald F. Davis & Suntae Kim, Financialization of the Economy, 117 (+11 more)

Related

• The US economy became increasingly financialized in the post-1970s period. (similarity 0.89)
• Financial markets reshaped households, corporations, and states over the past 30 years. (similarity 0.87)
• Finance has become the primary arbiter of policy and value across daily life (similarity 0.86)
• Financialization is a pattern of accumulation dominated by financial channels over trade and production (similarity 0.85)
• Financialization ultimately represents markets displacing social institutions as society’s organizing principle. (similarity 0.84)
• Financialization marks a decisive shift from production-based to finance-driven accumulation. (similarity 0.84)
• Financialization comprises both finance-sector dominance and nonfinance firms’ financial investing. (similarity 0.84)
• Finance produced 40 percent of US corporate profits despite being only an information system (similarity 0.83)
• Financialization lacks rigorous empirical evidence defining its timing and magnitude (similarity 0.83)
• Finance is sourced from everyday life, not just reaching down from elites (similarity 0.83)
• Financialization means finance’s logics penetrate the fabric of everyday life (similarity 0.82)
• Financialization is integral to capitalism, not a product of deregulatory excess (similarity 0.82)
• Financialization shifts capital intermediation from institutions to markets. (similarity 0.82)
• Financialization means financial ideas and tropes migrating out to transform culture. (similarity 0.82)
• Scholars asserted financialization’s existence without providing direct evidence (similarity 0.81)

Broader Connections

• Finance becomes the model for society’s responses to uncertainty. #expands (0.82) — Aris Komporozos-Athanasiou, Speculative Communities, 80
• Financialization means finance’s logics penetrate the fabric of everyday life #exemplifies (0.82) — Max Haiven, Cultures of Financialization, 72
• Financial metaphors and modes have crept into everyday North American culture #exemplifies (0.80) — Max Haiven, Cultures of Financialization, 91
• Measuring profits rather than employment reveals financialization as the dominant economic trend #exemplifies (0.78) — Greta R. Krippner, The Financialization of the American…, 37
• Financialization fragments corporate, state, and individual horizons into short-termism #expands (0.78) — Max Haiven, Cultures of Financialization, 138
• Finance creatively generates new forms of social and political life #expands (0.75) — Aris Komporozos-Athanasiou, Speculative Communities, 98
• Rise of finance capital is inseparable from the postmodern turn in culture #expands (0.74) — Max Haiven, Cultures of Financialization, 93
• Opacity of financial instruments extends into social and political life. #expands (0.72) — Aris Komporozos-Athanasiou, Speculative Communities, 60
• Culture now shapes the financial economy as much as the economy shapes culture #complicates (0.72) — Max Haiven, Cultures of Financialization, 61