Financial-market expansion after 1982 spread Americanized business practice worldwide.

Evidence

The spread of financial markets around the world over the past 30 years has changed the way business is done in many economies, which have often become more Americanized (cf. Useem 1998). The number of countries with domestic stock markets doubled after the debt crisis of 1982, often encouraged by international agencies such as the IMF and the World Bank (Weber et al. 2009). Dozens of countries privatized industries, removed constraints on foreign investors, and made their central banks independent (Polillo & Guill´en 2005). In an effort to attract foreign investors, many governments employed US-trained economists who were well acquainted with neoliberal orthodoxy to signal their free-market credibility (Babb 2005). — Gerald F. Davis & Suntae Kim, Financialization of the Economy, 114

Categorization

• XREF: Connects to the reader’s broader interest in financialization’s global diffusion and neoliberal policy transmission (Babb, Polillo & Guillen). — connects to: The US economy became increasingly financialized in the post-1970s period. — Greta R. Krippner, The Financialization of the American…, 5

Related

• The US economy became increasingly financialized in the post-1970s period. (similarity 0.84)
• Financialization does not yield uniform convergence across national contexts. (similarity 0.81)
• Financial markets reshaped households, corporations, and states over the past 30 years. (similarity 0.80)
• Financialization shifts capital intermediation from institutions to markets. (similarity 0.80)
• The US financial industry grew fastest, while other advanced economies plateaued. (similarity 0.78)
• Financialization accelerated through 1970s-80s deregulation and state support (similarity 0.78)

Broader Connections

• The US economy became increasingly financialized in the post-1970s period. #expands (0.90) — Greta R. Krippner, The Financialization of the American…, 5