Financialization does not yield uniform convergence across national contexts.

Evidence

Some scholars predicted that financialization would end with global convergence on Americanstyle finance capitalism (Coffee 1998). But financialization took on a different character according to local circumstance. Unlike franchise restaurants, financial markets do not come with a handbook that ensures uniformity. For instance, institutional entrepreneurs aiming to transform their domestic economies, e.g., via pension reform, worked through existing arrangements that yielded different outcomes (Dixon & Sorsa 2009). — Gerald F. Davis & Suntae Kim, Financialization of the Economy, 118

Categorization

• XREF: Parallels the ‘varieties of capitalism’ literature and the ‘grafting’ metaphor from the trees essay — institutions take root differently in local soil. — connects to: Financialization of households is stratified by class, not uniform — Neil Fligstein & Adam Goldstein, The Emergence of a Finance Culture in…, 21; Financial globalization’s effects are mediated by preexisting national institutions. — Gerald F. Davis & Suntae Kim, Financialization of the Economy, 125; Financialization is a political project tied to US hegemony, not a market efficiency outcome. — Natascha van der Zwan, Making Sense of Financialization, 35 (+1 more)

Related

• Financial globalization’s effects are mediated by preexisting national institutions. (similarity 0.88)
• Financialization shifts capital intermediation from institutions to markets. (similarity 0.84)
• Financialization ultimately represents markets displacing social institutions as society’s organizing principle. (similarity 0.82)
• Financialization is a political project tied to US hegemony, not a market efficiency outcome. (similarity 0.82)
• Financialization scholarship assumes it is a universal, uniform process (similarity 0.82)
• Financialization research has spread across disciplines, regions, and mainstream journals. (similarity 0.82)
• Financial-market expansion after 1982 spread Americanized business practice worldwide. (similarity 0.81)
• Globalization and financialization form one mutually reinforcing process, not rival frameworks (similarity 0.81)
• Financialization scholarship spans three approaches with distinct analytic foci. (similarity 0.81)
• Research on household financialization remains fragmented across separate markets (similarity 0.81)
• Financial markets reshaped households, corporations, and states over the past 30 years. (similarity 0.80)
• The US economy became increasingly financialized in the post-1970s period. (similarity 0.80)
• Financialization of households is stratified by class, not uniform (similarity 0.80)
• Financialization has competing explanations from three distinct scholarly disciplines. (similarity 0.79)
• Financialization lacks rigorous empirical evidence defining its timing and magnitude (similarity 0.79)