Financialization establishes ideological dominance of individual profit over collective interests

Evidence

During these final decades of the long twentieth century, the ultimate victory of financialization lay in furnishing an ideological dominance “of the individual over the collective, and of private profit over public interests” (Lapavitsas 2013, 793). … As argued by Wendy Brown (2015, 79), a key proponent of this view, “economic values have not simply supersaturated the political or become predominant over the political. Rather, a neoliberal iteration of the homo oeconomicus is extinguishing the agent, the idiom, and the domains through which democracy … materializes.” — Aris Komporozos-Athanasiou, Speculative Communities, 109

Categorization

• XREF: Links to the reader’s prior work on sacral kingship and how legitimacy is maintained — Beckert’s ‘promissory legitimacy’ concept echoes the imagined-future governance mechanisms in the sacrifice article. — connects to: Financial valuation theory legitimizes financiers’ power by claiming they optimize resource allocation. — Ève Chiapello, Financialisation of Valuation, 36; Commodified resistance reinforces the individualization that finance depends on — Max Haiven, Cultures of Financialization, 532; Financialization replaced welfare-state collective security with individualized speculative insurance — Max Haiven, Cultures of Financialization, 92 (+16 more)

Broader Connections

• Commodified resistance reinforces the individualization that finance depends on #corroborates (0.85) — Max Haiven, Cultures of Financialization, 532
• Ideological hegemony operates when subordinates internalize the dominant group’s justifications of inequality #expands (0.85)
• Financialization replaced welfare-state collective security with individualized speculative insurance #exemplifies (0.82) — Max Haiven, Cultures of Financialization, 92
• Financial self-interest is framed as advancing the common good through free-market logic #corroborates (0.82)
• Individualism intensifies the moral idealization of wealth as society fragments #corroborates (0.80)
• Financialization colonizes culture by fusing economic price with social value #corroborates (0.80) — Max Haiven, Cultures of Financialization, 561
• Market ideology fragments classes into individual consumers and hides production #exemplifies (0.80)