Financialization is a political project tied to US hegemony, not a market efficiency outcome.
Evidence
By emphasizing the inherent instabilities of financialization, scholars of the new regime of accumulation have presented an important corrective to neoclassical assumptions about the efficiency of financial markets. Instead, they present financialization as a political project, one that is linked to the global spread of neoliberalism and the hegemony of the USA. Financial globalization offered a solution to America’s ‘crisis of hegemony’, brought on by the increased international competition confronting American firms and the loss of international prestige after the Vietnam War (Arrighi, 2003; Brenner, 2003). — Natascha van der Zwan, Making Sense of Financialization, 35
Categorization
- XREF: Connects to the financialization debate literature and Arrighi/Brenner on US hegemony that a finance syllabus would already touch. — connects to: Financialization is integral to capitalism, not a product of deregulatory excess — Max Haiven, Cultures of Financialization, 34; Financialization involves new forms of state intervention, not state retreat. — Natascha van der Zwan, Making Sense of Financialization, 97; Financialization does not yield uniform convergence across national contexts. — Gerald F. Davis & Suntae Kim, Financialization of the Economy, 118 (+5 more)
- DEFINE: Frames ‘financialization as a political project’ against neoclassical market-efficiency assumptions — a definitional stance distinguishing the political-economy approach.
- corroborated: 2 independent passages support this claim — Natascha van der Zwan, Making Sense of Financialization, 35
Related
- Financialization resulted from deliberate deregulatory political choices, not market forces. (similarity 0.85)
- Financialization is a recurring signal of a declining economic hegemon, not a novel event. (similarity 0.84)
- Financialization involves new forms of state intervention, not state retreat. (similarity 0.82)
- Financialization does not yield uniform convergence across national contexts. (similarity 0.82)
- The US economy became increasingly financialized in the post-1970s period. (similarity 0.81)
- Financialization scholarship spans three approaches with distinct analytic foci. (similarity 0.81)
- Financialization scholarship assumes it is a universal, uniform process (similarity 0.80)
- Financialization ultimately represents markets displacing social institutions as society’s organizing principle. (similarity 0.80)
- Finance has come to dominate American economic life. (similarity 0.80)
- Financialization is a pattern of accumulation dominated by financial channels over trade and production (similarity 0.80)
- Financialization is integral to capitalism, not a product of deregulatory excess (similarity 0.80)
- Financialization acts as unaccountable global economic planning with profit as its only goal (similarity 0.80)
- Financialization shifts capital intermediation from institutions to markets. (similarity 0.80)
- Financialization accelerated through 1970s-80s deregulation and state support (similarity 0.79)
- Financial markets reshaped households, corporations, and states over the past 30 years. (similarity 0.79)
Broader Connections
- Financialization involves new forms of state intervention, not state retreat.
#expands(0.88) — Natascha van der Zwan, Making Sense of Financialization, 97 - Markets are political projects, not natural outcomes of state removal
#expands(0.85) — Mark Blyth, Austerity, 266 - Financialization is integral to capitalism, not a product of deregulatory excess
#complicates(0.78) — Max Haiven, Cultures of Financialization, 34 - Financialization does not yield uniform convergence across national contexts.
#expands(0.75) — Gerald F. Davis & Suntae Kim, Financialization of the Economy, 118 - The media economy is a political construction, not a natural market
#exemplifies(0.75) — Andrew deWaard, Derivative Media, 62 - Financialization is a contested terrain of conflicting reproduction cycles, not a top-down imposition
#qualifies(0.72) — Max Haiven, Cultures of Financialization, 130 - European global hegemony resulted from economic advantage, not cultural superiority.
#exemplifies(0.72)