Financialization is reproduced from everyday life, not imposed by an autonomous elite

Evidence

I want to suggest that financialization is symptomatic and constitutive of a historically specific capitalist mediation of the flows of social reproduction. It is a force not simply driven by some autonomous logic or shadowy oligarchy, but reproduced, at least in part, on the level of everyday life. And, in turn, it provides resources for a very particular, delimited and, I would suggest, ultimately disastrous form of personal and social reproduction through debt, speculation and securitization. In other words, financialization (re)produces those technologies of the self, those social practices, those relationships, those forms of ‘freedom’ and ‘creativity’ and those idioms of value that, in turn, are reproductive of financialization and the forms of capitalist power it serves. — Max Haiven, Cultures of Financialization, 129

Categorization

• DEEPTHINKING: The feedback loop — financialization reproduced through technologies of the self that are themselves reproductive of financialization — is a dense, paradigm-shifting articulation of how capitalist power sustains itself via everyday creativity and freedom.
• DEFINE: Defines financialization as a recursive cultural feedback loop rather than a top-down economic process.
• XREF: connects to: Financialization also operates as a cultural shift toward entrepreneurial self-management of household finances. — Neil Fligstein & Adam Goldstein, The Emergence of a Finance Culture in…, 19; Finance culture is a cultural frame, not an exogenous shift imposed on households. — Neil Fligstein & Adam Goldstein, The Emergence of a Finance Culture in…, 151; Finance is an essential fix for capital’s overproduction tendency, not mere elite skulduggery — Max Haiven, Cultures of Financialization, 101 (+9 more)

Broader Connections

• Financialization operates as decentralized power through everyday financial practices #corroborates (0.92) — Natascha van der Zwan, Making Sense of Financialization, 20
• Financialization is a contested terrain of conflicting reproduction cycles, not a top-down imposition #corroborates (0.90) — Max Haiven, Cultures of Financialization, 130
• Financialized practice depends on genuine play and autonomy, not just hegemony #corroborates (0.88) — Max Haiven, Cultures of Financialization, 389
• Financialization is capitalism’s most advanced mode of harnessing consumer agency and imagination #corroborates (0.82) — Max Haiven, Cultures of Financialization, 362
• Finance is socially and politically generative, not merely economically exploitative #expands (0.75) — Aris Komporozos-Athanasiou, Speculative Communities, 22