Financialization lacks rigorous empirical evidence defining its timing and magnitude

Evidence

At issue is the following problem: What constitutes the relevant evidence for financialization, and how should this evidence be evaluated? While there is a range of social science research that points to the increasing salience of finance in the economy, this problem has not been addressed by the literature, which has tended to focus either on organizational developments at the level of the firm or on activities inside financial markets. … In short, financialization has not been subject to the kind of close empirical scrutiny that would illuminate the precise timing and magnitude of this widely-perceived,if little-examined phenomenon. — Greta R. Krippner, The Financialization of the American…, 13

Categorization

• DEFINE: Establishes the gap this paper fills: what counts as evidence for financialization. Useful for understanding the field’s founding method.
• XREF: Connects to how other ‘foundational’ fields define themselves against prior descriptive work the way this paper contrasts itself with Fligstein and market-activity studies. — connects to: Scholars asserted financialization’s existence without providing direct evidence — Greta R. Krippner, The Financialization of the American…, 9; Arrighi and Phillips asserted financialization without empirical support — Greta R. Krippner, The Financialization of the American…, 9; The financialization literature lacks a unified definition across four competing usages — Greta R. Krippner, The Financialization of the American…, 41 (+1 more)

Related

• Scholars asserted financialization’s existence without providing direct evidence (similarity 0.93)
• Arrighi and Phillips asserted financialization without empirical support (similarity 0.88)
• The financialization literature lacks a unified definition across four competing usages (similarity 0.87)
• The US economy became increasingly financialized in the post-1970s period. (similarity 0.86)
• Financialization is a pattern of accumulation dominated by financial channels over trade and production (similarity 0.85)
• Financialization has competing explanations from three distinct scholarly disciplines. (similarity 0.85)
• Financialization has both micro and macro scholarly definitions (similarity 0.84)
• Financialization marks a decisive shift from production-based to finance-driven accumulation. (similarity 0.83)
• Financialization shifts capital intermediation from institutions to markets. (similarity 0.83)
• Finance has come to dominate American economic life. (similarity 0.83)
• Financialization scholarship spans three approaches with distinct analytic foci. (similarity 0.83)
• Financialization must be measured by profit generation, not employment or output (similarity 0.83)
• Financialization ultimately represents markets displacing social institutions as society’s organizing principle. (similarity 0.82)
• Research on household financialization remains fragmented across separate markets (similarity 0.82)
• Scholars should verify economic shifts empirically before explaining them (similarity 0.82)

Broader Connections

• The financialization literature lacks a unified definition across four competing usages #complicates (0.80) — Greta R. Krippner, The Financialization of the American…, 41
• Financialization has both micro and macro scholarly definitions #complicates (0.75) — Andrew deWaard, Derivative Media, 97