Financialization means finance’s logics penetrate the fabric of everyday life
Evidence
It means deep penetration of financial ideas, tropes, logics and processes into the fabric of everyday life (see Martin 2007). We can return to the example of education. Not only has it come to be understood as a highly individualized commodity in which students are told they should invest in order to get the payoff of a stable, middle-class life. It has become a key means by which individuals are integrated into the global financial economy (Blacker 2012; Caffentzis 2010; Williams 2006). — Max Haiven, Cultures of Financialization, 72
Categorization
- XREF: Core bridge to deWaard’s cultural argument — everyday logics of investing as citizenship. — connects to: Financialised reasoning can colonise non-monetary measures like scores and percentages. — Ève Chiapello, Financialisation of Valuation, 11; Financialisation also colonizes non-economic spheres via valuation techniques. — Ève Chiapello, Financialisation of Valuation, 15; Household financialization involves adopting new entrepreneurial mindsets, not just buying more financial products. — Neil Fligstein & Adam Goldstein, The Emergence of a Finance Culture in…, 17 (+20 more)
- ADDENDUM: Education-as-investment parallels the ‘Grafting & Growth’ essay’s treatment of growth-as-narrative; both hinge on investment as organizing metaphor.
Broader Connections
- Financial metaphors and modes have crept into everyday North American culture
#exemplifies(0.90) — Max Haiven, Cultures of Financialization, 91 - Financialization operates as decentralized power through everyday financial practices
#expands(0.85) — Natascha van der Zwan, Making Sense of Financialization, 20 - Financialization colonizes culture through diffuse metaphors, narratives, and techniques
#exemplifies(0.85) — Max Haiven, Cultures of Financialization, 35