Financialization operates as decentralized power through everyday financial practices

Evidence

A final body of work, stemming from social accounting and cultural economics, zooms in on the financialization of the everyday. Scholars of the everyday have abandoned the focus on the corporation in favour of an approach that appreciates the diverse ways in which finance is grounded in practices of everyday life. These studieshaveinterrogatedprojectsandschemesaimedatincorporating low-income and middle-class households in financial markets through participation in pension plans, home mortgages and other mass-marketed financial products. Finance has become a decentralized form of power in this bodyof work, exercisedthrough individuals’ own interactions with new financial technologies and systems of financial knowledge. By participating in financial markets, individuals are encouraged to internalize new norms of risk-taking and develop new subjectivities as investors or owners of financial assets. Finance thus becomes, in Foucauldian terms, a ‘governmentality’. — Natascha van der Zwan, Making Sense of Financialization, 20

Categorization

• DEFINE: Defines the ‘financialization of the everyday’ approach and introduces finance-as-governmentality in Foucauldian terms.
• XREF: Governmentality connects to Weber’s subject-formation and to Foucault’s own corpus on disciplinary power and the enterprising self. — connects to: Financialization means finance’s logics penetrate the fabric of everyday life — Max Haiven, Cultures of Financialization, 72; Financial sector wealth derives from debts that discipline debtors into compliance — Max Haiven, Cultures of Financialization, 90; Financialization is reproduced from everyday life, not imposed by an autonomous elite — Max Haiven, Cultures of Financialization, 129 (+9 more)
• corroborated: 2 independent passages support this claim — Natascha van der Zwan, Making Sense of Financialization, 20

Related

• The state actively drives financialization through policy, while individuals internalize its risk discourses. (similarity 0.85)
• Financialization means finance’s logics penetrate the fabric of everyday life (similarity 0.83)
• Financialization is reproduced from everyday life, not imposed by an autonomous elite (similarity 0.83)
• Financialization also operates as a cultural shift toward entrepreneurial self-management of household finances. (similarity 0.83)
• Financialization redraws who supplies life’s basic needs, shifting welfare from state to markets (similarity 0.83)
• Finance is sourced from everyday life, not just reaching down from elites (similarity 0.83)
• Finance has become the primary arbiter of policy and value across daily life (similarity 0.82)
• Financialization forced households to adopt a proactive finance culture beyond just consuming more debt. (similarity 0.81)
• Financialization scholarship spans three approaches with distinct analytic foci. (similarity 0.81)
• Financial practice expresses class and acts as a control mechanism (similarity 0.81)
• Citizens and governments alike borrowed heavily, embedding finance in everyday life. (similarity 0.80)
• Finance culture is a cultural frame, not an exogenous shift imposed on households. (similarity 0.80)
• Household financialization involves adopting new entrepreneurial mindsets, not just buying more financial products. (similarity 0.80)
• Financialization means finance’s motifs spreading into spheres far from finance proper (similarity 0.79)
• Financialization operates without centralized direction yet reproduces itself through transformed agency (similarity 0.79)

Broader Connections

• Households signal financialization through risk-taking, relaxed debt attitudes, and speculative strategies #expands (0.85) — Neil Fligstein & Adam Goldstein, The Emergence of a Finance Culture in…, 48