Financialization replaced welfare-state collective security with individualized speculative insurance

Evidence

This work joined the scholarship of Dick Bryan and Michael Rafferty (2006) in identifying financialization as a key moment of neoliberal transformation by which capitalism shrugged off the necessity of the welfare state and its promise of collective security, replacing it with increasingly individualized and speculative forms of insurance under the rubric of “risk management.” — Max Haiven, Cultures of Financialization, 92

Categorization

• XREF: Central mechanism for the reader’s goal: traces how risk management discourse colonized the space vacated by collective welfare — bridges directly to deWaard. — connects to: Financialization establishes ideological dominance of individual profit over collective interests — Aris Komporozos-Athanasiou, Speculative Communities: Living with…, 109; Postwar socialized risk paradigms grew out of the struggle for collective autonomy — Aris Komporozos-Athanasiou, Speculative Communities: Living with…, 250; The erosion of pensions and benefits pushed households toward commercial financial products. — Neil Fligstein & Adam Goldstein, The Emergence of a Finance Culture in…, 55 (+14 more)
• DEFINE: Defines financialization as a key moment of neoliberal transformation via individualized risk.

Broader Connections

• Financialized capitalism shifted from spreading risk to endorsing risk via self-insurance. #corroborates (0.90) — Aris Komporozos-Athanasiou, Speculative Communities, 274
• Asset-based welfare policies since the 1990s individualized the risks of material security. #corroborates (0.88) — Paul Langley, Assets and Assetization in…, 38
• Neoliberal restructuring converts collective public goods into individualized risk management #corroborates (0.88) — Max Haiven, Cultures of Financialization, 266
• Financialization redraws who supplies life’s basic needs, shifting welfare from state to markets #corroborates (0.85) — Natascha van der Zwan, Making Sense of Financialization, 64
• Neoliberal deregulation replaced social protection with credit and indebtedness #corroborates (0.85) — Wendy Brown, Undoing the Demos, 746