The 2008 subprime crisis confirmed central predictions of financialization studies.

Evidence

Nonetheless, the central claims of financialization studies have been vindicated by the subprime mortgage crisis of 2008, which has exposed the shaky fundaments on which our economies are based: frantic trade in inscrutable financial products like derivatives and asset-backed security; a Wall Street bonus culture that incentivized risk-taking and speculation; predatory lending practices that convicted lowand middle-income individuals to a lifetime of debt; and laxoversight by government and private monitoring agencies, rife with conflicts of interest. — Natascha van der Zwan, Making Sense of Financialization, 113

Categorization

• corroborated: 2 independent passages support this claim — Natascha van der Zwan, Making Sense of Financialization, 113
• XREF: connects to: The 2008 crisis invalidated the preceding thirty years of financial orthodoxy — Mark Blyth, Austerity: The History of a Dangerous…, 133; Financialization shifts markets from calculation to speculation, destroying predictability — Wendy Brown, Undoing the Demos: Neoliberalism’s…, 742; Financialization’s core is markets displacing institutions via information. — Gerald F. Davis & Suntae Kim, Financialization of the Economy, 18 (+1 more)

Related

• Financialization’s core is markets displacing institutions via information. (similarity 0.83)
• The 2008 crisis failed to produce a paradigmatic shift comparable to the New Deal. (similarity 0.83)
• The 2008 crisis invalidated the preceding thirty years of financial orthodoxy (similarity 0.82)
• The 2008 crisis was fundamentally a crisis of economic ideas (similarity 0.81)
• Finance escaping crisis consequences legitimated the economics profession dodging blame (similarity 0.80)
• The efficient-markets hypothesis simultaneously justifies state failure and enabled the financial crisis (similarity 0.80)
• The 2008 crisis was expected to falsify neoliberal doctrine but did not (similarity 0.80)
• The 2008 crisis falsified neoclassical economic theory yet elites kept using it. (similarity 0.80)
• Financial fragility plus stagnant wages produce debt-driven growth regimes prone to crisis (similarity 0.80)
• Debt securitization served as inadequate compensation for welfare-state dismantling (similarity 0.80)
• The 2008 crisis flowed from incentive structures, not individual moral failure (similarity 0.79)
• Blaming borrowers’ financial ignorance obscures the structural logic of sub-prime lending (similarity 0.79)
• Financialization has competing explanations from three distinct scholarly disciplines. (similarity 0.79)
• Housing price declines triggered the 2008 financial crisis (similarity 0.79)
• Belief in the Great Moderation blinded the Fed to signs of crisis (similarity 0.78)

Broader Connections

• Financialization shifts markets from calculation to speculation, destroying predictability #corroborates (0.80) — Wendy Brown, Undoing the Demos, 742
• The 2008 crisis invalidated the preceding thirty years of financial orthodoxy #expands (0.78) — Mark Blyth, Austerity, 133
• Financialization’s core is markets displacing institutions via information. #expands (0.74) — Gerald F. Davis & Suntae Kim, Financialization of the Economy, 18
• Financial engineering naturalizes crisis to justify yet more markets #expands (0.74) — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 958