The state actively drives financialization through policy, while individuals internalize its risk discourses.

Evidence

Through policies stimulating the flexibilization of employment or the privatization of social security, governments have actively shaped the financialization of the everyday. Yet, while scholars of daily life consider the state complicit in financialization processes—Martin et al. (2008, p. 123) state that financialization is ‘a way that the state calls upon and organizes population [sic] so that some will flourish and others will be left behind’—their work lacks an analysis of the different interests, motivations and strategies behind this political agenda. When driven by a neo-Foucauldian research agenda that stresses governmentality or the exercise of power over the self by the self, all investing subjects appeartobeimplicatedinthemakingoffinancecapitalism.Throughtheconsumption of financial products and services, investing subjects internalize the discourses of self-management and risk. Even though investing subjects may not be the ‘sovereign originators of their actions’ (De Goede, 2005, p. 10), they actively reproduce these discourses in their daily lives by imposing on themselves the same expectations and forms of discipline imposed by the state. — Natascha van der Zwan, Making Sense of Financialization, 81

Categorization

• DEFINE: Introduces the governmentality lens on why citizens comply with financialization — self-imposed discipline stands in for state coercion.
• corroborated: 2 independent passages support this claim — Natascha van der Zwan, Making Sense of Financialization, 81
• XREF: connects to: Public officials adopt financialization not from ideology but from state incapacities — Ève Chiapello, Financialisation of Valuation, 105; Financialization replaced welfare-state collective security with individualized speculative insurance — Max Haiven, Cultures of Financialization, 92; Financial language simultaneously reflects and advances the spread of financialization. — Max Haiven, Cultures of Financialization, 69 (+10 more)

Related

• Financialization operates as decentralized power through everyday financial practices (similarity 0.85)
• Financialization replaced welfare-state collective security with individualized speculative insurance (similarity 0.85)
• Financialization also operates as a cultural shift toward entrepreneurial self-management of household finances. (similarity 0.82)
• Financialization is reproduced from everyday life, not imposed by an autonomous elite (similarity 0.82)
• Finance has become the primary arbiter of policy and value across daily life (similarity 0.82)
• Financial discourses do not dominate ordinary people’s saving behavior. (similarity 0.82)
• Neoliberal welfare-state retreat expects everyone to act as financial self-managers (similarity 0.82)
• Financial practice expresses class and acts as a control mechanism (similarity 0.82)
• Financial markets reshaped households, corporations, and states over the past 30 years. (similarity 0.81)
• Financialization involves new forms of state intervention, not state retreat. (similarity 0.81)
• Financialization means finance’s logics penetrate the fabric of everyday life (similarity 0.81)
• Finance requires the state to regulate markets and police its own excesses (similarity 0.81)
• Financialization ultimately represents markets displacing social institutions as society’s organizing principle. (similarity 0.81)
• Finance is sourced from everyday life, not just reaching down from elites (similarity 0.81)
• Public officials adopt financialization not from ideology but from state incapacities (similarity 0.81)

Broader Connections

• Financialized capitalism shifted from spreading risk to endorsing risk via self-insurance. #expands (0.85) — Aris Komporozos-Athanasiou, Speculative Communities, 274
• Financial language simultaneously reflects and advances the spread of financialization. #expands (0.82) — Max Haiven, Cultures of Financialization, 69
• Financialization replaced welfare-state collective security with individualized speculative insurance #expands (0.80) — Max Haiven, Cultures of Financialization, 92
• Financialization redraws who supplies life’s basic needs, shifting welfare from state to markets #expands (0.80) — Natascha van der Zwan, Making Sense of Financialization, 64
• Finance becomes the model for society’s responses to uncertainty. #expands (0.78) — Aris Komporozos-Athanasiou, Speculative Communities, 80
• Financialization operates as decentralized power through everyday financial practices #expands (0.75) — Natascha van der Zwan, Making Sense of Financialization, 20
• Financier culture forms inside a homosocial world of risk norms and chronic overwork. #expands (0.75) — Max Haiven, Cultures of Financialization, 87
• Financialization establishes ideological dominance of individual profit over collective interests #expands (0.75) — Aris Komporozos-Athanasiou, Speculative Communities, 109
• Financial practice expresses class and acts as a control mechanism #expands (0.75) — Natascha van der Zwan, Making Sense of Financialization, 20
• Commodified resistance reinforces the individualization that finance depends on #complicates (0.75) — Max Haiven, Cultures of Financialization, 532
• Households are pushed into financial markets that promise lifestyle advancement. #corroborates (0.72) — Neil Fligstein & Adam Goldstein, The Emergence of a Finance Culture in…, 34
• Risk-prone expansion drives state intervention beyond mere apparatus preservation #expands (0.70)