Financialization and (Global) Class

Tuesday, July 15, 2014: 5:30 PM
Room: 423
Oral Presentation
Sighard NECKEL , Institut für Soziologie, Fachbereich Gesellschaftswissenschaften, Goethe-University Frankfurt am Main, Frankfurt am Main, Germany
Lukas HOFSTAETTER , Goethe University Frankfurt, Frankfurt, Germany
The concept of financialization has become a prominent issue in sociology and political economy. As a multi-dimensional phenomenon it affects different levels and social spheres - from the macroeconomic level to states, firms, households and individuals. While most explanations focus on the macroeconomic deregulations since the mid-1970's, its cultural aspects and the actors propagating it remain often under-explored. Our contribution represents an attempt of a cultural approach towards the issue of financialization. We interpret the process of financialization as the assertion of a global "market culture", emanating from symbolic struggles between social actors over economic valuations. Thereby we aim at highlighting the role of social actors and cultural narratives in economic transformations. We ask whether the global phenomenon of financialization can be attributed to the formation of a "global financial class".