A critical assessment of the financialisation process and its impact on the US labour force during the great recession

Charles, Aurélie; Fontana, Giuseppe

doi:10.1504/ijpp.2011.039578

Cited by 4 publications

(2 citation statements)

References 23 publications

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“…women and ethnic minorities. However, Charles and Fontana (2011) show that, at the heart of the financial crisis between 2008 and 2009, white employers in the US favoured white workers at the expense of the young, female, black and Asian workers. The traditional minorities of the part-time labour force, the young, female, blacks and Asians have all experienced lower growth rates in part-time employment than white men and Hispanics.…”

Section: From Growth To Crisis: Capital Accumulation and Inequalitymentioning

confidence: 97%

Power, Intergroup Conflicts and Social Stratification in the United States: What has the Global Crisis Taught us?

Arestis

Charles

Fontana

2015

Review of Social Economy

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Drawing on early sociological analyses of how power and intergroup conflicts can affect the development of modern economies, this paper investigates how the recent Global Crisis has affected the stratification of the US society. The paper argues that the consumerist society has reinforced the historical stratification of social identities with white men in highpaid, high-social status managerial and financial occupations at the top, and black women in low-paid, low-status service occupations at the bottom. This paper calls for a deconstruction of the neo-liberal individual into a unique combination of identities in a stratified capitalist society in order to reveal how social stratification has evolved during the Global Crisis. The paper finally concludes on the importance of heterogeneous identities in reflecting the diversity of societal and economic interests in order to address the issue of financial stability and sustainability at the corporate and societal levels.

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Section: From Growth To Crisis: Capital Accumulation and Inequalitymentioning

confidence: 97%

Power, Intergroup Conflicts and Social Stratification in the United States: What has the Global Crisis Taught us?

Arestis

Charles

Fontana

2015

Review of Social Economy

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“…1 Financialization, which started in the early 1980s and intensified leading up to the Great Moderation period, has played a major role in causing the Great Recession. Financialization has set in motion dramatic changes in income distribution in the US (Tom Palley 2008), which together with financial liberalization and the securitization process have led to the Great Recession (for a discussion of this point, see Jon D. Wisman and Barton Baker [2010]; Philip Arestis andElias Karakitsos [2011a, 2011b]; Aurélie Charles and Giuseppe Fontana [2011]; Emiliano Brancaccio and Giuseppe Fontana [2011]). But, if financialization has played a major role in causing the Great Recession, which in turn has had important effects on gender and race stratification, could it also be the case that financialization itself has had an unequal impact on the different demographic groups of the US labor force?…”

Section: Introductionmentioning

confidence: 99%

Financialization, the Great Recession, and the Stratification of the US Labor Market

2013

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This contribution explores the possibility that financialization has created identity preference effects by linking managerial and financial occupations to high earnings, and in turn high earnings to the social status of the dominant demographic group in the US labor force, namely white men. The empirical results confirm that a wage premium exists for individuals working in managerial and financial occupations and that this finance wage premium is not equally distributed among all gender and ethnic groups. For each ethnic group, men have taken an increasing share of the finance wage premium at the expense of women. More specifically, white and, in smaller amount, Hispanic men have enjoyed a disproportionate share of the finance wage premium. Financialization has thus been neither race nor gender neutral. In this respect, the gender and race stratification effects of the Great Recession are at least in part the long-run outcome of structural processes generated by the financialization process.

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Digitalisation as a driving force for land grabbing in the Global South

Bludnik

2022

Procedia Computer Science

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A critical assessment of the financialisation process and its impact on the US labour force during the great recession

Cited by 4 publications

References 23 publications

Power, Intergroup Conflicts and Social Stratification in the United States: What has the Global Crisis Taught us?

Power, Intergroup Conflicts and Social Stratification in the United States: What has the Global Crisis Taught us?

Financialization, the Great Recession, and the Stratification of the US Labor Market

Digitalisation as a driving force for land grabbing in the Global South

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