2019
DOI: 10.1093/cje/bez023
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Towards (de-)financialisation: the role of the state

Abstract: Understanding the nature of state financialisation is crucial to ensure de-financialisation efforts are successful. Therefore, this article provides a structured overview of the emerging literature on financialisation and the state. We define financialisation of the state broadly as the changed relationship between the state, understood as sovereign with duties and accountable towards its citizens, and financial markets and practices, in ways that can diminish those duties and reduce accountability. We then ar… Show more

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Cited by 75 publications
(68 citation statements)
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References 102 publications
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“…The way in which we organize our economic activity and distribute wealth has little to do with the democratic dictum that every citizen is equal before the law. However, this contradiction is further exaggerated through financialization (Jessop, ; Karwowski, forthcoming). The large size, networked character and complexity of the financial sector undermine democratic control processes and outcomes (Nölke, forthcoming).…”
Section: The Eurozone Crisis: Financialization Of Sovereign Debtmentioning
confidence: 99%
See 3 more Smart Citations
“…The way in which we organize our economic activity and distribute wealth has little to do with the democratic dictum that every citizen is equal before the law. However, this contradiction is further exaggerated through financialization (Jessop, ; Karwowski, forthcoming). The large size, networked character and complexity of the financial sector undermine democratic control processes and outcomes (Nölke, forthcoming).…”
Section: The Eurozone Crisis: Financialization Of Sovereign Debtmentioning
confidence: 99%
“…What Tooze does not stress is that this political project is highly lucrative for those close to the political elites. Budget cuts opened avenues for outsourcing projects, privatization and the creation of new financial assets (Froud et al., ; Karwowski, forthcoming). Particularly in the UK, public provision, be it infrastructure or programmes tackling homelessness, has been increasingly turned into questionable financial instruments such as social impact bonds.…”
Section: Political Crisis: Austerity Public Provision and Financialimentioning
confidence: 99%
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“…In adding to burgeoning debates on state financialisation (see, for example, Fastenrath, Schwan, and Trampusch 2017;Karwowski 2019), embodied in this case through various forms of sovereign fund, this article argues that while a shareholdervalue logic is employed increasingly by the state through new investment institutions, it is underwritten and preceded by other more fundamental political logics. In unpacking this political foundation, the article advances three strategic logics: a developmental logic, a logic of regime maintenance, and a geo-political legitimacy logic.…”
Section: Introductionmentioning
confidence: 99%