T he Financialisation of Society

Recent decades have seen the growth in the financialization of societies in much of the Anglo-Saxon world. While seen by some as a source of economic growth and dynamism, it has more recently raised concerns with evidence emerging that excessive growth in the financial sector can have a negative impact on economic growth. It is an important factor in the growth of income inequality and instability. Cecchetti and Kharroubi of the Bank of International Settlements have argued in their recent paper that there is a negative relationship between the rate of growth of finance and the rate of growth of total factor productivity.

If you are interested in this, visit http://www.tcd.ie/iiis/events/conference-financializationofsociety.php and sign up for the symposium

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2 thoughts on “T he Financialisation of Society

  1. ronnie munck

    Economists might also be interested in the bigger social picture provided by Karl Polanyi’s classic The Great Transformation reissued with a Preface by Joe Stiglitz in 2001. He argues for a pendular movement starting with the market financialising social life and then society reacting back through what he calls a social counter-movement. Will there be one in Ireland?!

    Reply
  2. Jo

    @Ronnie – “Will there be one in Ireland?!”

    Er, unlikely. Best response more likely to be, “Pass the remote so I can watch Ireland’s got ballroom X-rated factoring skating on thin ice to get me out of here.”

    Reply

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