Financialization and the Consumer Credit Boom

By Paul A. Langley. Competition & Change, 2008

126 citations recorded by the source corpus.

Viewed in retrospect, the concept of ‘financialization’ highlights the massive growth in the issue and trading of ownership claims on all manner of instruments. It has also opened the way for research linking these changes in the financial markets to disciplinary transformations in corporate management and governance. There are, however, future prospects for financialization research once the concept is re-worked from a cultural political economy perspective and changes in the financial markets are linked to the consumer credit boom in Anglo-American economies. Grounded in the calculative creation and management of default risk by lenders, markets for asset-backed securities and credit derivatives have emerged that trade claims on the future repayments of borrowers on car loans, credit cards and so on. Disciplinary transformations also arise in everyday financial self-government. Thrift and prudence are no longer paramount in extending individual freedom and security, but are displaced by the responsible and entrepreneurial meeting, management and manipulation of outstanding obligations.

Subfields: Finance

View Paper: https://www.semanticscholar.org/paper/e48dfdfbc335e4059880be3fb43f3b338f277109

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Citations in the corpus

Financialisation in emerging economies: a systematic overview and comparison with Anglo-Saxon economies (2017, background): “Within a Cultural Political Economy approach and building on Foucauldian analysis, Langley (2008) has pointed out that subjectivities change due to increasing involvement with financial market and internalise a financial self-discipline.”
Some Stylized Facts on the Finance-Dominated Accumulation Regime (2008, unknown): “Furthermore, Langley (2007) highlights that financialization has also far-reaching psychological consequences as individuals have to develop new forms of financial self-discipline.”
“Breakthroughs” for a green economy? Financialization and clean energy transition (2018, background): “…as the (re)growth of an increasingly large, powerful, profitable, and complex financial sector in the neoliberal era – a process that U.S. policies have directly supported via strategic de- and re-regulations (see e.g., Langley 2008, Krippner 2011, Christophers 2013 for more extensive discussions).”
The Pursuit of (Past) Happiness? Middle-class Indebtedness and American Financialisation (2009, background): “Financial innovations, in particular markets for ABS and credit derivatives, are products derived from these calculative tools which enable banks to construct, measure and manage the uncertainties over the future repayment by borrowers.(21) Following Marieke de Goede, Langley analyses the discursive”