 Subjects -> SOCIOLOGY (Total: 553 journals)
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- After the boom: Finance and society studies in the 2020s and beyond
Authors: Amin Samman, Nina Boy, Nathan Coombs, Sandy Hager, Adam Hayes, Emily Rosamond, Leon Wansleben, Carola Westermeier
Pages: 93 - 109
Abstract: The crisis of 2008 was a watershed event for the study of finance and society. There was the boom in financial markets that came to a head with the collapse of Lehman Brothers, and there was the boom in financial scholarship that followed in its wake. But what comes after this second boom' After more than decade of rapid expansion under the shadow of 2008, what comes next for the new finance studies' What are the emerging debates that matter most' Where lies the need for further theorisation and for new empirical work' In this editorial, these questions are pursued under three broad headings, each corresponding to an overarching imperative: first, the need to keep a vigilant watch on the core institutions and logics of finance; second, the need to continue expanding and deepening the field; and third, the need to persist with difficult lines of questioning.
PubDate: 2022-11-30
DOI: 10.2218/finsoc.7761
Issue No: Vol. 8, No. 2 (2022)
- Money as a computational machine
Authors: Inigo Wilkins, Bogdan Dragos
Pages: 110 - 28
Abstract: This article presents a speculative philosophical account of money as a computational machine. It does so by leveraging a computational and machinic framework, drawing primarily from the work of Philip Mirowski and Jean Cartelier. The argument is focused on a specific level of abstraction, i.e., the monetary operations involved in the creation and transfer of units of account, asking whether it is possible to view these operations as computations that mediate economic relations. As the primary function of such a machine would be one of social coordination, the article also highlights the political consequences of its implementation across society.
PubDate: 2022-11-30
DOI: 10.2218/finsoc.7762
Issue No: Vol. 8, No. 2 (2022)
- The ‘fintech revolution’ is here! The disruptive impact of fintech on
retail financial practices
Authors: Gordon Kuo Siong Tan
Pages: 129 - 48
Abstract: Fintech is celebrated for its disruptive and democratizing qualities that dis/reintermediates the finance value chain. Claims of a ‘fintech revolution’ assume that fintech is ‘disruptive’ because of its innovative capabilities, but the extent to which these disruptive forces have reconfigured consumer financial knowledge and practices is not well understood. Using a questionnaire to survey retail consumers in Singapore on their use of fintech in performing different financial tasks, this article critically examines these claims of disruption and democratization by grounding them in the financial behaviors of consumers as informed by a financial ecologies approach. The results show a limited impact of fintech in shaping consumer financial behaviors. Respondents use fintech mainly for basic transactional purposes like making mobile payments and account management, but not so much for more complex matters like savings, investing and credit. The findings also reveal a ‘stickiness’ in financial behaviors that emphasizes the high touch points of human interaction. This study illustrates fintech’s variegated material outcomes by highlighting the unevenness in consumption of digital financial services and the enduring importance of human relationality in financial decision making.
PubDate: 2022-11-30
DOI: 10.2218/finsoc.7763
Issue No: Vol. 8, No. 2 (2022)
- Tokyo’s booms and busts: Placing Japan in the global financial
network
Authors: Liam Keenan, Darius Wójcik
Pages: 149 - 68
Abstract: Tokyo is conspicuous for its now decades-long absence in the headlines of global financial news. In this article, we revisit the evolution of Tokyo as an international financial centre through the lens of Global Financial Networks (GFN). Drawing on insights from high-level interviews, we present a chronology of Japan’s financial history between 1980 and 2020. This reveals a pattern wherein financial sector reforms and financial centre initiatives are repeatedly interrupted by crises. The GFN framework helps to demonstrate how structure and agency intertwine at the global, national, and local scales to shape this reform-boosterism- crisis cycle. Nationally and locally, we find that despite repeated attempts by coalitions of actors to elevate the status of Tokyo, engrained cultural and political economic conditions have hindered its development into a truly global financial centre. Globally, these conditions have been structured and amplified by Japan’s historical position as a rule-taker in the governance of international finance. These factors have conspired to situate Japan on the periphery of the GFN, a position aggravated by the rising financial power of China.
PubDate: 2022-11-30
DOI: 10.2218/finsoc.7765
Issue No: Vol. 8, No. 2 (2022)
- The financialization of remittances in Nepal: Governing through the
pedagogy of fear and hope
Authors: Lekh Nath Paudel, Rahel Kunz
Pages: 169 - 88
Abstract: In the last decade, remittances have become connected to financialization, expanding financial markets and deepening financial logics in what has been termed the financialization of remittances (FOR). In Nepal, where remittances are of key importance, this manifests itself in the country’s development strategy through attempts to formalize remittances and promote financial inclusion, entrepreneurship, and financial infrastructure. This article focuses on the most salient manifestation of the FOR in Nepal: a large-scale financial literacy education (FLE) campaign for transnational families. To examine how this FOR-FLE complex works, we bring together insights on emotional governance with those on the creation of (gendered) financial subjectivities. Based on an analysis of FLE pedagogical material and interviews with FLE experts, we suggest that the FOR-FLE complex in Nepal mobilizes a pedagogy of fear and hope to discipline the financial behavior of transnational families, transforming them into self- governing miniature financial corporations. We also highlight the gender dimensions of this emotional regime, which creates terror and works to patronize, shame, and stigmatize non- migrant women of transnational families, rendering them responsible for development, decreasing out-migration, and reducing the economy’s import dependency.
PubDate: 2022-11-30
DOI: 10.2218/finsoc.7766
Issue No: Vol. 8, No. 2 (2022)
- The everyday construction of value: A Canadian investment fund, Chilean
water infrastructure, and financial subordination
Authors: Michael Pryke, John Allen
Pages: 189 - 208
Abstract: Infrastructure in several economies in the Global South has rapidly undergone financialization, aided and abetted by governments opening-up their infrastructure assets to global institutional investors in search of stable, predictable revenue streams. This account of financialization could be the end of the story were it not for the fact that Christophers (2015) and others have shown that institutional investors are not simply in the game of ‘finding’ value or ‘harvesting it’ from obliging states, rather they actively construct it. What often catches the eye, however, are the more overt forms of financial engineering (Ashton et al., 2012), whereas what tends to go unnoticed are the ways in which infrastructure assets are routinely ‘worked’ to generate value over time. Here, we draw attention to a slower-paced financialization of infrastructure assets where, following Chiapello (2015, 2020), investors are engaged in a continual process of evaluation and revaluation of their assets to add value over and above prevailing benchmarks. Taking the example of Canada’s Ontario Teachers’ Pension Plan (OTPP) and its extensive investments in Chilean water infrastructure, this article considers how a global investment fund draws on financial practices developed in the advanced economies to add value to long term infrastructure assets in the Global South. Such practices, we argue, enact a routine form of financial subordination which does not match the familiar image of wholly subservient and dominated dependent economies. Rather, the power asymmetries involved equate less to a zero-sum game and more to a game where the benefits are unequally shared between asset managers in the Global North and states in the Global South, where effectively the latter cooperate in their own submission in ways that are not always acknowledged as such.
PubDate: 2022-11-30
DOI: 10.2218/finsoc.7767
Issue No: Vol. 8, No. 2 (2022)
- Financialization re-imagined
Authors: Kristian Bondo Hansen
Pages: 209 - 12
Abstract: Speculative Communities is not just another critique of neoliberal-financial capitalism. It is a novel and audacious attempt to construct a conceptual framework with which it becomes possible to articulate and address major questions concerning our economies, our financial system, our democratic institutions, and our increasingly digital technology-mediated lives.
PubDate: 2022-11-30
DOI: 10.2218/finsoc.7769
Issue No: Vol. 8, No. 2 (2022)
- Everything you always wanted to know about credit ratings (but were afraid
to ask)
Authors: Zsófia Barta
Pages: 213 - 15
Abstract: Giulia Mennillo’s Credit Rating Agencies provides an advanced introduction to the complex phenomenon of credit ratings. It provides up-to-date and meticulous information on credit rating agencies and their regulatory context, and it engages with some complex theoretical issues.
PubDate: 2022-11-30
DOI: 10.2218/finsoc.7770
Issue No: Vol. 8, No. 2 (2022)
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