Skip to main content

Introduction

  • 245 Accesses

Abstract

Arguing that the emergence of new cooperative relations between financial and nonfinancial actors is at the core of the recent rise of finance, this chapter proposes a new perspective on financialization processes that is based on sociological field theory. Golka argues that support from nonfinancial actors such as governments is vital for financial actors seeking to expand the reach of capital to different areas of social life, including social welfare or environmental protection. To understand how such cooperation unfolds—or is contained—Golka traces the development of social impact investing, financial products that aim at the provision of social welfare, through its interaction with British social policy. He argues that investors’ success in forging cooperation hinged upon their abilities to frame financialization as social welfare.

This is a preview of subscription content, access via your institution.

Buying options

Chapter
USD   29.95
Price excludes VAT (USA)
  • DOI: 10.1007/978-3-030-06100-5_1
  • Chapter length: 7 pages
  • Instant PDF download
  • Readable on all devices
  • Own it forever
  • Exclusive offer for individuals only
  • Tax calculation will be finalised during checkout
eBook
USD   89.00
Price excludes VAT (USA)
  • ISBN: 978-3-030-06100-5
  • Instant PDF download
  • Readable on all devices
  • Own it forever
  • Exclusive offer for individuals only
  • Tax calculation will be finalised during checkout
Hardcover Book
USD   119.99
Price excludes VAT (USA)

References

  • Aguilera, R. V., & Jackson, G. (2003). The cross-national diversity of corporate governance: Dimensions and determinants. Academy of Management Review, 28(3), 447–465.

    CrossRef  Google Scholar 

  • Beckert, J. (2003). Economic sociology and embeddedness: How shall we conceptualize economic action? Journal of Economic Issues, 37(3), 769–787.

    CrossRef  Google Scholar 

  • Belfrage, C. (2008). Towards ‘universal financialisation’ in Sweden? Contemporary Politics, 14(3), 277–296.

    CrossRef  Google Scholar 

  • Boltanski, L., & Thévenot, L. (2006). On justification: Economies of worth. Princeton, NJ: Princeton University Press.

    Google Scholar 

  • Burawoy, M. (2005). For public sociology. American Sociological Review, 70(1), 4–28.

    CrossRef  Google Scholar 

  • Fligstein, N. (2001b). Social skill and the theory of fields. Sociological Theory, 19(2), 105–125.

    CrossRef  Google Scholar 

  • Fligstein, N., & McAdam, D. (2012). A theory of fields. Oxford: Oxford University Press.

    CrossRef  Google Scholar 

  • Forst, R. (2015a). Normativität und Macht. Zur analyse sozialer Rechtfertigungsordnungen. Frankfurt am Main: Suhrkamp.

    Google Scholar 

  • Gross, N. (2009). A pragmatist theory of social mechanisms. American Sociological Review, 74(3), 358–379.

    CrossRef  Google Scholar 

  • Habermas, J. (1981). Theorie des kommunikativen Handelns band 1: Handlungsrationalität und gesellchaftliche Rationalisierung. Frankfurt am Main: Suhrkamp.

    Google Scholar 

  • JP Morgan. (2014). Spotlight on the market: The impact investor survey. Retrieved from https://thegiin.org/knowledge/publication/spotlight-on-the-market-the-impact-investor-survey

  • Lazonick, W., & O’Sullivan, M. (2000). Maximizing shareholder value: A new ideology for corporate governance. Economy and Society, 29(1), 13–35.

    CrossRef  Google Scholar 

  • Martin, J. L. (2003). What is field theory? American Journal of Sociology, 109(1), 1–49.

    CrossRef  Google Scholar 

  • Snow, D. A., & Benford, R. D. (1988). Ideology, frame resonance, and participant mobilization. International Social Movement Research, 1, 197–217.

    Google Scholar 

  • Tavory, I., & Timmermans, S. (2014). Abductive analysis: Theorizing qualitative research. Chicago, IL: University of Chicago Press.

    CrossRef  Google Scholar 

  • Thornton, P. H., Ocasio, W., & Lounsbury, M. (2012). The institutional logics perspective: A new approach to culture, structure, and process. Oxford: Oxford University Press.

    CrossRef  Google Scholar 

  • Van der Zwan, N. (2014). Making sense of financialization. Socio-Economic Review, 12(1), 99–129.

    CrossRef  Google Scholar 

Download references

Author information

Authors and Affiliations

Authors

Rights and permissions

Reprints and Permissions

Copyright information

© 2019 Springer Nature Switzerland AG

About this chapter

Verify currency and authenticity via CrossMark

Cite this chapter

Golka, P. (2019). Introduction. In: Financialization as Welfare. Springer, Cham. https://doi.org/10.1007/978-3-030-06100-5_1

Download citation

  • DOI: https://doi.org/10.1007/978-3-030-06100-5_1

  • Published:

  • Publisher Name: Springer, Cham

  • Print ISBN: 978-3-030-06099-2

  • Online ISBN: 978-3-030-06100-5

  • eBook Packages: Social SciencesSocial Sciences (R0)