The current crisis is one outcome of the financialisation of contemporary capitalism. It arose in the USA because of the enormous expansion of mortgage-lending, including to the poorest layers of the working class. It became general because of the trading of debt by financial institutions. These phenomena are integral to financialisation. During the last three decades, large enterprises have turned to open markets to obtain finance, forcing banks to seek alternative sources of profit. One avenue has been provision (...) of financial services to individual workers. This trend has been facilitated by the retreat of public provision from housing, pensions, education, and so on. A further avenue has been to adopt investment-banking practices in open financial markets. The extraction of financial profits directly out of personal income constitutes financial expropriation. Combined with investment-banking, it has catalysed the current gigantic crisis. More broadly, financialisation has sustained the emergence of new layers of rentiers, defined primarily through their relation to the financial system rather than ownership of loanable capital. Finally, financialisation has posed important questions regarding finance-capital and imperialism. (shrink)

This article shows that forms of analysis and calculation specific to finance are spreading, and changing valuation processes in various social settings. This perspective is used to contribute to the study of the recent transformations of capitalism, as financialisation is usually seen as marking the past three decades. After defining what is meant by “financialised valuation,” different examples are discussed. Recent developments concerning the valuation of assets in accounting standards and credit risk in banking regulations are used to suggest (...) that colonisation of financial activities by financialised valuations is taking place. Other changes, concerning the valuation of social or cultural activities and environmental issues are also highlighted in order to support the hypothesis of a parallel colonisation of non-financial activities by financialised valuations. Specifically, the language of finance appears to gradually being incorporated into public policies, especially in Europe—and this trend seems to have gathered pace since the 2000s. Some interpretations are proposed to understand why public policies are seemingly increasingly reliant on financialised valuations. (shrink)

The notion of financialisation as the exploitation or expropriation of workers’ wages in the sphere of exchange is taken as a critical point of departure. In this way, financialisation is more deeply rooted in contemporary developments, including the slowdown preceding the current global crisis, and in Marx’s own theory of finance. Financialisation is seen to represent the increasing penetration of interest-bearing capital across economic and social reproduction and to be a key defining moment of neoliberalism.

Business schools have become implicated in the widespread demonisation of the financial classes. By educating those held most responsible for the crisis – financial traders and speculators – they are said to have produced ruthlessly talented graduates who have ambition in abundance but little sense for social responsibility or ethics. This ethical lack thrives upon the trading floor within a compelling critique of the complicity of the pedagogy of the business school with the financial crisis of the global economy. An (...) ethical turn within the curriculum is now widely encouraged as a counteractive force. Within this paper, however, we argue that taking this ethical turn is not enough. For business ethicists to learn from the financial crisis, the crisis' legacy needs to be taken account of, and financialisation needs to be taken seriously. Pedagogical reform cannot bracket itself off from the crisis as if it were coincidental with or separate from it. Post-crisis pedagogy must rather take the fact that it is requested now, in light of the crisis, as its very point of departure. The financial crisis must not be understood as something to be resisted in the name of Business Ethics. Instead, the financial crisis must be understood as the very foundation for contemporary Business Ethics in particular and for contemporary business and management education more generally. (shrink)

Business schools have become implicated in the widespread demonisation of the financial classes. By educating those held most responsible for the crisis – financial traders and speculators – they are said to have produced ruthlessly talented graduates who have ambition in abundance but little sense for social responsibility or ethics. This ethical lack thrives upon the trading floor within a compelling critique of the complicity of the pedagogy of the business school with the financial crisis of the global economy. An (...) ethical turn within the curriculum is now widely encouraged as a counteractive force. Within this paper, however, we argue that taking this ethical turn is not enough. For business ethicists to learn from the financial crisis, the crisis' legacy needs to be taken account of, and financialisation needs to be taken seriously. Pedagogical reform cannot bracket itself off from the crisis as if it were coincidental with or separate from it. Post‐crisis pedagogy must rather take the fact that it is requested now, in light of the crisis, as its very point of departure. The financial crisis must not be understood as something to be resisted in the name of Business Ethics. Instead, the financial crisis must be understood as the very foundation for contemporary Business Ethics in particular and for contemporary business and management education more generally. (shrink)

This article explores the financialisation of the world’s most important commodity, oil. It argues that much of the literature on the financialisation of commodities tends to adopt a dualistic approach to financial markets and physical producers, where financial and non-financial activities are assumed to be externally-related and counterposed to one another. The article locates the roots of this analytical separation in a mistaken acceptance of the fetish character of interest-bearing capital (IBC) – a view that the exchange of (...) loanable sums of capital represents a relationship between money-capitalists rather than a relationship to the moment of production. Against such dichotomous readings, the article argues that the financialisation of oil needs to be understood as part of the reworking of ownership and control across the oil commodity circuit, expressed through the combined centralisation and concentration of capital over the money, productive and commercial moments. This argument is demonstrated through an original empirical investigation of the US oil industry, including 20 years of weekly trading data on the New York Mercantile Exchange (NYMEX) and a detailed study of more than 160 oil and energy-related firms in the US. By mapping the structural weight and connections between different capitalist actors involved in accumulation across the oil sector, we gain a better understanding of the ultimate dynamics (and beneficiaries) of the carbon economy. (shrink)

This paper assesses the current world economic crisis in terms of crucial transformations in global capitalism throughout the neoliberal period. It argues that intense social and spatial restructuring after the crises of 1973–82 produced a new wave of capitalist expansion that began to exhaust itself in the late-1990s. Since that time, new problems of overaccumulation and declining profitability have plagued global capitalism. Interconnected with these problems are contradictions related to a mutation in the form of world-money, as a result of (...) its complete de-linking from gold after 1971, which stimulated a fantastic growth in financial instruments and transactions, and generated a proliferation of esoteric 'fictitious capitals' whose collapse is wreaking havoc across world financial markets. The intersection between general conditions of overaccumulation and a crisis in financial structures specific to neoliberalism has now produced a deep world-slump. Inherent in this crisis is a breakdown in forms of value-measurement that is throwing up intense struggles between the capitalist value-form and popular life-values, the latter of which comprise the grounds for any real renewal of the socialist Left. (shrink)

Historically, universities not only played an educational and research role, but also created culture. It was also expressed by the academic ethos. At the same time, along with the advancement of the globalisation of economic processes, there is a tendency to apply the market approach in their case, which results in the economisation and financialisation of science. The clash of these two worlds, i.e. the academic ethos embedded in academic values ​​and the economic approach to the functions of universities, (...) is manifested, for example, in their McDonaldisation. As a consequence, universities focus on those aspects of their activities that are economically effective, including, for example, providing specialised educational services for student – clients. This process may result in universities losing their character, and thus becoming centres of creative inspiration and scientific discourse between scientists. Therefore, the aim of this study is to try to answer the following research questions: first, what are the consequences for universities of their economisation and financialisation, and, second, how their McDonaldisation affects the academic ethos. The study uses the dogmatic, legal and comparative methods. (shrink)

The United Kingdom is at the forefront of a global movement to establish a social-investment market. At the heart of social investment we find finance – and financialisation. Specifically, we find: a financial market ; a series of financial institutions ; a financial instrument ; and a financial practice. Focusing on the UK, given its pioneering role, this paper first provides a brief history of social investment, tracing its development from the politics of the ‘Third Way’ to the social-impact (...) bond. It then maps the terrain of the social-investment market, explaining the main institutions and actors, and the social-impact bond. Finally, it proposes a framework for analysing the disciplinary logics of finance, which it uses to understand the promise or threat of social investment and the social-investment market. (shrink)

In a global economic landscape of hyper-commodification and financialisation, efforts to assimilate digital art into the high-stakes commercial art market have so far been rather unsuccessful, presumably because digital artworks cannot easily assume the status of precious object worthy of collection. This essay explores the use of blockchain technologies in attempts to create proprietary digital art markets in which uncommodifiable digital artworks are financialised as artificially scarce commodities. Using the decentralisation techniques and distributed database protocols underlying current cryptocurrency technologies, (...) such efforts, exemplified here by the platform Monegraph, tend to be presented as concerns with the interest of digital artists and with shifting ontologies of the contemporary work of art. I challenge this characterisation, and argue, in a discussion that combines aesthetic theory, legal and philosophical theories of intellectual property, rhetorical analysis and research in the political economy of new media, that the formation of proprietary digital art markets by emerging commercial platforms such as Monegraph constitutes a worrisome amplification of long-established, on-going efforts to fence in creative expression as private property. As I argue, the combination of blockchain-based protocols with established ambitions of intellectual property policy yields hybrid conceptual-computational financial technologies (such as self-enforcing smart contracts attached to digital artefacts) that are unlikely to empower artists but which serve to financialise digital creative practices as a whole, curtailing the critical potential of the digital as an inherently dynamic and potentially uncommodifiable mode of production and artistic expression. (shrink)

This article focuses in the allocation of financial risks from the viewpoint of social justice. In contemporary society, finance and the related risk allocation patterns have become highly important in determining the social positions of individuals. Yet it is somewhat unclear how ‘financial risks’ should be understood in normative theory and to what extent their allocation is a specific problem of justice. This article consists of a definition of this category and a typology of three different and distinctive perspectives to (...) financial risks and social justice, out of which a synthesis is drawn. The contribution of the article is to propose a normative basis for a research programme on risks and justice in the society of high financialisation. (shrink)

Against the background of the contemporary debate about financialisation, the paper conceptualises the capitalist labour economy as fundamentally a monetary system. It argues that money is not a capitalist means of organising its labour economy but that it is rather a capitalist end. The argument examines and finds wanting conceptions of money in political economy, including Keynesianism and neoliberalism, and argues that the debate about financialisation is fundamentally based on the propositions of political economy. It holds that Marx’s (...) critique of political economy conceives of money as the form of value and expounds money-making as the purpose of the capital labour economy. Thus, the labour theory of value is fundamentally a monetary theory of value, labour is the means of valorisation, and that is, of money in process, and as such capital. Making money out of money is capital as its most rational. In the form of credit, money posits wealth as a claim on future surplus value. (shrink)

Food regime theory focuses upon the dynamics, and agents, of change in capitalist food and farming systems. Its exponents have been able to identify relatively stable periods of capital accumulation in the agri-food industries, along with the periods of transition. Recently, scholars have argued that—following a first food regime based upon colonial trade in bulk commodities like wheat and sugar, and a second food regime typified by industrial agriculture and manufactured foods—there is an emerging third food regime. This new regime (...) is one that is lead by global corporations that are profiting from the re-organisation of agri-food chains. The delivery of ‘fresh/healthy’ foods is one manifestation; another is the sale, by supermarkets, of ready-meals and other own-brand products. This paper argues that behind the movement to a putative Third Food Regime are changes to the financial system. ‘Financialisation’—the increased influence of finance capital on the agri-food system—not only provides new opportunities for profit-making by hedge funds and private equity consortia, but also creates a situation in which agri-food companies, including food manufacturers, international commodity traders and supermarkets, may benefit. Supermarkets for example, are moving into banking, and are altering their role as they move from being retailers of products, into the provision of capital. Food regime theory needs to consider what lies ‘behind’ the transformation of food and fibre production, to examine not only the role of finance capital in re-shaping relations up and down the agri-food supply chain, but also investigating the tendency for agri-food capitals to seek profits from financial transactions. (shrink)

The current global economic crisis is historically unprecedented in that it began when poor groups in the United States defaulted on their mortgage-payments and spread fear of 'toxic debt' through an internationalised financial system, bringing the banking system close to collapse and highlighting the very individualised nature of contemporary financial relations. The symposium explores contemporary finance and banking practices in the context of Marxist political economy seeking to develop the notion of financialisation and arguing that banks' increasing reliance on (...) individual households as a source of profits amounts to a form of financial expropriation or additional profit generated in the sphere of circulation. (shrink)

Ellen Wood replies here to the symposium on her book, Empire of Capital, by laying out her views on the specificity of capitalism and capitalist imperialism, the relation between global capital and territorial states, the problematic concepts of 'globalisation' and 'financialisation', and how our understanding of capitalism affects our conceptions of oppositional struggle.

This brief paper builds on my recently published work on financial capitalism. My objective here is (a) to sketch an account of the primary social features of post-1970s financialised capitalism, (b) to identify select dynamics or mechanisms that have resulted in these features, (c) to outline a programme of research to enhance our explanatory understanding of the ‘fractured society’ via the sociological concepts of structure, culture and agency, and (d) to broach, characterize and assess likely prospects and triggers for the (...) accomplishment of a credible, defensible post-capitalist societal formation. (shrink)

This paper situates the subprime crisis in the context of the performance of the American economy over the last twenty-five years. The restructuring of the US economy is briefly reviewed, followed by an examination of some of the contradictions of the neoliberal model. Particular emphasis is placed on understanding the reasons behind stagnant investment, and how the US finance-led accumulation-régime has become dependent upon, and threatened by, credit-creation delinked from the financing of fixed-capital formation. I argue that while the defeat (...) of the remnants of the New-Deal/Civil-Rights liberal-democratic coalition has provided the political context for the bold re-assertion of the prerogatives of capitalist owners, the neoliberal model has not provided a path out of problems of stagnation and growing debt-dependency that presently plague the US economy. Further, I argue that evidence suggests that the post-1982 restoration of profitability that underpinned the relative improvement of US economic performance has peaked, and that compelling historical and theoretical reasons exist to expect that the profit-rate will decline in the coming decade. This will introduce additional stresses on the current debt-structure of the US economy, triggering a period of prolonged crisis and economic dislocation. The conclusion is that the US economy faces the spectre of a protracted crisis associated with the reassertion of the falling rate of profit. (shrink)

This essay explores the 'structure of feeling' that is emerging today in tandem with new digital technologies, together with economic globalisation and the financialisation of more and more human activities. The 20th century was the age of film and television; these dominant media shaped and reflected our cultural sensibilities. In the 21st century, new digital media help to shape and reflect new forms of sensibility. Movies (moving image and sound works) continue to be made, but they have adopted new (...) formal strategies, they are viewed under massively changed conditions and they address their spectators in different ways than was the case in the 20th century. The article traces these changes, focusing on three recent moving-image works: Nick Hooker's music video for Grace Jones's song 'Corporate Cannibal'; Olivier Assayas' movie Boarding Gate , starring Asia Argento; and Richard Kelly's movie Southland Tales , featuring Justin Timberlake, Dwayne Johnson and other pop culture celebrities. (shrink)

While in medicine, comparison of the data supplied by a clinical syndrome with the data supplied by the biological system is used to arrive at the most accurate diagnosis, the same cannot be said of financial economics: the accumulation of statistical results that contradict the Brownian hypothesis used in risk modelling, combined with serious empirical problems in the practical implementation of the Black-Scholes-Merton model, the benchmark theory of mathematical finance founded on the Brownian hypothesis, has failed to change the Brownian (...) representation, which has endured for more than fifty years despite the extent of its invalidation by experience. Without any statistical foundations, one mathematical representation has become the established approach, acting in the minds of practitioners as a “prenotion” in the sense the word is used by Durkheim, i.e. a “schematic, summary representation” which has produced a kind of spontaneous epistemology. The question arises of the persistence of this mathematical representation, which has been the basis for every financial risk modelling approach: how can its long life be explained? How was this spontaneous epistemology formed, and why did it prove to be so persistent? To address this question and offer an answer, I will test the various dynamics of scientific knowledge used with reference to financial modelling. All these dynamics are specific ways of describing the relationship between knowledge of a phenomenon and the phenomenon itself. Observing that it is impossible for the positivist approach to solve the financial puzzle, I turn to the three principal postpositivist dynamics, developed by Kuhn, Lakatos and Quine. I shall try to make to speak these representations of science for financial research, in order to reflect on the dominance of the Brownian representation in finance. We shall see that none of the epistemologies examined can explain why the Brownian representation continues to be used in mathematical finance research. I shall then propose an alternative hypothesis, concerning a significant pervading mental model that has irrigated both academics and practitioners in the financial sector: the “principle of continuity” introduced into economics by Marshall in. I consider that this principle of continuity has become a “persistent idea” in the form of a viral approach to representations, and I give this persistent idea the metaphorical name of the “Brownian virus”. Then, to explain the spread of this Brownian virus through the financial sector, the contamination of financial practices by this mental representation founded on the principle of continuity, I introduce the concept of the “financial Logos”, a discourse that structures practices and organisations, calculations, prudential regulations and accounting standards, leading to a general financialisation of society from the 1980s onwards. (shrink)

Islamic finance is gaining greater attention in the finance industry, and this paper analyses how Islamic financial institutions are responding to the welfare needs of society. Using interview data with managers and content analysis of the disclosures, this study attempts to understand management perceptions of corporate social responsibility in IFIs. A thorough understanding of CSR by managers, as evident in the interviews, has not been translated fully into practice. The partial use of IFIs’ potential role in social welfare would add (...) further challenges in the era of financialisation. (shrink)

Despite experiencing an early and protracted neoliberal transformation, France has exhibited an acutely ambiguous stance towards neoliberal practice. This is illustrated by, for example, regular nationwide protests opposed to policies with an overtly neoliberal flavour, or the coexistence of heavy taxation and a profound financialisation of its economy. This article seeks to explain why neoliberalism successfully developed in France, despite such an ambiguity. The focus will be placed on the transformation of labour relations, which will reveal the important role (...) played by both the technocratic elite and firm-level negotiations in legitimating neoliberal practice. It will be argued that while several relevant sociological explanations offer some valuable insights for making sense of neoliberalism’s successful development in France, Antonio Gramsci’s concept of ‘passive revolution’ provides a very fruitful basis upon which to capture the singularity of the French case. (shrink)

The current global economic crisis concerns the way in which contemporary capitalism has turned to financialisation as a double cure for both a falling rate of profit and a deficiency of demand. Although this turning is by no means unprecedented, policies of financialisation have depressed demand (in part as a result of the long-term stagnation of average wages) while at the same time not proving adequate to restore profits and growth. This paper argues that the current crisis is (...) less the ‘normal’ one that has to do with a constitutive need to balance growth of abstract wealth with demand for concrete commodities. Rather, it marks a meta-crisis of capitalism that is to do with the difficulties of sustaining abstract growth as such. This meta-crisis is the tendency at once to abstract from the real economy of productive activities and to reduce everything to its bare materiality. By contrast with a market economy that binds material value to symbolic meaning, a capitalist economy tends to separate matter from symbol and reduce materiality to calculable numbers representing ‘wealth’. Such a conception of wealth rests on the aggregation of abstract numbers that cuts out all the relational goods and the ‘commons’ on which shared prosperity depends. (shrink)

En el presente ensayo intentaremos exponer algunos aspectos de la crítica de Graeber al capitalismo financiarizado. En el primer apartado introduciremos su concepto de alienación, clave para entender el sentido de su obra. En los apartados posteriores presentaremos las ideas principales que se pueden encontrar en Bullshit Jobs, su último libro. En él expone una teoría de los trabajos basura o inútiles, que considera uno de los pilares fundamentales de la ideología neoliberal, junto con la omnipresencia de la burocracia y (...) la moralidad de la deuda. El fenómeno social de los trabajos basura es estudiado desde diversos niveles: qué son, cómo afectan a los que los realizan, cuáles son las causas económicas y por qué nadie hace nada para acabar con ellos.In the present paper I try to delve into some of Graeber’s critiques of the financialised capitalism. In the first section, I will introduce his idea of alienation, key to understand the sense of his work. In the rest of the paper I will present the main ideas of his last book, Bullshit Jobs. There Graeber presents a theory of bullshit jobs, which he believes to be an important base of the neoliberal system, along with the bureaucracy and the debt. He analyses the social phenomenon of bullshit jobs from different perspectives: what they are, how they affect the people doing them, which are the economic causes and why nothing is done. (shrink)

Young adults in Europe have more difficulty than previous generations to maintain or improve on their parents’ housing situation. Recommodification, financialisation and the withdrawal of the state as housing provider have transformed housing markets and affected the housing situation of young people. By drawing on various data sources, especially on the EU-Statistics on Income and Living Conditions, I aim to present a differentiated assessment and comparison of current housing conditions and problems in Europe with a focus on young people. (...) I argue that a rights-based housing strategy with an explicit intergenerational justice perspective is a promising approach to tackle the housing crisis in a way that meets the housing needs of young people. (shrink)

The video game producers are currently in spotlight of market information services. Successes and huge budgets of such companies attract many readers. However, scientific studies related to this sector do not share the same popularity. A reflection on the source of value in this sector shows that what generates revenues is not disclosed in the report. Great examples are customers’ relationships or the value of employees creating the game code and story of the game. Video games producers sector presents a (...) good combination of business and culture that allows reflection on financial characteristics of knowledge based companies. Prior studies show that market’s valuation takes into account unrecognised assets but capital-intensive character of a production and intangibility of a product and its assets causes problems with exact valuation. In this paper the author asks about the impact of the characteristics on the assessment of a financial condition. The research question in this paper is whether it is possible to use and interpret correctly popular discriminant analysis model for knowledge based entities on the example of video game companies. Results are applicable by analysts and managers of this sector and help to determine the usefulness of this method, but it still depends on assumptions and accounting policies. The reflection presented also broadens the discussion on financialisation because analysed companies can oppose this trend in a specific way. (shrink)

The financial sector has seen a transformation towards ‘sustainable’ finance particularly in Europe, driven also by unprecedented regulatory reforms. At the same time, many are sceptical about the real impact of these reforms, fearing that they are triggering a paradoxical financialisation of sustainability. Building on recent research on institutional logics and institutional fields formation, we examine changes in the EU regulatory dynamics as characterised by shifts in framing the relationship between sustainability and finance. Deploying a longitudinal approach, consisting of (...) archival data and semi-structured interviews, we explore the development of EU sustainable finance regulation as an extended, interactive and contested process. Specifically, we suggest that regulatory dynamics depend on the hybrid configuration of the social constituencies supporting sustainable finance reforms and on shifts in the overall prevalence of the financial logic in society. Our paper sheds light on the inherent contradictions and limitations of sustainable finance as a means for transformative sustainability reforms. (shrink)

This book argues that sport in the era of global or financialised capitalism has undergone a process of fracturing, which requires a re-assessment of longstanding and consensual accounts of traditional-to-modern sporting activity. Considering rival concepts of sport, it presents detailed, illustrative studies of various types of sporting or athletic activity - including soccer, cricket, rugby and track and field - to advance an alternative sociological understanding of sport rooted in the philosophies and theories of critical realism and critical theory. As (...) such, A Critical Realist Theory of Sport will appeal to scholars of sociology and social theory with interests in sport, research methods and critical realist thought. (shrink)

In this article, I explore the auditory technopolitics of prenatal sound systems, asking what kinds of futures, listeners and temporalities they seek to produce. With patents for prenatal audio apparatus dating back to the late 1980s, there are now a range of devices available to expectant parents. These sound technologies offer multiple benefits: from soothing away stress to increasing the efficiency of ultrasonic scans. However, one common point of emphasis is their capacity to accelerate foetal ‘learning’ and cognitive development. Taking (...) as exemplary the Babypod and BabyPlus devices, I argue that prenatal sound systems make audible a particular figuration of pregnancy and gestational labour that combines divergent notions of responsibility and passivity. Contra the equation of neoliberalism with self-control and individualism, I argue that prenatal sound systems amplify neoliberal capitalism’s elision of personal, maternal and familial responsibility. As reproductive sound technologies, prenatal sound systems facilitate maternal–familial investment in the pre-born as future-child. Consequently, financialised notions of inheritance are substituted for biological inheritance. Drawing attention to the common rhetorical figuration of the sonic as womb-like, furthermore, I argue that prenatal sound systems exemplify what I refer to as uterine audiophilia. By treating the womb as ‘the perfect classroom’, prenatal sound systems imply an intense maternal obligation to invest in and impress upon the future-child, while also envisioning the pregnant person’s body as an occupied, resonant space. Cohering with a fidelity discourse that posits the reproductive medium as passive container and a source of noise that is to be overcome, uterine audiophilia relies upon politically regressive conceptualisations of pregnancy. I thus argue that these devices mark the hitherto under-theorised convergence of auditory culture, technology and reproductive politics. (shrink)

This article examines the US student debt crisis through a queer, feminist lens attuned to matters of the material. Examining the discourse of ‘failed’ and/or forestalled millennial adulthood, I argue that the student debt crisis is a product of neoliberal, racial capitalism, and its profit resides in its financialisation. Drawing on queer and feminist theories regarding time and futurity and current research on student debt, I examine the configurations and effects of what I term the ‘student-debt-as-hetero-failure discourse’, which renders (...) the crisis of student debt legible through a heteronormative life narrative, and obscures the racialised, gendered realities of student debt. The student-debt-as-hetero-failure discourse illustrates how under racial capitalism, heteronormative temporality is structurally conditioned via race. Examining US media coverage, I assert that the reprosexually oriented student-debt-as-hetero-failure discourse legitimises new financial products that enable debtors to sustain and reproduce themselves via more debt. (shrink)

Innovations in aligning investment with sustainability led to impact investing, enabling investors to achieve conventional financial returns and measurable social and environmental returns. Since its inception in 2007, it has grown manifolds, with significant efforts being made to create a global ecosystem. However, due to limited academic literature, the theme is yet to garner the scholarly interest it deserves. In this study, we analyse and visualise a knowledge map of the impact investment research field through a comprehensive bibliometric analysis by (...) employing a research corpus of 421 studies sourced from Web of Science and Scopus. We identify the growth trajectory, geographical concentration, productive and influential authors, journals and significant articles and examine the inter-disciplinarity of the field. The major research themes interlinked with impact investing included; social entrepreneurship, social innovation, social finance, impact investment market, innovative financial instruments, financialisation of essential services and impact reporting. To drive the field forward, future research needs to develop an impact investment ecosystem, address behavioural issues, stakeholder management and institutional context in impact investment theme, develop and diffuse innovative financial instruments, develop a framework for standardised accounting and reporting practices to measure financial and non-financial dimensions, tackle impact washing by fund managers, address lack of financial access to the third sector and develop the legal and regulatory framework for third sector organisations. (shrink)

What can money do? Can it be put to work to address deepening forms of social and economic inequality associated with the financial crisis, ongoing recession and still unfolding politics of austerity? Can we have faith in money as an injustice-remedying substance in a crisis-ridden and (still thoroughly) financialised reality? While the latter scenario is implied in recent feminist calls to redistribute resources to redress widening socio-economic inequalities under austerity, in this article I suggest that such a redistributive logic fails (...) to account for the shifting capacities of resources, including the capacities of money. To track these shifting capacities, I revisit the demands of the 1970s women's liberation movement and especially the assumptions at play in these demands that money both measure and distribute justice. While these assumptions were arguably politically efficacious in that moment, in the contemporary present, pervasive financialisation has involved a material transformation to the capacities of money, a transformation that, I will suggest, leaves its justice-distributing potential in doubt. This article therefore not only calls for careful exploration of the capacities of resources in analyses of crisis, recession and austerity, but also for feminist theory to rethink redistributive justice in the light of such transformations. Central to these considerations is money in the wages form. (shrink)

This paper is significant in its exploration of the experiences of children designated as ‘lower-attaining’ in British primary schooling. It is underpinned by Nancy Fraser’s conceptualisation of a global shift from government via nation-state welfare structures to governance through supra-national financialised neoliberalism. Within this context, we take the innovative path of investigating how ‘lower-attaining’ children explain perseverance with hard work at school within neoliberalism’s ‘cruel and cynical fiction’ of social mobility. Our extended interviews with 23 ‘lower-attaining’ children over two years (...) provide findings which indicate – with a startling vividness – that these particular children experienced loneliness at school and blamed themselves for being inadequate and inferior. Fear appeared to be an essential component of their schooling system and sometimes elicited from them anger as well as humiliation. In particular, these children feared being assessed and sorted according to attainment. We propose that these factors often led the ‘lower-attaining’ children to experience schooling as at least uncomfortable. And yet they came to accept as fact the fiction that they were inadequate; and to perceive that perseverance in conforming to schooling’s rules was their only chance of not slipping out of the race altogether. (shrink)