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• W1988097104 abstract "AbstractThe last two decades have seen significant growth and change in the character of the interactions between working-class households and financial markets. Individuals and households are bearing more and more of the risks that were once managed by governments and employers, and financial markets have developed a vast range of products to facilitate that risk transfer. This has put households at the centre of financial innovation, requiring the extension of regulation and consumer protection into a whole new suite of financial products and a project of financial literacy and advice. Along with this financial development and its associated regulatory demands has come a new cultural project of capital seeking to normalize the expanded integration of individuals and households into capital's frontiers of accumulation. The project invites and invokes new forms of subjectivity (and subjugation) on the part of households. The developmental project required of state regulatory regimes is increasingly articulating not just a discourse of financial literacy but subordination to the individualism and discipline implicit in financial calculation. Contrary to its conception as spontaneous and individualist, this is an intentional and universalizing project of producing and managing labour's financial risks. In the collective self-management of these risks, the household is now not just a site of risk absorption; it is a major source of investment products (and, therefore, at the frontier of accumulation). Increasingly also, in the name of financial stability, households – not just those reliant on state support – are becoming subjects of surveillance and administration in their internal financial functioning. It is these dual aspects of households as both consumers and producers of financial claims that give materiality to conceptual and historical claims about the financialization of everyday life.Keywords: financializationfinancial literacyriskfinancial crisisderivativeslabourhouseholds Notes on ContributorsMike Beggs is a lecturer in Political Economy at the University of Sydney and an editor at Jacobin. His research concentrates on the evolution of economic policy and, in particular, the evolving relationship between states, money and the financial system.Dick Bryan is a professor of Political Economy at the University of Sydney. He researches new social foundations of money and, particularly, their relation to financial derivatives, including the ways in which financial calculation is intruding into and increasingly ordering, daily life.Michael Rafferty is an Australian Research Council Future Fellow in the School of Business at the University of Sydney. His research engages issues of financial markets, work and international capital flows. Together with Dick Bryan, he has published extensively on financial derivatives, and how they are changing our understanding of money, capital and ownership. More recently, they have written about how the ‘derivative form’ is impacting on wider social relations, including on the shifting of life course risks from employers and the state to workers and households, and the growing role of financial markets in managing those risks. Mike has also undertaken research on ‘offshore’ finance, and how modern finance is affecting our understanding of capital's spatial and temporal mobilities. Mike is an Honorary Research Fellow at the Institute of Employment Research at Warwick University.Notes1 For an essay from within the judiciary on the lack of prosecutorial activity arising from the sub-prime crisis, see Rakoff (Citation2014).2 In the recent financial crisis, for instance, banks were seen as too big to fail, households too small to bail (Golden Citation2012). Schuberth and Schürz (Citation2003) characterize ‘rewards for the rich and rhetoric for the poor’ in relation to the paradoxes between different concepts of financial governance for capital and for labour. They observe that ‘[w]ithout ideology, financial governance paradoxes would form an enigma of disconnected facts’.3 It bears noting that the household is a preanalytic, administrative category. Except where otherwise indicated, throughout this paper we use ‘household’ to refer specifically to working and middle-class households, i.e. those deriving most of their income from labour. As a macroeconomic term, ‘household’ makes no class distinction among households – so, clearly, some households have always been involved in capital accumulation, and for this reason, we can contrast the acquisition by labour's households and accumulation by capital's.4 In the early post-war period, expanded access to finance was often encouraged by organized labour to absorb at least one industrial risk – it was seen as one means of enabling industrial action to be sustained for longer (Trumbull Citation2012).5 In the same vein, Munger makes the point that ‘poverty policy is no backwater of programs for marginal citizens but an integral part of the welfare state in an age when the rhetoric of policy connects all of its elements to the market and to globalization. Narratives of these regulated lives help us gain a better understanding of citizenship, identity social participation – and the role of law in contemporary society’ (Citation2003, p. 660).6 For Rajan, the solution to what he identifies evocatively (and almost in crypto-Marxist terms) as ‘fault lines’ involve, not surprisingly for a Chicago school economist, ‘incentives’ – in particular, to reduce incentives for workers in financial institutions to oversell financial products to people without the capacity to repay.7 Barchiesi frames it as extending capital's appropriation of labour beyond work. He suggests that by focusing too much on ‘production’ (wage labour), we are missing ‘how capital valorizes itself not only by directly employing people but by turning into property and rent the social cooperation of living labors that capital does not ‘create’ but nonetheless continuously appropriates as the new frontier of profit making’ Barchiesi (Citation2011).8 See, for instance, Odih and Knights (Citation1999) for the UK; internationally see OECD (Citation2005).9 In March 2002, President Bush announced that ‘America is ushering in a responsibility era; a culture regaining a sense of personal responsibility, where each of us understands we are responsible for the decisions we make in life’ (Cited in Coco Citation2012).10 Not surprisingly, responsibility is increasingly defined in reference to household financial risk management.11 Cass Sunstein, a leading behavioural economist, has been a senior adviser to the Obama Government on regulatory affairs. On the other side of the Atlantic (and politics) Sunstein's colleague and coauthor Richard Thaler was employed by the Cameron Government in Britain to set up a ‘nudge’ unit in the cabinet office (after the book of that name by Thaler and Sunstein (Citation2008)). In both cases, the project is about using behavioural incentives and policy recommendations to achieve public policy outcomes (See, for instance, UK Government 2013).12 The contention that, prior to 2005, more than half of personal bankruptcies were attributed to illness, injury and medical bills is disputed (White Citation2007).13 As we discuss below, household risk management now provides the overarching conceptual approach to World Bank's social protection policies.14 Nicolas Blancher (Citation2006), an economist from the IMF's monetary and capital markets division, concluded rather presciently that the restructuring of risks toward the household sector meant also that household risk management had become crucial to international financial stability.15 Since 2008, the Girl Scouts has been offering financial literacy badges, alongside citizenship, first aid, athletics and cookie business badges (Girl Scouts Citation2012).16 The admonition to consider the effects of such behaviour on children comes as no surprise: Martin (2002, pp. 55–75) provides many examples from earlier in the decade of the deployment of a moralistic financial literacy discourse in parenting, from pocket money as a learning experience to teen investment advice.17 Coco (2012) nicely contrasts this statement with comments by Donald Trump in which he boasts about using Chapter 11 (corporate bankruptcy) protection to renegotiate debt with banks and other creditors to waive some or all of the debt. Trump concludes without irony ‘We'll make a fantastic deal … It's not personal. It's just business’.18 The growing body of evidence finding that financial literacy programmes do not seem to make a significant difference to financial performance of households (for reviews, see Cole and Shastry Citation2008, Willis Citation2010). One of the leading scholars and advocates of financial literacy, Anna Lusardi (cited in Palmer Citation2008), noted that evidence suggests that ‘[t]he very disappointing result … is that people exposed to financial education don't do any better’.Additional informationFundingFunding: Dick Bryan and Michael Rafferty acknowledge funding support from the Australian Research Council [grant number ARC DP120101473]." @default.
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• W1988097104 title "Shoplifters of the World Unite! Law and Culture in Financialized Times" @default.
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