Financialization: The Global Financial System

There are key moments in history that are used to mark changes in regimes of economic thinking and practice. Indeed, there have been a number of marked changes in local, federal, and global strategies to regulate and influence economies. Describing these notable changes in patterns while also describing regimes of creating and defining who did/does and did not/doesn’t belong instills a consistency in economic evolution. Thinking about economic changes with a view to othering and belonging reveals novel strategies for transformational changes. From the dawn of colonialism, economic thinking has tried to ignore difference and explicitly deny the humanity of other people. This has created enduring structures that exile and reinforce the fault lines of othering and belonging.

Financialization refers to the current role of finance in structuring society—in particular the contours of othering and belonging. Finance has a long history of evolution and changing character. Most recently it has become a determining factor in access to political power and wealth—a determining factor in inequality. 

The financialization program works to create a popular understanding of how finance works today, how finance controls higher education, the food system, the health care system, and more. This consistent thread offers to create clarity in strategy in the struggle to regain control and arrest the brutal effects of a financialized society.