Abstract
Building on the case of social impact investing in the UK, this chapter develops a mechanism for the emergence of cooperative ties between financial and nonfinancial actors that is key to financialization processes. Golka draws on pragmatist scholarship to develop the notion of a “resonance mechanism” to better understand how strategic actors succeed in motivating others to cooperate. He finds that cooperation is likely to emerge when strategic narratives are aligned with “resonance spaces”—situations that render these narratives acceptable to positioned actors. Linking the concept with current research on financialization, Golka shows how such a perspective helps to understand trajectories of financialization as well as their absence.
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Notes
- 1.
This implies “mechanisms all the way down,” i.e. that all social processes are contingent upon other social processes. This is congruent with SAF theory, which assumes fields at all levels of analysis.
- 2.
For Habermas, this mode of action orientation through communicative rationality was threatened by strategic actions engrained in “norm-free” and nondiscursive systems of money and power. However, other scholars have shown both empirically and theoretically, how such tests form the very basis of power, economic coordination, and strategic action (Boltanski and Thévenot 2006; Forst 2015a). Here, I apply Habermas’ analysis of speech acts only to show that strategic action in the sense of Fligstein and McAdam necessitates justification vis-à-vis the receiver’s idiosyncratic perspective.
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Golka, P. (2019). Financialization, Resonance, and the Emergence of Cross-Field Ties. In: Financialization as Welfare. Springer, Cham. https://doi.org/10.1007/978-3-030-06100-5_8
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