Financialization: Limits and Ways Out

Abstract

Western societies find themselves today in a paradoxical situation in relation to finance. In the workplace Western man is simultaneously exposed to the pressure of efficiency and the risk of unemployment, both for the sake of stock-market prices; in his private life, as a consumer, he is harassed by consumerist temptations and payment obligations; and finally, as a human being and in some cases parent, he attempts to resist all these pressures and preserve an area of independence and truth — a haven of humanity, so to speak. Financial logic underpins all these pressures. But why is there all this pressure, which can sometimes lead to physical or mental violence? Supposedly, it is all in his best interests! Western man is the ultimate beneficiary of the forthcoming fruits of financialization — provided, of course, that he puts all his daily energy into ensuring the smooth running of the economic machine in which he has invested all his hopes (and all his money). Under the terms of the economic pact that underpins Western society, today’s saver/shareholder will, when he retires, enjoy the fruits of his years of work. It is this prospect of a life of leisure that explains the sacrifices free societies accept in order to accumulate financial value.