The Politics of Financialization in the United States, 1949-2005

Research output: Contribution to journalReview article

12 Scopus citations

Abstract

Financial activity has become increasingly important in affluent economies in recent decades. Because this 'financialization' distributes costs and benefits unevenly across groups, politics and policy likely affect the process. Therefore, this article discusses how changes in the power of organizations representing the 'winners' and 'losers' of financialization affect its pace. An analysis of the United States from 1949-2005, shows that when unions are stronger, and when the Democratic Party is in power and is more reliant on the support of working-class voters, financialization is slower. In contrast, when the financial industry is more highly mobilized into politics, financialization is faster. The study also finds that financial deregulation was one policy translating the political power of these actors into economic outcomes.

Original languageEnglish (US)
Pages (from-to)349-370
Number of pages22
JournalBritish Journal of Political Science
Volume46
Issue number2
DOIs
StatePublished - Apr 1 2016

All Science Journal Classification (ASJC) codes

  • Sociology and Political Science

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