From award-winning economic historian Sanford M. Jacoby, a fascinating and important study of the labor movement and shareholder capitalism
Since the 1970s, American unions have shrunk dramatically, ...as has their economic clout. Labor in the Age of Finance traces the search for new sources of power, showing how unions turned financialization to their advantage.
Sanford Jacoby catalogs the array of allies and finance-based tactics labor deployed to stanch membership losses in the private sector. By leveraging pension capital, unions restructured corporate governance around issues like executive pay and accountability. In Congress, they drew on their political influence to press for corporate reforms in the wake of business scandals and the financial crisis. The effort restrained imperial CEOs but could not bridge the divide between workers and owners. Wages lagged behind investor returns, feeding the inequality identified by Occupy Wall Street. And labor’s slide continued.
A compelling blend of history, economics, and politics, Labor in the Age of Finance explores the paradox of capital bestowing power to labor in the tumultuous era of Enron, Lehman Brothers, and Dodd-Frank.
The three papers and workshop discussion draw attention to the various ways that finance and food come together through new financial actors and tools, and in new political contexts, or ...financialization in the food system. The term financialization began to emerge in the late 1990s and it is increasingly applied to a growing range of areas of daily life and the economy (Krippner, 2011; Martin, 2002). Food studies, and these three papers in particular, help to define the contours and impacts of financialization in the food and agriculture sector.
•We construct a theoretical model of quantitative measure of over-financialization.•Our model can distinguish over-financialization from moderate financialization.•Company characteristics have ...differential and significant influences on over-financialization.
This study develops a model of measuring over-financialization. We use a novel approach for modeling over-financialization when the actual financialization degree is over the target level. We test this model using data from the capital market of China. The findings are: (1) theoretically, our model can accurately distinguish over-finanialization from financialization of listed companies; (2) empirically, we analyze the company characteristics that affect over-financialization. We find that (a) state-owned enterprises tend to restrain from over-financialization; (b) the size of enterprises has a significant negative correlation with over-financialization; (c) there are significant differences in corporate over-financialization across different regions.
By employing a panel dataset of Chinese listed companies spanning from 2010 to 2021, our study empirically examines the correlation between corporate financialization and corporate green innovation, ...and explores its heterogeneities in terms of property rights structure and digitalization. Our findings suggest that corporate financialization has a negative impact on corporate green innovation. This negative influence is primarily attributed to the substitution of corporate financialization for research and development funds that are essential for corporate green innovation, while the “reservoir effect” of corporate financialization is not significant. In comparison to state-owned enterprises, which face weaker financing constraints, the impact of corporate financialization on green innovation is more significant in private enterprises. Moreover, we find that digitalization could alleviate the inhibition of corporate financialization on green innovation. Based on our findings, we offer several suggestions for developing strategies to promote green innovation in China.
The limits to financialization Christophers, Brett
Dialogues in human geography,
07/2015, Letnik:
5, Številka:
2
Journal Article
Recenzirano
Over the past decade, the concept of financialization has moved from the periphery to the mainstream of scholarly inquiry across several social–scientific disciplines, human geography among them. The ...subject of a burgeoning, variegated literature advancing both theoretical delineation and empirical substantiation, processes of financialization, on many accounts, belong alongside those of globalization and neoliberalization as the defining dynamics of late modern capitalism. In the spirit of fostering a constructive dialogue, this article develops a broadly based critique of such accounts, one structured around the core idea of limits. Financialization, it suggests, is substantively limited, both as a concept and as the array of real-world processes to which that concept variously pertains. The article identifies and fleshes out five key sets of such limits and the connections between them: analytic, theoretic, strategic, optic, and empiric limits. If the concept of financialization is to do substantially positive descriptive and explanatory work going forward, the article submits, these limits must be explicitly recognized and their implications explicitly factored in. This, the article concludes, is no small challenge.
O artigo aborda a financeirização da pobreza durante o governo Michel Temer. O objetivo principal é identificar o modo como o Estado contribuiu para o processo de enquadramento da pobreza como um ...problema exclusivamente financeiro que requer soluções prioritariamente financeiras. Foram analisados dados econômicos e sociais, assim como iniciativas de “inclusão financeira” promovidas pelo Estado. O argumento tem um caráter descritivo e estabelece algumas comparações com os governos anteriores que revelam dois movimentos complementares de continuidades e rupturas: (1) uma promoção indireta da financeirização articulada com as políticas de austeridade e (2) uma promoção ativa por meio da bancarização dos beneficiários dos programas sociais e dos programas de microfinanças voltados aos pobres.
A financeirização é um processo com amplas consequências em diversas esferas da vida social, e está diretamente relacionada ao processo de globalização da economia. Um agente central nesse processo ...são os fundos financeiros.O objetivo do presente trabalho é analisar o processo de financeirização associado à formação da megarregião Rio de Janeiro - São Paulo.Tal análise se baseia em um levantamento feito junto ao site da CVM – Comissão de Valores Imobiliários. No site deste órgão, foram levantadas informações referentes a todos os fundos financeiros existentes no Brasil, sendo um total de 3141 fundos financeiros em atividade. A partir desta matriz, com dados sobre os fundos financeiros, realizamos uma série de análises, principalmente a análise da localização desses fundos em relação à megarregião Rio de Janeiro - São Paulo.
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