finansialisering

Finansialisering refers to the process by which financial motives, markets and actors gain increasing influence over economic policy, production and social relations. It describes how decisions in firms, households and governments become shaped by financial considerations such as profitability, risk and liquidity, rather than solely by real resource constraints or production needs.

The concept emerged in the late 20th century and gained prominence in the 1990s and 2000s, driven by deregulation, liberalization of capital markets, and innovations in financial instruments. Securitization, derivatives, and the growth of asset management expanded the role of finance in everyday life. Firms increasingly pursued shareholder value, using debt to finance investment and buybacks.

As finance grew relative to the rest of the economy, financial profits rose and the sector's share of GDP expanded. Corporate governance shifted toward market-based metrics, and investment decisions tilted toward financial risk management and liquidity. Finance also extended into housing, consumer credit and public budgeting, shaping access to credit and the pricing of risk.

Critics argue that finansialisering can amplify inequality, foster financial fragility and under-investment in long-term productive activity. Debt dynamics can propagate shocks, and access to credit can be uneven. Public policy may come to reflect financial interests, and social investments such as housing and education can become more dependent on asset prices and financial intermediaries.

Policy responses include macroprudential regulation, stronger banking standards, and measures to curb excessive risk-taking. Debates continue over balancing financial innovation with stability and social welfare, and over the degree to which financial actors should steer long-run economic development.