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Understanding financialization and its impacts on Social Economy

In: Providing public goods and commons. Towards coproduction and new forms of governance for a revival of public action

Author

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  • Manuel BELO MOREIRA

    (Universidade de Lisboa, Instituto Superior de Agronomia; member of CIRIEC-Portugal, Portugal)

Abstract
Following a political economy perspective about financialization and its impacts on social economy, it seems important to understand the role of the neoliberal ideological hegemony and the ways in which, it not only influences academic thinking, but it goes well beyond, by shaping the “common sense” and therefore reinforcing its dominance. Describing the essential features of the financialization process brings to light the driving forces and the mechanisms that were put into practice and, finally, explains why, in spite of its negative effects which could provoke a rejection by the majority, the ideology is nonetheless reinforced. The text seeks to establish a framework concerning the impacts of financialization on the social economy sector, by reflecting what the main differences are between the different branches of social economy and how they can be affected by neoliberal ideology and policies. It seems particularly important to separate the institutions of social economy that do not compete with profit firms from the institutions that by competing on the market could function as an alternative to capitalist enterprises.

Suggested Citation

  • Manuel BELO MOREIRA, 2018. "Understanding financialization and its impacts on Social Economy," CIRIEC Studies Series, in: Philippe BANCE & CIRIEC (ed.), Providing public goods and commons. Towards coproduction and new forms of governance for a revival of public action, volume 1, chapter 6, pages 113-133, CIRIEC - Université de Liège.
    • Handle: RePEc:crc:chapte:1-06
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    References listed on IDEAS

    as
    1. Dirk Bezemer & Michael Hudson, 2016. "Finance Is Not the Economy: Reviving the Conceptual Distinction," Journal of Economic Issues, Taylor & Francis Journals, vol. 50(3), pages 745-768, July.
    2. Nicole ALIX & Adrien BAUDET, 2014. "La mesure de l'impact social : facteur de transformation du secteur social en Europe," CIRIEC Working Papers 1415, CIRIEC - Université de Liège.
    3. Engelbert Stockhammer, 2010. "Financialization and the Global Economy," Working Papers wp240, Political Economy Research Institute, University of Massachusetts at Amherst.
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    Cited by:

    1. Merza, Ebrahim & Moosa, Imad A., 2023. "Pitfalls in Econometric Forecasting with Illustrations from Exchange Rate Economics," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 76(2), pages 147-172.

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    More about this item

    Keywords

    financialization; social economy; neoliberal ideology;
    All these keywords.

    JEL classification:

    • L31 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Nonprofit Institutions; NGOs; Social Entrepreneurship
    • J54 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - Producer Cooperatives; Labor Managed Firms
    • O35 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Social Innovation

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