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Income Dynamics, Economic Rents, and the Financialization of the U.S. Economy
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Income Dynamics, Economic Rents, and the Financialization of the U.S. Economy
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Journal Article
Income Dynamics, Economic Rents, and the Financialization of the U.S. Economy
2011
Overview
The 2008 collapse of the world financial system, while proximately linked to the housing bubble and risk-laden mortgage backed securities, was a consequence of the financialization of the U.S. economy since the 1970s. This article examines the institutional and income dynamics associated with the financialization of the U.S. economy, advancing a sociological explanation of income shifts into the finance sector. Complementary developments include banking deregulation, finance industry concentration, increased size and scope of institutional investors, the shareholder value movement, and dominance of the neoliberal policy model. As a result, we estimate that between 5.8 and 6.6 trillion dollars were transferred to the finance sector since 1980. We conclude that understanding inequality dynamics requires attention to market institutions and politics.
Publisher
Sage Publications,SAGE Publications,American Sociological Association
