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Households and Peripheral Financialisation in Europe: State of the art and paths forward

The burgeoning work on “everyday finance” or “popular finance” attends to the increasing involvement of ever-wider, non-elite sections of society with financial devices, markets and narratives (Aitken 2007 ; Langley 2008b). While introducing a more micro focus into the interdisciplinary studies of financialization, this literature still evokes “the household” as a prominent but undertheorized category (van der Zwan 2014: 112). This is particularly problematic since mainstream economics and financial expert knowledge treats households as self-evident and unitary subjects of risk assessment and management, monitoring, and prognosis, which they aggregate as the “household sector” (Montgomerie and Tepe-Belfrage 2016: 4). Economic anthropology and economic sociology developed a considerably richer approach to the household as the primary economic unit in which individuals pool resources, negotiate common decisions, and relate to markets (Chibnik 2011: 131–4 ; Gudeman 2008: 27–9), and as a unit of social reproduction whose economic strategies are informed by socially constructed dispositions (Bourdieu 2005: 16–7). We suggest revisiting such classic arguments about the household in light of the developments of past few decades that have drawn households in the Global North and South into the processes of financialization as holders of debts and assets exposed to financial markets (Erturk et al. 2007 ; G ; Montgomerie 2006, 2009). The varied properties of financial relations and their impact on households are mutually and dynamically constitutive with the inequalities of class and status, which may be themselves refracted by the classification technologies of financial markets (Fourcade and Healy 2016 ; Guérin et al. 2014 ; James 2015 ; Rodik and Žitko 2015). We also need to think more broadly about the interrelationships of variegated forms of financialization (Becker et al. 2010 ; Lapavitsas 2013) with diverse family types and structures (Čapo-Žmegač 1996 ; McLanahan and Percheski 2008), household economies (Stenning and Smith 2006), household strategies (Wallace 2002), and patterns of homeownership (Kurtz and Blossfeld 2004).

Households, Financialisation, Europe, Periphery

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