Research output: Contribution to Journal/Magazine › Journal article › peer-review
Research output: Contribution to Journal/Magazine › Journal article › peer-review
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TY - JOUR
T1 - Finance versus democracy?
T2 - theorizing finance in society
AU - Walby, Sylvia
PY - 2013/6
Y1 - 2013/6
N2 - What should be the place of finance in social theory? What is the relationship between finance and democracy? The article identifies four major frameworks that analyse finance: orthodox, drawing on Adam Smith; political economy, drawing on Marx; heterodox, drawing on Keynes and Minsky; and societal, drawing on Polanyi. These frameworks are critically analysed along five dimensions: the conceptualization of finance; the relations between finance and the economy; the relations between finance and the state; the relations between finance and society; and the nature of the social system. A new framework for the analysis of finance in society is constructed from these elements. This is used to analyse the relations between finance and democracy and the prospects for the regulation of finance.
AB - What should be the place of finance in social theory? What is the relationship between finance and democracy? The article identifies four major frameworks that analyse finance: orthodox, drawing on Adam Smith; political economy, drawing on Marx; heterodox, drawing on Keynes and Minsky; and societal, drawing on Polanyi. These frameworks are critically analysed along five dimensions: the conceptualization of finance; the relations between finance and the economy; the relations between finance and the state; the relations between finance and society; and the nature of the social system. A new framework for the analysis of finance in society is constructed from these elements. This is used to analyse the relations between finance and democracy and the prospects for the regulation of finance.
KW - crisis
KW - democracy
KW - economy
KW - finance
KW - gender
KW - social system
KW - social theory
U2 - 10.1177/0950017013479741
DO - 10.1177/0950017013479741
M3 - Journal article
VL - 27
SP - 489
EP - 507
JO - Work, Employment and Society
JF - Work, Employment and Society
SN - 0950-0170
IS - 3
ER -