The substantial literature in political economy and sociology has shown that the increasing importance of financial activities (financialisation) exhibits significant effects on many socioeconomic conditions. While these conditions are relevant to public health, the dominant focus of the literature has been centred on the impact of financial markets on health services and health‐care systems. This paper analyses how the financialisation of non‐financial corporations, real estate and pensions can worsen public health through the transformation of workplace and living conditions as well as financially dependent social groups' perception of health risk. Our analysis raises several questions which aim to provide the basis of a future research agenda on the effects of financialisation on public and global health.
In: Gouzoulis , G & Galanis , G 2021 , ' The Impact of Financialisation on Public Health in Times of COVID‐19 and Beyond ' , Sociology of Health and Illness , vol. 43 , no. 6 , pp. 1328-1334 . https://doi.org/10.1111/1467-9566.13305
The substantial literature in political economy and sociology has shown that the increasing importance of financial activities (financialisation) exhibits significant effects on many socioeconomic conditions. While these conditions are relevant to public health, the dominant focus of the literature has been centred on the impact of financial markets on health services and health-care systems. This paper analyses how the financialisation of non-financial corporations, real estate and pensions can worsen public health through the transformation of workplace and living conditions as well as financially dependent social groups' perception of health risk. Our analysis raises several questions which aim to provide the basis of a future research agenda on the effects of financialisation on public and global health.
Abstract We re-examine the systemic cycles of accumulation (SCA) of Arrighi (2010) and Arrighi and Silver (1999) which provide a framework for the analysis of the cyclical patterns of geographical expansion of trade and production and the related shifts of hegemonic power within the world capitalist system. Within the SCA framework, the last stage of a hegemonic cycle is characterized by what is called 'systemic chaos'. However, the drivers of these dynamics have not been explicitly analyzed. This article fills this gap by providing a link between the accumulation process and systemic chaos. Introducing the logistic map into the SCA analysis, our approach provides the missing detailed understanding of how systemic chaos is an outcome of the contradictory socioeconomic dynamics of capital accumulation itself while being based on the key insights of the SCA framework of hegemonic cycles.
We re-examine the Systemic Cycles of Accumulation (SCA) of Arrighi (2010) and Arrighi and Silver (1999) which provide a framework for the analysis of the cyclical patterns of geographical expansion of trade and production and the related shifts of hegemonic power within the world capitalist system. Within the SCA framework, the last stage of a hegemonic cycle is characterized by what is called 'systemic chaos', however the drivers of these chaotic dynamics have not been explicitly analyzed. This article fills this gap by providing a link between the accumulation process, the spatio-temporal fix, and systemic chaos, in three steps. First, we show that the accumulation process can be mathematically described by what is known as a logistic map. Second, we show that the different stages of the accumulation processes in Arrighi (2010) correspond to different values of the parameter of the logistic map which in our framework captures barriers to accumulation. Third, drawing on well-known properties of the logistic map in dynamic systems, we demonstrate that as this parameter crosses certain thresholds, the accumulation process becomes more complex exhibiting nontrivial and chaotic dynamics. In this way, our approach provides the missing detailed understanding of how systemic chaos is an outcome of the contradictory dynamics of capital accumulation itself while being based on the key insights of the SCA framework of hegemonic cycles.
This article shows that an orientation towards shareholder value and corporate indebtedness at non-financial firms have been negatively associated with union density in the EU over the past 21 years. We argue that the financialisation of non-financial firms makes them prioritise their 'external (economic) balance' at the expense of a cooperative 'internal equilibrium' model. In other words, corporate financialisation pushes non-financial firms to shift to non-participatory, market-based HR systems that directly undermine the role of trade unions. This study examines this corporate financialisation-induced shift within the EU in the wake of deeper economic integration since 1999 and provides panel data econometric evidence that it has significantly undermined union membership.
In: Iliopoulos P, Galanis G, Kumar A, et al. (2020) The Power of Sectoral Geographical Centrality in Global Production. LEM Working Paper Series 2020/12. Pisa, Italy.