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The Everyday Life of Global Finance: Saving and Borrowing in Anglo-America

Author

Listed:
  • Langley, Paul

    (Senior Lecturer in Politics, Northumbria University)

Abstract

In the US and UK, saving and borrowing routines have changed radically and become closely bound-up with the capital markets of global finance. As mutual funds have increased in popularity and pension provision has been transformed, many more individuals and households have come to invest in stocks and shares. As consumer borrowing has risen dramatically and mortgage finance has been extended to those deemed sub-prime, so the repayments of credit card holders and mortgagors have provided the basis for the issue and trading of bonds and other market instruments. The Everyday Life of Global Finance explores the unprecedented relationships that now bind society and the markets, challenging the dominant tendency to simply position recent developments in Wall Street and the City of London at the centre of contemporary finance. Grounded in literature from the sociology of finance and international political economy, drawing on the social theory of Callon, Foucault, and Latour, and informed by extensive empirical research, the book shows how global finance has become mundane and ordinary in Anglo-America. Finance is not 'out there somewhere', but is embedded in the calculative technologies and performances of reconfigured saving and borrowing networks, and is embodied through the assembly of everyday financial identities and self-disciplines. Society's new-found relationships with the financial markets are also shown, however, to be marked by stark inequalities, manifest contradictions, and political dissent. The Everyday Life of Global Finance is thus an ambitious and innovative contribution to our understanding of the contemporary financial world.

Suggested Citation

  • Langley, Paul, 2009. "The Everyday Life of Global Finance: Saving and Borrowing in Anglo-America," OUP Catalogue, Oxford University Press, number 9780199573967.
    • Handle: RePEc:oxp:obooks:9780199573967
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    Cited by:

    1. Marion Fourcade & Kieran Healy, 2013. "Classification situations: Life-chances in the neoliberal era," Post-Print hal-03470535, HAL.
    2. Carolina K. Reid, 2017. "Financialization and the subprime subject: the experiences of homeowners during California’s housing boom," Housing Studies, Taylor & Francis Journals, vol. 32(6), pages 793-815, August.
    3. Mügge, Daniel, 2010. "Amartya Sen's "The idea of justice" and financial regulation," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 12(1), pages 10-17.
    4. Asta Zokaityte, 2018. "The UK's Money Advice Service: Edu†Regulating Consumer Decision†Making," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 47(2-3), pages 387-412, July.
    5. Ian Dunham & Alec Foster, 2023. "FRINGE FINANCIAL ECOLOGIES AND PLACE‐BASED EXCLUSION: A Tale of Two Cities," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 47(6), pages 881-898, November.
    6. Chwieroth, Jeffrey & Walter, Andrew, 2020. "Great expectations, financialization and bank bailouts in democracies," LSE Research Online Documents on Economics 102749, London School of Economics and Political Science, LSE Library.
    7. repec:hal:spmain:info:hdl:2441/6cbt691h0h8o9q5rf0apko0pda is not listed on IDEAS
    8. Elif Karacimen, 2016. "Consumer Credit as an Aspect of Everyday Life of Workers in Developing Countries," Review of Radical Political Economics, Union for Radical Political Economics, vol. 48(2), pages 252-268, May.
    9. Chwieroth, Jeffrey M. & Walter, Andrew, 2022. "Neoliberalism and banking crisis bailouts: distant enemies or warring neighbors?," LSE Research Online Documents on Economics 111871, London School of Economics and Political Science, LSE Library.
    10. Smyth, Stewart & Cole, Ian & Fields, Desiree, 2020. "From gatekeepers to gateway constructors: Credit rating agencies and the financialisation of housing associations," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 71(C).
    11. Chwieroth, Jeffrey M. & Walter, Andrew, 2019. "The financialization of mass wealth, banking crises and politics over the long run," LSE Research Online Documents on Economics 100765, London School of Economics and Political Science, LSE Library.
    12. repec:spo:wpmain:info:hdl:2441/6cbt691h0h8o9q5rf0apko0pda is not listed on IDEAS
    13. Fourcade, Marion & Healy, Kieran, 2013. "Classification situations: Life-chances in the neoliberal era," Accounting, Organizations and Society, Elsevier, vol. 38(8), pages 559-572.

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