Work Package Leader



The central objective of this work package will be to explore the possible evolutions of financialisation, the financial sector and relevant policies over a 15 to 20 year time horizon.

The work in this work package would be organised around the theme of the future of the financial sector and of financialisation;

In our proposal eight features of the era of financialisation, which could be taken as emerging around 1980, were outlined.

These eight features were:

  • Large-scale expansion and proliferation of financial markets over the past thirty years.
  • The process has been closely interwoven with de-regulation of the financial system itself and the economy more generally.
  • Financialisation, understood as both the expansion and the proliferation of financial instruments and services, has been associated with the birth of a whole range of financial institutions and markets.
  • At a systemic level, financialisation has been located in terms of the dominance of finance over industry.
  • Financialisation is strongly associated with market mechanisms, complemented or even reinforced by policies that have underpinned rising inequality of incomes and of inequality more generally.
  • Consumption has often been sustained by the extension of credit.
  • Not merely the expansion and proliferation of financial instruments and markets that are striking but also the penetration of such financing into a widening range of both economic and social reproduction.
  • Financialisation is associated with a particular culture.

Giuseppe Fontana Interview