Working paper on state financialization

We just posted our state financialization working paper on SSRN.

Our objective is to provide a multi-scalar perspective on how states in advanced economies both shaped and were influenced by financialization—understood as the expansion of market-based and risk-oriented finance into non-financial realms. We put forward three intertwined dimensions. First, internal state financialization refers to the market-oriented transformation of state functions that was accompanied by the transfer of authority to the subnational level. Second, external state financialization denotes the market-oriented reshaping of state functions that co-existed with the transfer of authority to the supranational level. Third, executive state financialization describes the pro-market restructuring of central state functions.

It is a working paper, so feel free to give us feedback!

Andrea Lagna