Financialization

Abstract

This entry explains the rising popularity of the concept of financialization, despite it being considered a vague and chaotic concept. It also summarizes the wide‐ranging multidisciplinary literature on financialization and makes a distinction between seven dimensions, or elements, of financialization, upon which a new definition of financialization is put forward that suggests that the power of the financialization literature lies in how it tries to understand the increasing dominance of financial actors, markets, practices, measurements, and narratives at various scales, resulting in a structural transformation of economies, firms (including financial institutions), states, and households. In discussing the different elements of financialization, the entry focuses on the financialization of the economy, nonfinancial firms, the state, and households, but also on the processes of banking disintermediation and assetization. Finally, some avenues for future research are suggested.

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