In recent years, studies on the financialisation of society – the rising impact of financial institutions and motives over the decisions and strategies of individuals and non-financial corporations – have been increasing.
Sociologists of work have been particularly concerned about the shareholder value orientation-labour process nexus. The main argument here is that shareholder pressures have been inducing the managers of non-financial firms to borrow and buy back their own company’s shares to maximise dividends. Then these rising financial payments lead to direct reductions in wages and the extensive use of casualised workers to improve the firm’s balance sheets. Yet, the relationship between the financialisation of households in the form of personal indebtedness and their behaviour at the workplace has been a largely unexplored area.
Continue Reading…