Financialization and Desire. A Veblenian Perspective

Henry Edward Kelly
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Henry Edward Kelly: Trinity College Dublin

European Journal of Economic and Social Systems, 2014, vol. 26, issue 1-2, 133-148

Abstract: This article examines the recent process of financialization from the perspective of Veblen’s work on emulation, conspicuous consumption and desire. The rise of a particular sector, the financial, to a position of hegemony is a consequence of the capture and perversion of subject’s desire. This domination of symbolic value and libidinal investment over material or life value is a cause of instability and is a key contributor to the dynamics of crisis. The article will first develop a theoretical framework influenced by the work of Veblen before using it to analyse the financialization of the economy. The article will conclude with a brief discussion of potential solutions to the capture desire which focus around extricating desire from the social totality and directly it towards one’s peers in the commons.

Keywords: Veblen; finance; recognition; desire; autonomy (search for similar items in EconPapers)
JEL-codes: B31 B50 G01 Z10 (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:ris:ejessy:0014

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