From financialization to economic socialization: the meso-economy and the ethic social capital concepts to change the social order in modern democracies

Francesco Vigliarolo ()
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Francesco Vigliarolo: Catholic University of de La Plata

Review of Evolutionary Political Economy, 2022, vol. 3, issue 1, 227-254

Abstract: Abstract The paper proposes a process called economic socialization as a response to the financialization process of the economy. To do this, the role of social relations guided by cultural elements is proposed as the basis for orienting the economy towards the construction of a relational identity, which is defined, in these pages, as ontological reason. With these purposes, it briefly analyzes the causes and effects of the economic financialization of these times starting with the rise of financial capitalism, as the cause of one of the major current problems, namely the distance/rupture between society and the economy. As part of the process of economic socialization, based on the affirmation of a core of common values that guides the economy and the use of goods and services, the paper proposes concepts such as meso-economics. It is defined as a space made up of intermediate bodies and the State, in which the demand for peoples’ rights is built through the affirmation of cultural elements excluded from economic positivism. We therefore speak of the need to have a minimum necessary nucleus of community values (social ethical capital) that are reflected in goods and services in order to implement the ontological reason and get out of the predominance of individual interests, today legitimized in their maximum expression in the process of financialization of markets almost completely extraneous to the productive economy and social life.

Keywords: Meso-economy; Ontology; Rights; Economic; Socialization; Financialization (search for similar items in EconPapers)
JEL-codes: A14 (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1007/s43253-022-00068-5

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