The Impact of Economic Financialization on Human Rights: Some Concepts and New Socio-economic Practices in Order to Build a Universal Economic Socialization

Francesco Vigliarolo ()
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Francesco Vigliarolo: National University of La Plata

Chapter Chapter 20 in Economic Systems and Human Rights, 2024, pp 353-378 from Springer

Abstract: Abstract Starting from the definition and a brief analysis of the process of economic financialization, which began in the seventies in the United States and spread throughout the world with economic globalization, the dominant economic systems are defined. Subsequently, it is analyzed how these systems, driven by individual interests and by a utilitarian reason also resulting from economic positivism, are creating inequalities throughout the world even in rich countries, thus generating a negative impact on human rights. To do this, concepts are introduced such as the demand for people's rights as opposed to that of consumption, the ontological reason of the economy as opposed to the utilitarian reason, the process of economic socialization as opposed to that of financialization. In this scenario, through a historical analysis, the responses that emerge when the financialization process of the economy takes hold, the practices are analyzed and the main categories in response to financial capitalism are highlighted. Subsequently, it is highlighted how this generates a process of economic socialization, as the construction of a core of economic values ​​necessary for universal society to sustain itself in the long term and how this can be universalized when it is based on human rights. Finally, it is proposed how this is generated at three levels—territorial, national, international—and how institutions other than those of the IMF or the World Bank are needed at the international level.

Keywords: Financialization; Human rights; Social economy; Economic socialization; Socio-environmental values; Territory; National; International; Meso-economy; Globalization; Financial capitalism; Social practices; Productive economy; Global oikos; Institutionality; Social capital; Ethical social capital; Demand for rights; Ontological reason; Chart of human rights; Rifkin; Bourdieu; Zamagni (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-72866-2_20

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DOI: 10.1007/978-3-031-72866-2_20

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