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The Socialization of Financial Risk in Neoliberal Mexico

Thomas Marois

Discussion Papers from Research on Money and Finance

Abstract: Mexico has experienced several financial crises since the 1980s, notably in 1982, 1994-95, and 2008-09. In each case of crisis, the stability of capitalist development and its evolving neoliberal form has depended on the socialization of financial risks. I argue this is when the government and financial state managers can coordinate a response to financial crisis institutionally premised on drawing the worst financial risks into the state to diffuse the costs of risk onto society at large. Few approaches to finance and development have internalized socialization into their understandings of neoliberalism, whereas here the socialization of financial risk is shown as not only class-based but as also necessary and constitutive of the current phase of finance-led neoliberalism.

Date: 2011
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