Conceptualising "financialization": governance, organizational behavior and social interaction in UK housing.
In the British
housing market context, this article investigates the meaning of
"financialization." The authors argue that financialization, which
refers to the growing dominance of financial actors and financial logic in
various economic sectors, has significantly impacted the governance and
organizational behavior of housing providers. Financialization refers to the
increasing dominance of financial actors and financial logic in various sectors
of the economy. The article draws on interviews with housing professionals to
highlight how the advent of financialization has led to a shift toward a more
market-oriented and profit-driven approach to housing provision, as well as
changes in how housing providers interact with their tenants and other
stakeholders in the housing market.
The article has
repercussions for other places of employment, particularly those in sectors of
the economy that the expansion of the financial sector has influenced. Concerns
have been raised, for instance, regarding placing a higher value on profits
than on the quality of treatment provided to patients due to the rise of
financialization in the healthcare industry. Similarly, the financialization of
higher education has led to a focus on market competition and the
commodification of knowledge rather than on the pursuit of learning and
academic excellence. This is in contrast to the traditional model of higher
education, in which the primary goal is to achieve academic excellence.
For my part, this
piece is very pertinent to the business job I intend to pursue. Because I am
interested in both sustainability and corporate social responsibility, I am
concerned about the effects that financialization can have on organizations and
the people who have a stake in them. This article has made me more aware of the
need to critically examine how financial logic shapes organizations' behavior
and decision-making, as well as the need to consider alternative approaches
that prioritize social and environmental sustainability. I am grateful for this
article.
Jacobs, K., & Manzi, T. (2019).
Conceptualising “financialisation”: governance, organisational behaviour and
social interaction in UK housing. International Journal of Housing Policy,
1–19. https://doi.org/10.1080/19491247.2018.1540737
The article is a pretty interested read. Regarding how the financial sector has been influenced, its great to see how companies are adapting to the changes. But it is also important to consider the challenges that come with it.
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