The aim of this lecture is to account for the rapid globalization of the financial service sector in the modern world economy. The lecture has four specific objectives: (i) to present an adequate definition of the financial service sector; (ii) to account for the rapid ascendancy of service industries in the world economy; (iii) to present a case study of producer financial service growth; and (iv) to introduce the major commentators who have written on the globalization of the financial service sector in the world economy.
Processes of financialization are claimed to manifest at a number of scales, ranging from higher levels of instability within the economy as a whole, through pressure exerted on corporations by capital markets, to the equity effects of the financial system on individuals and households.. In seeking to explain the change within contemporary society financialization has to date been relatively underplayed, particularly when compared to similar and related concepts such as neoliberalization. While the concept of financialization has the potential to unite researchers across cognate social science fields, thereby building critical mass and recognition within social studies of money and finance, we argue that to date research has been insufficiently attentive to the role of space and place, both in terms of its processes and its effects.There are 6 sessions in this module such as:
Session 1 - Banking and the Financial Services Sector - 24 November 2009
Session 2 - The Service Sector, the WTO and GATS - 27 November 2009
Session 3 - Asian, Russia, the World : Considering Financial Crises - 1 December 2009
Session 4 - Globalization, Financial Services and the Environment - 4 December 2009
Session 5 - Financial Services and the Role of Corruption - 8 December 2009
Session 6 - Chaos and Kondratiev Waves : Self Governance, Creative Destruction or Free Market - 11 December 2009
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