The Everyday Life of Global Finance: Saving and Borrowing in Anglo-America

Paperback | December 1, 2009

byPaul Langley

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In the US and UK, saving and borrowing routines have changed radically and become closely bound-up with the capital markets of global finance. As mutual funds have increased in popularity and pension provision has been transformed, many more individuals and households have come to invest instocks and shares. As consumer borrowing has risen dramatically and mortgage finance has been extended to those deemed sub-prime, so the repayments of credit card holders and mortgagors have provided the basis for the issue and trading of bonds and other market instruments. The Everyday Life of Global Finance explores the unprecedented relationships that now bind society and the markets, challenging the dominant tendency to simply position recent developments in Wall Street and the City of London at the centre of contemporary finance. Grounded in literature from thesociology of finance and international political economy, drawing on the social theory of Callon, Foucault, and Latour, and informed by extensive empirical research, the book shows how global finance has become mundane and ordinary in Anglo-America. Finance is not 'out there somewhere', but isembedded in the calculative technologies and performances of reconfigured saving and borrowing networks, and is embodied through the assembly of everyday financial identities and self-disciplines. Society's new-found relationships with the financial markets are also shown, however, to be marked bystark inequalities, manifest contradictions, and political dissent. The Everyday Life of Global Finance is thus an ambitious and innovative contribution to our understanding of the contemporary financial world.

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In the US and UK, saving and borrowing routines have changed radically and become closely bound-up with the capital markets of global finance. As mutual funds have increased in popularity and pension provision has been transformed, many more individuals and households have come to invest instocks and shares. As consumer borrowing has r...

Paul Langley is a political economist at the Division of Politics and History, Northumbria University, UK. While his principal research focus is on finance and the financial markets, Paul has also published on issues such as globalization, civil society, and environmental governance. He is author of World Financial Orders (Routledge, ...

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Format:PaperbackDimensions:320 pagesPublished:December 1, 2009Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199573964

ISBN - 13:9780199573967

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Table of Contents

Introduction1. Networks, Power, Identity, and DissentPart I: Saving2. From Thrift and Insurance to Everyday Investment3. Pensions and Everyday Investment4. The Uncertain Subjects of Everyday Investment5. Socially Responsible InvestmentPart II: Borrowing6. The Boom in Everyday Borrowing7. Inequalities in Everyday Borrowing8. The Uncertain Subjects of Everyday Borrowing9. Dissent in Everyday BorrowingConclusion10. The Sub-Prime Crisis

Editorial Reviews

"This is an undeniably important and timely book. We are at a moment of significant change and uncertainty within the Anglo-American financial system within which many of us are irrevocably entangled due to our everyday roles as borrowers and/or savers. Langley reveals with skill and insighthow we have arrived at this particular financial and political conjuncture and, in doing so, provides an important resource to help determine where we may be headed." --Andrew Leyshon, Professor of Economic Geography, University of Nottingham