Financialization and Desire. A Veblenian Perspective

This article examines the recent process of financialization from the perspective of Veblen’s work on emulation, conspicuous consumption and desire. The rise of a particular sector, the financial, to a position of hegemony is a consequence of the capture and perversion of subject’s desire. This domination of symbolic value and libidinal investment over material or life value is a cause of instability and is a key contributor to the dynamics of crisis. The article will first develop a theoretical framework influenced by the work of Veblen before using it to analyse the financialization of the economy. The article will conclude with a brief discussion of potential solutions to the capture desire which focus around extricating desire from the social totality and directly it towards one’s peers in the commons.