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State financialization: Permanent austerity, financialized real estate and the politics of public assets in Italy

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  • Félix Adisson

    (LATTS - Laboratoire Techniques, Territoires et Sociétés - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - Université Gustave Eiffel)

  • Ludovic Halbert

    (LATTS - Laboratoire Techniques, Territoires et Sociétés - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - Université Gustave Eiffel)

Abstract

Inspired by Streeck's consolidation state theory, this paper develops a theoretical framework of the restructuring of the state in late-stage financialized capitalism. It observes how in Italy, an emblematic consolidation state, the use of public real estate investment funds supports assetization, that is how state properties are gradually transformed into financial assets via multilevel and multi-sector politics of public assets. As it explores the institutional and material rearrangements underpinning the restructuring of the Italian state, the paper shows how permanent austerity and financialization mutually reinforce each other, with the result that state organizations internalize a financial investor's viewpoint, while statecraft increasingly rely on financial actors, instruments and capital. The conclusion discusses how this theoretical framework can be extended beyond Italy and to other public assets.

Suggested Citation

  • Félix Adisson & Ludovic Halbert, 2022. "State financialization: Permanent austerity, financialized real estate and the politics of public assets in Italy," Post-Print halshs-03709935, HAL.
    • Handle: RePEc:hal:journl:halshs-03709935
    DOI: 10.1080/03085147.2022.2073064
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-03709935
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    Keywords

    financialization; austerity; assetization; state; real estate; Italy;
    All these keywords.

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