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Deconstructing the Financialization of Healthcare

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  • Benjamin M. Hunter
  • Susan F. Murray

Abstract

Financialization is promoted by alliances of multilateral ‘development’ organizations, national governments and owners and institutions of private capital. In the healthcare sector, the leveraging of private sources of finance is widely argued as necessary to achieve the Sustainable Development Goal 3 target of universal health coverage. Employing social science perspectives on financialization, the authors of this article contend that this is a new phase of capital formation. The article traces the antecedents, institutions, instruments and ideas that facilitated the penetration of private capital in this sector, and the emergence of new asset classes that distinguish it. The authors argue that this deepening of financialization represents a fundamental shift in the organizing principles for healthcare systems, with negative implications for health and equality.

Suggested Citation

  • Benjamin M. Hunter & Susan F. Murray, 2019. "Deconstructing the Financialization of Healthcare," Development and Change, International Institute of Social Studies, vol. 50(5), pages 1263-1287, September.
    • Handle: RePEc:bla:devchg:v:50:y:2019:i:5:p:1263-1287
    DOI: 10.1111/dech.12517
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    Citations

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    Cited by:

    1. Natacha Aveline-Dubach, 2022. "Financializing nursing homes? The uneven development of health care REITs in France, the United Kingdom and Japan [Financiariser les maisons de retraite médicalisées ? Le développement inégal des f," Post-Print halshs-03549729, HAL.
    2. Kehr, Janina & Muinde, Jacinta Victoria Syombua & Prince, Ruth J., 2023. "Health for all? Pasts, presents and futures of aspirations for universal healthcare," Social Science & Medicine, Elsevier, vol. 319(C).
    3. Daniela Gabor, 2021. "The Wall Street Consensus," Development and Change, International Institute of Social Studies, vol. 52(3), pages 429-459, May.
    4. Tom Neumark & Ruth J. Prince, 2021. "Digital Health in East Africa: Innovation, Experimentation and the Market," Global Policy, London School of Economics and Political Science, vol. 12(S6), pages 65-74, July.
    5. Matthew Sparke & Owain David Williams, 2022. "Neoliberal disease: COVID-19, co-pathogenesis and global health insecurities," Environment and Planning A, , vol. 54(1), pages 15-32, February.
    6. Richard Bůžek & Christoph Scheuplein, 2022. "The Global Wealth Chains of Private‐Equity‐Run Physician Practices," Tijdschrift voor Economische en Sociale Geografie, Royal Dutch Geographical Society KNAG, vol. 113(4), pages 331-347, September.
    7. Susan K. Sell, 2021. "21st Century Capitalism and Innovation for Health," Global Policy, London School of Economics and Political Science, vol. 12(S6), pages 12-20, July.
    8. Gabor, Daniela, 2020. "The Wall Street Consensus," SocArXiv wab8m, Center for Open Science.
    9. Cyril Benoît, 2023. "The regulatory path to healthcare systems’ financialization," Post-Print hal-04220439, HAL.
    10. Gamze Erdem Türkelli, 2022. "Multistakeholder Partnerships for Development and the Financialization of Development Assistance," Development and Change, International Institute of Social Studies, vol. 53(1), pages 84-116, January.
    11. Stefano Di Bucchianico, 2020. "A note on financialization from a Classical-Keynesian standpoint," Department of Economics University of Siena 824, Department of Economics, University of Siena.
    12. Owain David Williams, 2020. "COVID-19 and Private Health: Market and Governance Failure," Development, Palgrave Macmillan;Society for International Deveopment, vol. 63(2), pages 181-190, December.

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