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Democratizing Finance

Author

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  • Fred Block

Abstract

While financial institutions have not figured prominently in utopian thinking, the democratization of finance is central to any vision of bringing contemporary economies under democratic control. This paper is an initial effort to conceptualize a series of feasible reforms that could incrementally weaken the power of incumbent financial institutions while helping to facilitate economic development that is more egalitarian and sustainable. While the focus is on the US economy, the specific ideas have relevance in other national contexts. The core of the reform idea is to mobilize a combination of governmental supports and grassroots entrepreneurialism to create an expanding network of nonprofit financial institutions that would redirect household savings to finance clean energy, growth of small and medium-sized enterprises, and infrastructure.

Suggested Citation

  • Fred Block, 2014. "Democratizing Finance," Politics & Society, , vol. 42(1), pages 3-28, March.
    • Handle: RePEc:sae:polsoc:v:42:y:2014:i:1:p:3-28
    DOI: 10.1177/0032329213512976
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    Citations

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    Cited by:

    1. Gemzik-Salwach Agata & Perz Paweł, 2018. "Financialization in the Regional Aspect. An Attempt to Measure a Phenomenon," Central European Economic Journal, Sciendo, vol. 5(52), pages 56-66, January.
    2. Braun, Benjamin, 2021. "From exit to control: The structural power of finance under asset manager capitalism," SocArXiv 4uesc, Center for Open Science.
    3. Malcom Sawyer, 2021. "Beyond social democracy and neo-liberalism: Towards a social economy," PSL Quarterly Review, Economia civile, vol. 74(299), pages 287-306.

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