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Public health systems in the age of financialization: lessons from the French case

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  • Ana Carolina Cordilha

Abstract

Public Health Systems (PHS) are under continuous transformation in line with economic, political, and ideological changes in capitalist economies. The current stage of capitalism is underpinned by the process of financialization, meaning an increasing dominance of financial actors, markets, practices, measurements, and narratives over other agents, including the State. This article examines how financialization has been reshaping PHS, with an in-depth study of the French case. First, we suggest how to incorporate the concept of financialization into the research on PHS transformation. We then apply this concept to reassess the trajectory of the French system from the 1990s onwards. We show the increasing participation of financial capital for long-term, short-term, and infrastructure financing, occupying roles previously fulfilled by the public sector. We then discuss how the adoption of financialized strategies led to shifts in how public actors behave, and the potentially adverse effects for solidarity, stability, and democratic participation.

Suggested Citation

  • Ana Carolina Cordilha, 2023. "Public health systems in the age of financialization: lessons from the French case," Review of Social Economy, Taylor & Francis Journals, vol. 81(2), pages 246-273, April.
    • Handle: RePEc:taf:rsocec:v:81:y:2023:i:2:p:246-273
    DOI: 10.1080/00346764.2020.1870710
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    Cited by:

    1. Chubarova, T., 2025. "Financialization of healthcare: A promising solution or a new problem?," Journal of the New Economic Association, New Economic Association, vol. 69(4), pages 286-293.
    2. Thereza Balliester Reis & Vincent Mugo Kamau, 2023. "Are low-income workers financially irresponsible? An analysis of financial and accounting practices in Nairobi," Working Papers 260, Department of Economics, SOAS University of London, UK.
    3. Cyril Benoît, 2023. "The regulatory path to healthcare systems’ financialization," Post-Print hal-04220439, HAL.
    4. Philippe Batifoulier & Eve Chiapello & Nicolas Da Silva & Robert McMaster, 2025. "Health capitalism and financialization of healthcare. Introduction," Review of Evolutionary Political Economy, Springer, vol. 6(2), pages 249-272, July.
    5. D'Amato, Valeria & Di Lorenzo, Emilia & Piscopo, Gabriella & Sibillo, Marilena & Trotta, Annarita, 2024. "Insurance business and social sustainability: A proposal," Socio-Economic Planning Sciences, Elsevier, vol. 93(C).
    6. Cordilha, Ana Carolina, 2026. "Transformations dans le financement de la protection sociale à l'ère du capitalisme financiarisé : Une analyse du cas français [Transformation in social protection financing in the era of financialized capitalism: An analysis of the French case]," MPRA Paper 128653, University Library of Munich, Germany.
    7. Lena Lavinas & Lucas Bressan & Pedro Rubin & Ana Carolina Cordilha, 2023. "The financialization of social policy [La financiarisation de la politique sociale]," Post-Print hal-04579780, HAL.
    8. Kihlström, Laura & Keskimäki, Ilmo & Paananen, Henna & Paatela, Satu & Satokangas, Markku & Tynkkynen, Liina-Kaisa, 2025. "How is a large-scale reform perceived by citizens in Finnish primary health care?," Social Science & Medicine, Elsevier, vol. 387(C).
    9. Hanna Szymborska & Janusz Szymborski, 2025. "Public health outcomes and the neoliberal health system in Poland," Review of Evolutionary Political Economy, Springer, vol. 6(2), pages 405-424, July.
    10. Thereza Balliester Reis, 2025. "Financialisation of everyday life in the Global South – A study about low-income Brazilian workers," Working Papers 268, Department of Economics, SOAS University of London, UK.
    11. Balliester Reis, Thereza & Kamau, Vincent Mugo, 2025. "Are low-income workers financially irresponsible? Analysing financial literacy and over-indebtedness in Nairobi," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 102(C).
    12. Laura Alles & Samuel Klebaner, 2025. "The social construction of the French for-profit hospital market," Review of Evolutionary Political Economy, Springer, vol. 6(2), pages 299-323, July.
    13. Antoine Leymarie, 2025. "To sell or not to sell? The financialization of French medical professions: the case of medical biologists and radiologists," Review of Evolutionary Political Economy, Springer, vol. 6(2), pages 325-352, July.

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