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Financialization of EDL or the Domestication of Finance_version pre-publication.pdf (1.85 MB)

The Financialization of Everyday life or the Domestication of Finance? How mortgages engage with borrowers' temporal horizons, relationships and rationality in Hungary

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journal contribution
posted on 2016-01-21, 13:03 authored by L. Pellandini-Simanyi, F. Hammer, Zsuzsanna Vargha
Scholars applying notions of governmentality and performativity to everyday finance and work on the financialization of daily life suggest that the daily encounter with financial products, credit rating systems and new political and media discourses promoting a financial entrepreneurial spirit lead to the penetration of financial logic into everyday realms that were once free of economic calculation. This article, drawing on interviews with Hungarian mortgage borrowers, looks at how exactly financial products shift everyday subjectivities, by focusing on three key terrains: relationships, time frames and rationality. We argue that albeit mortgages do carry their own specific logics (certain time frames, rationalities and approaches to relationships are required by certain mortgages), these logics hardly ever succeed in shaping everyday subjectivities to their own image. Finance is ‘domesticated’: mortgages are appropriated to existing relationships, temporal structures and rationalities guiding everyday life. New subjectivities emerge and a novel financial logic is applied to everyday life mostly in cases when the take-for-granted course of events breaks down: when mortgages are denied and people face payment difficulties and defaults. In these cases, previous routines of rationality are questioned, relationships are put to (a financial) test and time frames are revaluated according a financial logic.

History

Citation

Cultural Studies, 2015, 29 (5-6), pp. 733-759 (27)

Author affiliation

/Organisation/COLLEGE OF SOCIAL SCIENCES, ARTS AND HUMANITIES/School of Management

Version

  • AM (Accepted Manuscript)

Published in

Cultural Studies

Publisher

Taylor & Francis (Routledge)

issn

0950-2386

eissn

1466-4348

Copyright date

2015

Available date

2016-09-30

Publisher version

http://www.tandfonline.com/doi/abs/10.1080/09502386.2015.1017142

Notes

The file associated with this record is under an 18-month embargo from publication in accordance with the publisher's self-archiving policy. The full text may be available through the publisher links provided above.

Language

en