Financialisation in the European Periphery

This book examines the case of Portugal throughout the process of financialisation, in particular the impact on its economy, work and social reproduction. This text is essential reading for students and scholars with an interest in examining the uneven mechanisms and impacts of global finance.

Auteur

Ana Cordeiro Santos is researcher at the Centre for Social Studies (CES), University of Coimbra, Portugal.

Nuno Teles is lecturer at the Faculty of Economics at the Federal University of Bahia, Brazil.

Texte du rabat

In many European countries, the process of financialisation has been exacerbated by the project of closer EU integration and accelerated as a result of austerity policies introduced after the Euro crisis of 2010-2012. However, the impact has been felt differently in core and peripheral countries. This book examines the case of Portugal, and in particular the impact on its economy, work and social reproduction.

The book examines the recent evolution of the Portuguese economy, of particular sectors and systems of social provision (including finance, housing and water), labour relations and income distribution. In doing so, it offers a comprehensive critical analysis of varied aspects of capital accumulation and social reproduction in the country, which are crucial to understand the effects of the official 'bail-out' of 2011 and associated austerity adjustment program. The book shows how these have increasingly relied on deteriorating pay and working conditions and households' direct and indirect engagement with the global financial system in new domains of social reproduction. Through its exploration of the Portuguese case, the book presents a general theoretical and methodological framework for the analysis of financialisation processes in peripheral countries.

This text is essential reading for students and scholars of political economy, development, geography, international relations and sociology with an interest in examining the uneven mechanisms and impacts of global finance.

Contenu

1. Post-crisis financialisation in the Southern European periphery: Introduction Ana Cordeiro Santos and Nuno Teles

Part 1 - Financialisation and the Euro Crisis in the SE periphery

2. Revisiting the concept of semi-peripheral financialisation João Rodrigues, Ana Cordeiro Santos and Nuno Teles

3. Portugal as a European periphery: imbalances, dependency, and trajectories José Reis

4. Financialisation and structural change in Portugal: A Euro-resource-curse? Ricardo Paes Mamede

Part 2 - Financialisation and labour relations in the SE periphery

5. Financialisation, work and labour relations Helena Lopes

6. Reconfiguring labour market and collective bargaining institutions in Portugal: Turning the page on internal devaluation? Maria da Paz Campos Lima

7. Financialisation, labour and structural change: The case of Portuguese internal devaluation Nuno Teles, José Castro Caldas and Diogo Martins

Part 3 - Financialisation and social reproduction in the SE periphery

8. The deepening of financialised social reproduction in Southern Europe Ana Cordeiro Santos and Catarina Príncipe

9. Variegated financialisation: how finance pervaded (and pervades) housing and water provisioning in Portugal Nuno Teles

10. Financialisation and inequality in the semi-periphery: Evidence from Portugal Sérgio Lagoa and Ricardo Barradas

11. The case for semi-peripheral financialisation: Conclusion Ana Cordeiro Santos and Nuno Teles

Commentary

12. Framing Social Reproduction in the Age of Financialisation Ben Fine

13. Peripheries and Precarity: Portugal, Lisbon and Europe Manuel B. Aalbers