Financialization, Democracy, and Society - Ten Years After the Beginning of the Financial Crisis

Ten years after the collapse of investment bank Lehman Brothers and the onset of a global financial, economic, and debt crisis, this article reflects on the extent to which the economic crisis has brought about a turning point in societal terms. In light of the state of research on the relationship between financialization, democracy, and social conditions, it appears plausible that the processes of financialization, which contributed to the emergence of a crisis, were influenced by the financial crisis but not completely reversed. The changes in financial market regulation, which were implemented in response to the crisis, did not create pressure for a redesign of the financial system. Therefore, one cannot deduce a significant turning point in financial market regulation from the reform measures taken. However, there are clear indications that the financial crisis has had a lasting impact on the European integration process, trust in democracy, and the political culture. Accordingly, the financial crisis can be seen as a turning point in history, primarily due to its effects on social areas beyond the financial system.