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Cited by 422Housing, Finance, and NeoliberalismGlobal Financial Regulation and Crisesfinance, banking, and market dynamics

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The Capitalization of Almost Everything: The Future of Finance and Capitalism

Leyshon, Andrew, Thrift, Nigel·2007·Theory, Culture & Society
DOI 10.1177/0263276407084699
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Abstract

This article examines an apparent dichotomy that lies at the heart of the contemporary financial system. On the one hand, the financial system would appear to be becoming ever more complex and intricate, as financial innovation continues to develop ever more exotic and complicated financial instruments and trading strategies: such developments serve to constantly churn and disturb the financial system, as profit and opportunity is sought in novelty and first-mover advantage. Yet, on the other hand, the reproduction of the financial system still requires the existence of mundane but predictable sources of income. These mundane sources of income act as anchors to which the rest of the financial system is attached, and which enable it to become increasingly esoteric and imaginative, by operationalizing the well-known dictum 'borrow on safe assets, invest in riskier ones'. This connection between the financially mundane and the financially esoteric is significant because it is leading to a constant search for ever more stable streams of income that can be used as collateral to fund borrowings, obtained in particular through securitization. These borrowings can, in turn, be used to support various forms of speculative financial activity. The article expands on this financial 'value chain', which connects the global financial system to an increasing number of everyday income streams, and illustrates the process at work via three examples drawn from recent developments in the UK. It…

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References 45 · Cited by 422

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Metadata

Authors
Leyshon, A., & Thrift, N.
Affiliations
  • University of Nottingham (GB)
  • University of Warwick (GB)
Corresponding author
Leyshon, Andrew
ORCID
Venue
Theory, Culture & Society
Publisher
SAGE Publications
Published
2007-12
Volume
24
Issue
7-8
Pages
97-115
ISSN
  • 0263-2764 (ISSN-L)
  • 1460-3616
DOI
10.1177/0263276407084699
OpenAlex
W2028148124
Cited by
422
References
45
Citations by year
2026: 14 · 2025: 23 · 2024: 10 · 2023: 26 · 2022: 23 · 2021: 20 · 2020: 20 · 2019: 40 · 2018: 24 · 2017: 30 · 2016: 29 · 2015: 29 · 2014: 20 · 2013: 29 · 2012: 27
FWCI
21.78
Type
journal article
Language
en
Open access
closed
Licence
journals.sagepub.com/page/policies/text-and-data-mining-license (tdm)
Locations
Theory Culture & Society (publishedVersion)
Topics
  • Social Sciences › Economics, Econometrics and Finance › Finance › Housing, Finance, and Neoliberalism
  • Social Sciences › Economics, Econometrics and Finance › Finance › Global Financial Regulation and Crises
  • Social Sciences › Economics, Econometrics and Finance › Finance › finance, banking, and market dynamics
Keywords
financial system, financial innovation, safe assets, securitization, collateral, speculative finance, alternative financing, financialization

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CoChat. (2026). Citation check: The Capitalization of Almost Everything: The Future of Finance and Capitalism. https://app.cochat.ai/papers/10.1177/0263276407084699
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Leyshon, A., & Thrift, N. (2007). The Capitalization of Almost Everything: The Future of Finance and Capitalism. Theory, Culture & Society. https://doi.org/10.1177/0263276407084699