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This course is concerned with the relationship between financial markets and social inequality. The financial
crisis of 2007–08 demonstrated the entanglement of financial markets and society; the collapse
of the US subprime market in 2007 resulted not only in a severe global financial crisis but also in an increase
in inequality between and within contemporary societies. Due to the debt crisis in PIIGS (Portugal,
Ireland, Italy, Greece, and Spain) the youth unemployment has been exacerbated, the pensions have
been reduced, and the social security systems have reached their limits in these European countries. The
consequences have been a rise in poverty and social inequality; resources and life-chances have become
even more unevenly distributed. By investigating the impact and role of financial markets for social inequality
this course deals with current issues and debates in economic sociology, political sociology, and
the sociology of social inequality.
The aim of the course is to understand the relationship between financial markets and social inequality.
In the first part of the term we, will read and discuss contemporary journal articles which discuss how
financial markets cause and increase social inequality. The growing impact of financial actors and markets
on the economy as well as on everyday life (‘financialization’), the expansion of middle class investors,
and the spread of credit scoring technologies determine the distribution of life-chances. In the second
part of the term, we will focus on two dimensions of social inequality, urban and gender inequality,
and how they are produced by financial market activities. In the third part of the term, we will take a
closer look on socially responsible investment and microfinance. Both aspects of financial markets appear
as possible counter-movements on financial markets which could reduce social inequality. In the
fourth part of the term, small groups of three to four students will work independently on mini research
projects about financial markets and social inequality. The student groups will receive time during class
to work on their projects but are also asked to meet and prepare outside class. Finally, the student
groups will present their results as a scientific poster in class.
Additionally, there will be a presentation and introduction into social inequality at October, 24 from 6pm to 8pm (same room) together with the guest researcher Adrian Scholz. Please save the date! |
