What is financialization?

I’ve been talking about the “new economy” since about 2010. But more and more, I recognize that the economic possibilities created through the internet aren’t nearly as new or innovative as I’d first thought (and hoped). It seems that the old economy is just making itself over as the not-so-new economy. In this episode, I explore 3 processes of the old economy—speculation, financialization, and liquidation—to pinpoint how they’re showing up in our digital world of independent work.

I weave together the housing market, creator economy, Great Recession, and crypto promises to help you situate yourself in this strange, not-so-new world. At times, it’s a bleak story—but ultimately, understanding where we’re at gives us a better opportunity to make different, more humane choices.

Resources:

• CNBC Interview with NewNew Founder Courtne Smith
• Investopedia on financialization
• The Big Short by Michael Lewis
• Michael Lewis on 60 Minutes
• “How the financial crisis changed jobs” from Marketplace
• Gig Economy explainer via Marketplace
• NFTs explainer via Marketplace
• “How Money Became The Measure Of Everything” by Eli Cook
• “The complicated reality of doing what you love” by Marian Bull
• Greater Fool Theory on Investopedia
• “I crowdfunded a novel using cryptocurrency” by Elle Griffin

This episode is also available in essay form.