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Financialization and Sociospatial Divides

Abstract : Our paper contributes to the literature on financialization of modern economy and relies on firm staff data instead of the usual company accounts data. It uses for this aim several indicators that reveal the direct or indirect power of contemporary finance: importance and relative concentration within top paid wageearners, of the finance sector, of holdings in non-finance firms, of business consulting, and of financial managers in non-finance firms. Concentration of the finance sector among top wage earners seems to be the most striking phenomenon of the financialization process. The article then examines the impact of financialization on socio-spatial inequalities. To the increase in inequality, a phenomenon already known and demonstrated in our previous work, adds a phenomenon of territory division between the “global city” (Greater Paris and in particular its business district of La Défense) which has an international financial center and other parts of the territory. Thus, the process of spatial segregation becomes massive once we climb high enough in the wage distribution and we take into account the workplace. Albeit on a smaller scale, the concentration of working rich produced by financialization contributes to the residential ghettoization of the wealthiest wage earners.
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Olivier Godechot. Financialization and Sociospatial Divides. Année Sociologique, Presses Universitaires de France, 2013, 63 (1), pp.17 - 50. ⟨10.3917/anso.131.0017⟩. ⟨hal-03475972⟩

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