Social Effect of Financialization of Education

Social Effect of Financialization of Education

Yakovleva N.G.

Сand. Sci. (Econ.), Leading Researcher, Institute of Economics (Centre of Economic Theory of the Social Sector), Russian Academy of Sciences; Faculty of Philosophy (Center of Modern Marxist research), Lomonosov Moscow State University, Moscow, Russia

ID of the Article:

For citation:

Yakovleva N.G. Social Effect of Financialization of Education. Sotsiologicheskie issledovaniya [Sociological Studies]. 2019. No 12. P. 104-114


Author proposed and argued conception of financialization of education, typical for the modern stage of late capitalism, and shows its essence – subordination of the education to the financial capital; and its actors. The influence of the process of financialization of education on society and on the individual is shown. The author proves that financial capital subordinating the content, goals and values of education creates a social atmosphere in which education becomes a conductor for the financing of society. Thus, financial capital forms social stereotypes of behavior of the main social groups and leads to the formation of a new social type of person – homo finansus. This strengthens and accelerates the financialization of the economy and society as a whole. Specific features of financialization of education in comparison with other spheres of social sector and common features of education and other spheres are shown.

financialization of education; financialization of society; social consequences of the financialization of education; «homo finances»; financial capital


Bodrunov S.D. (2018) Noonomy. Moscow: Kul’turnaya revolyutsiya. (In Russ.)

Bok D. (2012) Universities in the Market. Commercialization of Higher Education. Moscow: NIU VShE. (In Russ.)

Buzgalin A.V., Kolganov A.I. (2014) Reindustrialization as Nostalgia? Theoretical Discourse. Sotsiologicheskie issledovaniya [Sociological Studies]. No. 1: 80–94. (In Russ.)

Buzgalin A.V. (2017) Creative Economy: Private Intellectual Property or Ownership by Everybody of Everything? Sotsiologicheskie issledovaniya [Sociological Studies]. No. 7: 43–53. (In Russ.)

Buzgalin A.V., Kolganov A.I. (2015) Global Capital. Vol. 2: Global Hegemony of Capital and its Limits («Capital» Reloaded). Moscow: LENAND. (In Russ.)

Chen Hong, Yakovleva N.G. (2019) Marx in the XXI Century: Research and Teaching (International Context). Voprosy filosofii [Problems of Philosophy]. No. 2: 72–81. (In Russ.)

Chepurenko A.Yu. (2018) Marx at the University 3.0? Sotsiologicheskie issledovaniya [Sociological Studies]. No. 5: 26–34. (In Russ.)

Clark B.R. (2011) Creation of Entrepreneurial Universities: Organizational Directions of Transformation. Moscow: NIU VShE. (In Russ.)

Dezhina I.G., Klyucharev G.A. (2018) Russian Education for Innovative Economy: «the Pressure Points». Sotsiologicheskie issledovaniya [Sociological Studies]. No. 9: 40–48. (In Russ.)

Education at a Glance 2014: OECD Indicators. (2014) OECD Publishing. URL: education/Education-at-a-Glance-2014.pdf (accessed 24.03.2019).

Educational Opportunity for All: Overcoming Inequality throughout the Life Course. (2017) OECD Publishing. URL: en#page1 (accessed 24.03.2019)

Jameson F. (1991) Postmodernism or the Cultural Logic of Late Capitalism. London; New York: Verso.

Klikauer T. (2013) Managerialism: а Critique of an Ideology. London: Palgrave Macmillan.

Krippner G.R. (2005) The Financialization of the American Economy. Socio-Economic Review. No. 3: 173–208.

Levina I.G. (2006) To the Question of the Ratio of Real and Financial Sectors. Voprosy ekonomiki [Issues of Economy]. No. 9: 83–102. (In Russ.)

Mandel E. (1987) Late Capitalism. London; New York: Verso.

Ryazanov V.T. (2016) (Not)real Capitalism. Political Economy of the Crisis and Its Consequences for the World Economy and Russia. Moscow: Ekonomika. (In Russ.)

Wissema J. (2009) Towards the Third Generation University: Managing the University in Transition. Cheltenham: Edward Elgar.

Yakovleva N.G. (2017a) Commercialization of Russian Higher Education: Historical and Logical Counterpoints. Ekonomicheskoe vozrozhdenie Rossii [The Economic Revival of Russia]. No. 4: 49–59. (In Russ.)

Yakovleva N.G. (2017б) Commercialization, Bureaucratization, Managerialization Education of Postsoviet Russia: Political-economic View. Problemy teorii i praktiki upravleniya [Issues of Theory and Practice of Management]. No. 3: 121–130. (In Russ.)

Yakovleva N.G. (2018) Education in Russia: Public Good or Commercial Service? Sotsiologicheskie issledovaniya [Sociological Studies]. No. 3: 149–153. (In Russ.)

Content No 12, 2019