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The “Financialization” of Society
- lioeters 5y ago> Some, such as former International Monetary Fund chief economist Simon Johnson, have argued that the increased power and influence of the financial services sector had fundamentally transformed American politics, endangering representative democracy itself through undue influence on the political system and regulatory capture by the financial oligarchy. > ..The financial sector contributed $1.7 billion to political campaigns from 1998 to 2006, and spent an additional $3.4 billion on political lobbying, according to one estimate. > Policy makers such as Chairman of the Federal Reserve Alan Greenspan called for self-regulation.