Workshop

Political Economy

Money, Finance & the State

Financialization & the Return of Industrial Policy

After decades of leaving investment to the markets, states are back, but can they steer finance without being steered by it?

17:00 · Hybrid

What you will learn

Across five seminars, this workshop explores how finance came to dominate modern economies, and how states are now trying to put it to work. You will begin with the legal construction of financialization, from Katharina Pistor's account of how law creates wealth to Greta Krippner's history of America's financial turn. You will then examine how financialization has transformed firms and labor relations, before turning to how financial markets are governed in Europe, from banking supervision to the Capital Markets Union. The final seminars focus on the return of industrial policy, from the "derisking" of private investment and the rise of the European investor state to green industrial policy and the lessons of the US Inflation Reduction Act. Throughout, you will learn to judge who really holds the power when public goals depend on private capital.

Why it matters now

Europe faces an investment gap of hundreds of billions of euros a year if it is to remain competitive and meet its climate goals, and governments are increasingly relying on private finance to fill it. Industrial policy, long out of fashion, is back at the center of economic debate on both sides of the Atlantic. Understanding the relationship between states and finance is essential for judging whether this new wave of industrial policy can deliver, and for whom.

Syllabus & schedule

General information

All seminars run from 17:00 to 19:00 and are hybrid: participants can join in person or online. Each syllabus comes in three reading options: short (40–60 pp.), intermediate (70–80 pp.) and long (110–120 pp.). The syllabus and the weekly reading schedule can be found here.

Seminar schedule

  1. Thursday, Apr. 1 (17:00-19:00 CEST):
    The Legal Construction of Financialization

  2. Thursday, Apr. 8 (17:00-19:00 CEST):
    Financialization and Productive Transformation

  3. Thursday, Apr. 15 (17:00-19:00 CEST):
    Regulating Financialized Capitalism

  4. Thursday, Apr. 22 (17:00-19:00 CEST):
    Industrial Policy, De-risking and the European Investor State

  5. Thursday, Apr. 29 (17:00-19:00 CEST):

    Green Industrial Policy and the Construction of Green Assets

Organizers

Aditeya Nulu Rama

Organizer & Treasurer

Università Bocconi

Guests

Saule Omarova

Earle Hepburn Professor of Law

University of Pennsylvania Carey Law School

Nicolas Véron

Senior Fellow

Bruegel and Peterson Institute for International Economics

Daniela Gabor

Professor of Economics

SOAS University of London

Katharina Pistor

Edwin B. Parker Professor of Comparative Law

Columbia Law School

Ulrike Lepont

CNRS Junior Professor

Centre for European Studies and Comparative Politics, Sciences Po

Part of the series

Money, Finance & the State

See all workshops in the series →

il cangatto

An independent study circle on political economy and the social sciences, where curious people meet with scholars and policymakers to read, think and discuss together about the directions of social change.

© 2026 il Cangatto · Circolo di Studio

English edition · Italian edition coming soon

il cangatto

An independent study circle that brings academics, policymakers and curious people around the same table to think seriously about how the economy is governed.

An independent study circle on political economy and the social sciences, where curious people meet with scholars and policymakers to read, think and discuss together about the directions of social change.

© 2026 il cangatto · Circolo di economia politica

© 2026 il Cangatto · Circolo di Studio

English edition · Italian edition coming soon