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
Thursday, Apr. 1 (17:00-19:00 CEST):
The Legal Construction of FinancializationThursday, Apr. 8 (17:00-19:00 CEST):
Financialization and Productive TransformationThursday, Apr. 15 (17:00-19:00 CEST):
Regulating Financialized CapitalismThursday, Apr. 22 (17:00-19:00 CEST):
Industrial Policy, De-risking and the European Investor StateThursday, 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 →