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State Financialization: A Multi-Scalar Perspective

States in advanced economies both shaped and were influenced by financialization, that is the expansion of market-based and risk-oriented finance into non-financial realms. We put forward ‘state financialization’ as a notion that captures the transformation of core state functions vis-a-vis financialization. For analytical purposes, we categorize this phenomenon along three intertwined dimensions. First, internal state financialization refers to the market-oriented transformation of state functions that was accompanied by the transfer of authority to the subnational level. Second, external state financialization denotes the market-oriented reshaping of state functions that co-existed with the transfer of authority to the supranational level. Third, executive state financialization describes the pro-market restructuring of central state functions. Our study contributes to the financialization debate by advancing the research agenda on the state-financialization nexus. We do so through a multi-scalar perspective that accounts for the spatial organization of state institutions and social relations.