Future Now 002 - Household CFOs and the Financialization of Society
Today, we're exploring an intriguing question: How did we become a society of household CFOs? With the recent failure of Silicon Valley Bank, Marina Gorbis, IFTF Executive Director, and Jerry Davis, University of Michigan Professor of Management and Organizations, dive into this phenomenon and its implications for our society. Marina opens the discussion by highlighting how people in the US have become chief financial officers of their households, managing their investments and financial futures. She then introduces Jerry Davis, who takes us on a journey through the history of American society, illustrating the shift from a corporate-centered society to a market-centered one. Jerry explains how finance has become the primary lens through which we view the world, influencing our language, culture, and even our political landscape. He takes us back to the post-war era and traces the decline of manufacturing and the rise of retail, noting how this shift has created a society of investors. With the prevalence of stock ownership, financial markets have infiltrated our daily lives, turning us all into portfolio managers. Jerry warns that this is not a neutral metaphor, as the pervasive nature of finance can have corrosive effects on our lives and the way we view the world. Join us for this captivating episode as we delve into the historical and societal impacts of financialization, and consider the future of our world as we continue to navigate through this financial lens.