Abstract

Inspired by Streeck’s consolidation state theory, this paper develops a theoretical framework of the restructuring of the state in late-stage financialized capitalism. It observes how in Italy, an emblematic consolidation state, the use of public real estate investment funds supports assetization, that is how state properties are gradually transformed into financial assets via multilevel and multi-sector politics of public assets. As it explores the institutional and material rearrangements underpinning the restructuring of the Italian state, the paper shows how permanent austerity and financialization mutually reinforce each other, with the result that state organizations internalize a financial investor’s viewpoint, while statecraft increasingly rely on financial actors, instruments and capital. The conclusion discusses how this theoretical framework can be extended beyond Italy and to other public assets.

摘要

受施特雷克巩固国家理论的启发，本文建立了晚期金融资本主义国家重组的理论框架。它观察了在意大利这个标志性的整合国家，公共房地产投资基金的使用如何支持资产化，即国有资产如何通过公共资产的多层次和多部门政治逐渐转变为金融资产。在探讨支撑意大利国家重组的制度和物质重组时，本文展示了永久紧缩和金融化如何相互加强，结果国家组织将金融投资者的观点内化，而治国之道越来越依赖金融参与者、工具和资本。