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UID:euroseas-2022-the-financialization-of-everyday-life-in-vietnam
SUMMARY:The Financialization of Everyday Life in Vietnam
LOCATION:Room 3.10
DESCRIPTION:In recent years, it is impossible not to notice the growing lev
 el at which the everyday life of ordinary Vietnamese people has become fina
 ncialized. Consumer loans, private insurance of all kinds, including life i
 nsurance, app-based credits, stock markets, are suddenly everywhere to be f
 ound. Not long ago, one even heard of the launch of a state-approved privat
 e pension offer by a financial investment company. Not only have financial 
 products and their intermediaries but also their associated logics of risk-
 taking, risk management, and self-enterprise entered everyday life and disc
 ourses of most people. No longer targeting only high-income and moneyed peo
 ple, national and transnational financial institutions now extend their rea
 ch to low-income groups such as migrant workers or farmers, who have until 
 recently little exposed to their operations. Indeed, it seems that the aspi
 rations of low-income people for financial control of their life and their 
 lack of social protection are providing the very opportunities for some fin
 ancial actors, such as predatory lenders or betting platforms, to cash in. 
 During the pandemic, this has helped to increase the indebtedness and desti
 tution that already occurred to many due to the loss of livelihoods and emp
 loyment. \n\nThis panel explores the ongoing political economic and social 
 processes that are occurring as part of the increasing financialization of 
 everyday life in Vietnam through the practices, motivations and operative l
 ogics of financial actors and ordinary people. We present ethnographic stud
 ies of life insurance sellers, debt collectors, migrant workers and others 
 at work in their engagement with financial activities and rationalities. Th
 ey indicate the ways in which financialization is enabled by the interactio
 n between the de-responsibilization of the state, discourses that promote s
 elf-responsibility and self-entrepreuneurism as the pathways to wellbeing a
 nd development, and people’s aspirations to become part of the (modern) fin
 ancialized world. On another level, we show how financial institutions work
  through local social networks and relations in order to expand while feedi
 ng on their logics of care and gift-exchange to make profits. Everyday fina
 ncialization, we argue, has significant implications for social relationshi
 ps, moral subjectivities and the future wellbeing of ordinary people.
URL:https://euroseas2022.org/panels/the-financialization-of-everyday-life-in-vietnam
DTSTART;TZID=Europe/Paris:20220629T110000
DTEND;TZID=Europe/Paris:20220629T123000
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