Financialisation of Singaporean Banks and the Production of Variegated Financial Capitalism

Lai, Karen P.Y. and Daniels, Joseph A. 'Financialization of Singaporean banks and the production of variegated financial capitalism', in B. Christophers, A. Leyshon and G. Mann (Eds.) Money and Finance After the Crisis: Critical Thinking for Uncertain Times, Antipode Book Series, Wiley (Forthcoming)

34 Pages Posted: 21 Nov 2016

See all articles by Karen Lai

Karen Lai

National University of Singapore (NUS) - Department of Geography

Joseph Daniels

University of British Columbia (UBC)

Date Written: January 18, 2016

Abstract

This chapter addresses the lacuna of research on the state within the financialization literature by focusing on state-firm relations to explain capitalist processes and formations. Set in the context of Singapore’s banking restructuring in the late-1990s and early-2000s, we argue that what might appear to be a convergence in the governance and organizational structures of local banks actually stems from strikingly different relationships with the state, resulting in distinctive pathways to financialization. This departs from the traditional financial ‘liberalization’ narrative and reveals the uneven, contested and multi-scalar dynamics of capitalist processes. Rather than using Singapore’s case as yet another variety in a portfolio of capitalisms, we argue that the transformation of local banks into financial services corporations through state-firms relations is emblematic of financialized modes of production in what we call variegated financial capitalism.

Keywords: Banking, financialization, varieties of capitalism, variegated capitalism, Singapore

Suggested Citation

Lai, Karen and Daniels, Joseph, Financialisation of Singaporean Banks and the Production of Variegated Financial Capitalism (January 18, 2016). Lai, Karen P.Y. and Daniels, Joseph A. 'Financialization of Singaporean banks and the production of variegated financial capitalism', in B. Christophers, A. Leyshon and G. Mann (Eds.) Money and Finance After the Crisis: Critical Thinking for Uncertain Times, Antipode Book Series, Wiley (Forthcoming). Available at SSRN: https://ssrn.com/abstract=2871016

Karen Lai (Contact Author)

National University of Singapore (NUS) - Department of Geography ( email )

1 Arts Link
Singapore, 117570
Singapore

HOME PAGE: http://www.karenlai.wordpress.com

Joseph Daniels

University of British Columbia (UBC) ( email )

1984 West Mall
Vancouver, British Columbia V6T 1Z4
Canada

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