ERIC Number: EJ1378112
Record Type: Journal
Publication Date: 2023
Pages: 23
Abstractor: As Provided
ISBN: N/A
ISSN: ISSN-0884-1233
EISSN: EISSN-1540-7349
Financialization and Systemic Income Inequality: A Call to Action for Social Work Educators and Practitioners
Knight, Carolyn; Belcher, John
Journal of Teaching in Social Work, v43 n1 p20-42 2023
The transition to a financialized economy has had a devastating impact on workers and consumers and exacerbated wealth and income inequality in the United States and around the world. In this article, the authors explain financialization, a two-fold economic strategy whereby individual corporations invest in the financial market- rather than make capital improvements- to earn a profit and global and domestic economies heavily invest in and depend upon financial, insurance, and real estate (FIRE) ventures. If the social work profession is to meet its obligation to promote social and economic justice, practitioners and students must understand this economic strategy and its consequences. The social work education, practice, and policy literature elaborates upon the role that practitioners can play in helping clients achieve financial literacy. This reflects a largely micro approach to the problems created and maintained by financialization. Macro interventions are required, however, since financialization is indicative of and exacerbates systemic economic inequality. Therefore, the authors identify suggested content for the generalist and foundation practice, policy, field, and continuing education curricula that identifies the knowledge and skills needed to help clients with their financial difficulties and challenges the underlying economic forces that contributed to them.
Descriptors: Social Work, Counselor Training, Income, Social Differences, Counselor Client Relationship, Financial Literacy, Social Change, Corporations, Social Justice, Economic Factors, Intervention, Professional Continuing Education, History, Employment, Debt (Financial), Health Insurance, Medical Services, Credit (Finance)
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Publication Type: Journal Articles; Reports - Descriptive
Education Level: Adult Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Grant or Contract Numbers: N/A