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dc.contributor.authorDagdeviren, Hulya
dc.contributor.authorBalasuriya, Jiayi
dc.contributor.authorLuz, Sheilla
dc.contributor.authorMalik, Muhammed
dc.contributor.authorShah, Syed
dc.date.accessioned2019-02-12T14:45:07Z
dc.date.available2019-02-12T14:45:07Z
dc.date.issued2020-02-04
dc.identifier.citationDagdeviren , H , Balasuriya , J , Luz , S , Malik , M & Shah , S 2020 , ' Financialisation, Welfare Retrenchment and Subsistence Debt in Britain ' , New Political Economy , vol. 25 , no. 2 , pp. 159-173 . https://doi.org/10.1080/13563467.2019.1570102
dc.identifier.issn1356-3467
dc.identifier.urihttp://hdl.handle.net/2299/21059
dc.description© 2019 Informa UK Limited, trading as Taylor & Francis Group.
dc.description.abstractThis paper investigates the dynamics of low income household (LIH) indebtedness under austerity in Britain. Building on a range of political economy studies on the role of the state in the process of financialisation, the paper discusses the transition in the nature of LIH indebtedness in connection to the recent welfare retrenchment. The analysis of survey data and semi-structured interviews establishes the fact that LIHs experienced the greatest growth in unsecured debt to income ratio under austerity. More importantly, unlike the pre-crisis period when LIHs’ debt reflected a desire ‘to keep-up with the Joneses’, post crisis, a different form of indebtedness has emerged. There has been a notable rise in debt for essential needs such as rent, food and utility services. Liabilities are not only owed to banks and fringe providers (payday lenders, money shops, etc.) but also to non-financial companies and local authorities which have become de facto creditors. The evidence in this paper shows that these changes are directly related to the austerity measures, especially, to the cuts in welfare budgets and the intensified use of ‘disciplinary techniques’ in the form of sanctions and administrative / legal enforcement of debt collection by public sector entities.en
dc.format.extent15
dc.format.extent347179
dc.language.isoeng
dc.relation.ispartofNew Political Economy
dc.subjectausterity
dc.subjectdebt
dc.subjectFinancialisation
dc.subjectlow income households
dc.subjectwelfare State
dc.subjectGeography, Planning and Development
dc.subjectDevelopment
dc.subjectPolitical Science and International Relations
dc.subjectFinance
dc.titleFinancialisation, Welfare Retrenchment and Subsistence Debt in Britainen
dc.contributor.institutionOrganisation, Markets and Policy Research Group
dc.contributor.institutionHertfordshire Business School
dc.description.statusPeer reviewed
dc.date.embargoedUntil2020-08-04
dc.identifier.urlhttp://www.scopus.com/inward/record.url?scp=85061036420&partnerID=8YFLogxK
rioxxterms.versionofrecord10.1080/13563467.2019.1570102
rioxxterms.typeJournal Article/Review
herts.preservation.rarelyaccessedtrue


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