Those favorable markets are not naturally occurring phenomenon they come from somewhere. To capitalize on these conditions, the for-profit college organizations relied on growth and acquisition strategies consistent with shareholder-business organizations. I call this blithe because the conditions in question are systemic inequalities in access to good jobs and a social safety net as good jobs become fewer. When talking about for-profit colleges, financialization refers to the period of time when for-profit credentialing organizations were transformed into what investors blithely call “favorable markets.” These markets are favorable to investors because the conditions that produced them are significant and predictable. At the macro level, markets have financialized mortgages ( see: the 2009 housing crisis) and education spending ( see: student loans). Rather than exchanging money for goods, increasingly consumers use credit and debt to construct their social lives and its accoutrements. Randy Martin, an author and sociologist, has called America’s current socioeconomic culture one where daily life has been financialized.
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