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The Global Financial Crisis and Educational Restructuring


Michael A. Peters, João M. Paraskeva and Tina Besley

The worldwide integration and globalization of finance, an aspect of «financialization», coincided with the rise of market-oriented neoliberalism promoting free trade and privatization strategies. New Internet-based technologies have reinforced financial market integration, creating a fragile, globally integrated financial ecosystem that poses new systemic risks and contagion effects characterized by excessive borrowing and ballooning debt, massive asset bubbles, a huge shadow banking system, and financial innovation leading to collateralized debt obligation and securitization. Public education has been at the core of neoliberal privatization strategies and financialization with the trillion-dollar blowout of student loans. Education, once considered a national and global public good tied to the creation of knowledge and the basis of a just and democratic society, has undergone a profound transformation and financial restructuring. This collection of essays by a range of international experts addresses the root causes of this massive change, analyzing the growth of finance capitalism and financialization, as well as the financialization of education and its consequences. The book is a valuable resource for classes in educational reform, education policy, higher education, and educational finance.
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Series Index


A.C. (Tina) Besley, Michael A. Peters, Cameron McCarthy, Fazal Rizvi General Editors

Global Studies in Education is a book series that addresses the implications of the powerful dynamics associated with globalization for re-conceptualizing educational theory, policy and practice. The general orientation of the series is interdisciplinary. It welcomes conceptual, empirical and critical studies that explore the dynamics of the rapidly changing global processes, connectivities and imagination, and how these are reshaping issues of knowledge creation and management and economic and political institutions, leading to new social identities and cultural formations associated with education.

We are particularly interested in manuscripts that offer: a) new theoretical, and methodological, approaches to the study of globalization and its impact on education; b) ethnographic case studies or textual/discourse based analyses that examine the cultural identity experiences of youth and educators inside and outside of educational institutions; c) studies of education policy processes that address the impact and operation of global agencies and networks; d) analyses of the nature and scope of transnational flows of capital, people and ideas and how these are affecting educational processes; e) studies of shifts in knowledge and media formations, and how these point to new conceptions of educational processes; f) exploration of global economic, social and educational inequalities and social movements promoting ethical renewal.

For additional information about this series or for the submission of manuscripts, please contact one of the series editors:

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