חלוקה מחדש ופוליטיקת הפיננסיאליזציה של מדיניות רווחה: המקרה של "חיסכון לכל ילד"

The financialization of the political economy constitutes one of the key features of the neoliberal regime. This process also takes place in various domains of state action, including welfare policy. The financialization of welfare policy involves the establishment of various types of links between welfare programs, and financial logics, actors and markets. Given the potential tensions between the logics of the welfare state and of finance,this article examines two main questions: Which political conditions are likely to promote the financialization of welfare programs? And, what are the consequences of financialization for the politics of the welfare state?The study of the “Savings for Every Child” program indicates that under conditions of a salient political conflict between demands for redistribution and opposition to the decommodifying effects of universal cash benefits,financialization serves as a solution which satisfies the former while subordinating redistribution to principles of commodifying social investment. Regarding the second question, the study suggests that the use of financial instruments in cash transfer programs makes financial market actors, interests and considerations an integral factor in welfare policy-making processes, leading to significant changes in the politics of the welfare state.