citizens being transformed from вЂwelfare subjectsвЂ™ to вЂpersonal investorsвЂ™ and вЂpersonal borrowersвЂ™ with a related internalisation of new norms of individual risk-taking (Langley, 2008). Most accounts of the вЂeveryday lifeвЂ™ of financialisation focus particularly on issues of culture, identities and subjectivities (Langley, 2008; Coppock, 2013; Deville, 2015; Horsley, 2015). This focus has provided a rich stream of thought about the nature of contemporary society but, we argue, fails to fully engage with the вЂlived experienceвЂ™ or вЂlived realityвЂ™ of financialisation. Payday lending is not just important in terms of what it tells us about people’s subjectivities and identities but also in terms of their more objective experiences of managing on low and precarious incomes. Van der Zwan (2014: 113вЂ“14) has also criticised the neo-Foucauldian emphasis on identities and subjectivities but from a different perspective, arguing that вЂthe role of the state remains underdeveloped in this body of scholarly work. . . and yet. . . the expansion of financial markets has coincided with the retreat of the welfare state in many of the advanced political economiesвЂ™. We also engage with, and contribute to, debates about the role of the state in this paper.
In bringing together the вЂregime of accumulationвЂ™ and вЂfinancialisation of everyday lifeвЂ™ approaches to our analysis of payday lending we also draw on discussion of the emergence of a вЂshadowвЂ™ welfare state (Fairbanks, 2009; Gottschalk, 2000). This relates to the varied sources https://guaranteedinstallmentloans.com/ of support people rely on from the mixed economy of credit (credit from different sources including the private sector, the state, family and friends and non-government microfinance schemes) alongside the mixed economy of welfare (Karger, 2005; Marston and Shevellar, 2014). In the US, for example, even before the global financial crisis took hold, the subprime lending industry paid out more money (by a factor of four to one) to poor families (in the form of loans) than was paid out by the state in the form of Temporary Assistance for Needy Families and the Earned Income Tax Credit combined (Committee on Ways and Means, 2008; Marston and Shevellar, 2014; Rivlin, 2011).