The political economy of consumption and household debt: an interdisciplinary contribution

Abstract

This article offers a critical review of the literature on consumption and household debt, with the aim of identifying the main contributions and drawbacks of disciplinary approaches for understanding the multiple factors that influence these important forms of socioeconomic behaviour. On the basis of this literature review, the authors propose an interdisciplinary line of research within political economy that places particular emphasis on structural factors such as the recent transformations in contemporary capitalism, which have led to an extraordinary growth in the economic and political power of finance. It also foregrounds relevant social changes such as the increasing dominance of the neoliberal ideology, which promotes an individualisation of the provision of goods and services that favours the financial sector.