Maryam Shariat; Hassan Hosseini
Abstract
American Dream is a national ethos of the United States, which was first coined by James Truslow Adams in the 20th century, meaning everyone should have the opportunity to reach what ...
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American Dream is a national ethos of the United States, which was first coined by James Truslow Adams in the 20th century, meaning everyone should have the opportunity to reach what s/he desires according to his/her abilities and attempts. Although the concept of American Dream existed from the beginning days of the establishment of the United States, it has undergone significant changes throughout the country’s history. This study investigates the effect of the financialization of the economy (the increase of the importance and the size of the financial sector relative to the entire economy) in the 21st century on the three key elements of the American Dream—homeownership, employment, and income—from George Bush’s presidency in 2001 to the end of Barack Obama's presidency in 2016. The theoretical framework of the study is the American Dream Theory and the financialization of capitalization, and its methodology consists of a qualitative historical analysis. The result of the study indicate that financialization of the economy in the 21st century caused the American Dream to become more financialized: while presidents Bush and Obama promised to realize American Dream for all Americans, in practice, their administration policies were more in the interest of financial institutions and the rich, rather than low and middle-class Americans.
