ABSTRACT This article analyses welfare financialisation processes in the United Kingdom, France and Italy, three countries that have been differently subjected to austerity constraints and pressures to expand the range of private resources towards welfare provision. The main contribution of this article is to highlight three distinctive trajectories of welfare financialisation. Two key issues of this emerging debate are mainly examined. First, one delineates the relationship between social policy and financial market. Second, one addresses the institutional mechanisms created to solve the problem of finding alternative resources to public expenditure, by offering a new perspective on how welfare financialisation interacts with private debt circuits and public spending.

中文翻译：

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欧洲福利金融化的轨迹。法国、意大利和英国的比较

摘要 本文分析了英国、法国和意大利的福利金融化进程，这三个国家受到了不同程度的紧缩限制和压力，需要扩大私人资源范围以提供福利。本文的主要贡献是强调福利金融化的三个不同轨迹。主要审查了这场新出现的辩论的两个关键问题。一是梳理了社会政策与金融市场的关系。其次，通过提供关于福利金融化如何与私人债务循环和公共支出相互作用的新视角，解决了为解决寻找公共支出替代资源问题而创建的体制机制。