Public Health Systems (PHS) are under continuous transformation in line with economic, political, and ideological changes in capitalist economies. The current stage of capitalism is underpinned by the process of financialization, meaning an increasing dominance of financial actors, markets, practices, measurements, and narratives over other agents, including the State. This article examines how financialization has been reshaping PHS, with an in-depth study of the French case. First, we suggest how to incorporate the concept of financialization into the research on PHS transformation. We then apply this concept to reassess the trajectory of the French system from the 1990s onwards. We show the increasing participation of financial capital for long-term, short-term, and infrastructure financing, occupying roles previously fulfilled by the public sector. We then discuss how the adoption of financialized strategies led to shifts in how public actors behave, and the potentially adverse effects for solidarity, stability, and democratic participation.

公共卫生系统 (PHS) 正在随着资本主义经济体的经济、政治和意识形态变化而不断转型。资本主义的当前阶段以金融化进程为基础，这意味着金融参与者、市场、实践、衡量标准和叙述对包括国家在内的其他代理人的主导地位越来越强。本文通过对法国案例的深入研究，探讨金融化如何重塑 PHS。首先，我们建议如何将金融化的概念纳入小灵通转型研究。然后我们应用这个概念来重新评估法国体系从 1990 年代开始的轨迹。我们显示金融资本越来越多地参与长期、短期和基础设施融资，担任以前由公共部门履行的职责。然后，我们讨论金融化战略的采用如何导致公共行为者行为方式的转变，以及对团结、稳​​定和民主参与的潜在不利影响。