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The debate on effects of globalization on welfare states is extensive. Often couched in terms of a battle between the compensation and the efficiency thesis, the scholarly literature has provided contradictory arguments and findings. This article contributes to the scholarly debate by exploring in greater detail the micro-level foundations of compensation theory. More specifically, we distinguish between individual policy preferences for compensatory social policies (unemployment insurance) and human capital-focused social investment policies (education) and expect globalization to mainly affect demand for educational investment. A multi-level analysis of ISSP survey data provides empirical support for this hypothesis. This finding provides an important revision and extension of the classical analytical perspective of compensation theory, because it shows that citizens value the social investment function of the welfare state above and beyond simple compensation via social transfers. This might be particularly relevant in today's skill-centered knowledge economies.
This working paper gives insights on a theoretical perspective on class formation in the context of global financial markets and presents first empirical findings regarding the formation of a global financial class. It draws on numerous encounters with financial professionals that were inter- viewed in Frankfurt (Germany) and Sydney (Australia). As a preliminary conclusion from those inves- tigations on a micro-perspective, we state that acting on the market creates a sense of global socia- bility, whereby organizations only play a secondary role. Careers in finance follow internationally homogenized pathways. This process of global class formation is taking place prominently in global financial centers. Therefore we link the level of investigation on a micro-perspective (experience of financial professionals) with global city life and the fabric of the city. This results in empirical findings on a meso-level from an ethnography of the social and professional urban environment of finance in the two global cities. Symbolic struggles engraved in the built environment of Frankfurt and Sydney are traced and discussed against the background of every-day-practices of aspiration in the financial districts investigated.