I am an economic sociologist, working in the critical tradition of political economy. My focus is on finance-led economic growth, and the financialisation of household income, as savings and income are channelled into capital markets through personal investment and debt.

My doctoral research considered the rise of the ‘financial subject’, or the ‘everyday entrepreneur’, in the context of widening economic inequality in the United Kingdom since the 1980s. Risk-taking is rationalised as an opportunity for greater reward: Savings are linked to market performance through investment in private pensions, unit trusts, bonds or assets such as property, while debt, when responsibly managed, can be used to ameliorate short-term periods of uncertainty. Household finance has acquired a more entrepreneurial character as a result, but this is difficult to manage for those facing problems of low income, precarious or short-term employment prospects, and with little wealth, savings, or assets to rely on. The problem of ‘financial exclusion’, when individuals and households struggle to access necessary financial services or make use of them within their means, therefore deepens inequality and creates new forms of precariousness.

My current project is a funded research partnership with three local authorities, investigating the effects of financial exclusion on the life chances of indebted households. Capturing financial exclusion, as indicated by levels of indebtedness and limited engagement with mainstream financial services, will help illustrate what happens to excluded households and how they get by. This, in turn, will shed light on the type of provision at the local level that could benefit the financially-excluded. As local authorities become increasingly interested in indebted households as a result of the pressure they place on reduced welfare services, a proactive approach involving community-based solutions aimed at addressing systemic shortfalls is needed. Developing a deeper sense of financial exclusion and its regional variations is an important first step.


Dr Niamh Mulcahy completed her PhD in Sociology at the University of Cambridge in 2019, where she was also a member of King’s College. Her earlier degrees, including a BA (Honours) and MA were undertaken at the University of Alberta, in Canada.


  • ‘Is the social study of finance necessarily nominalist? Using realism to address critical shortcomings’. Forthcoming in the Journal for the Theory of Social Behaviour.
  • ‘Shaping entrepreneurial subjects: How structural changes and institutional fixes shape financial strategies in daily life’. Thesis Eleven 142:1 (2017), 5 – 17.
  • ‘Workers-as-consumers: Rethinking the political economy of consumption and capital reproduction’. Capital and Class 41:2 (2017), 315 – 332.
  • ‘Entrepreneurial subjectivity and the political economy of daily life in the time of finance’. European Journal of Social Theory 20:2 (2017), 216 – 235.
  • ‘Narrating developmental disability: Researchers, advocates, and the creation of an interview space in the context of university-community partnerships’. International Journal of Qualitative Methods 11:2 (2012), 165 – 179.

Book Reviews:

  • Review of Democracy in What State? New York: Columbia University Press, 2011. Giorgio Agamben, Alain Badiou, Daniel Bensaïd, Wendy Brown, Jean-Luc Nancy, Jacques Rancière, Kristin Ross, and Slavoj Žižek. Translated by William McCuaig. Rethinking Marxism 25:4 (2013), 602 – 605.


Tel: +44 1223 766886