The Contributions to Indian Sociology: IEG-Sage Lecture Series recently hosted Prof. Kath Weston, a distinguished professor of Anthropology at the University of Virginia and an honorary fellow in the College of Arts, Humanities, and Social Sciences at the University of Edinburgh at the India International Centre, New Delhi on 22^nd February 2025.  Her lecture, Feverish Financial Systems, Physician Bankers, and Ailing Markets by Prof. Kath Weston, provided a compelling examination of the intricate connections between financial instability, economic regulation, and the pervasive use of medical metaphors in describing market fluctuations.

Drawing from her forthcoming book, Capitalism on Life Support: How Scientific and Medical Imagery Shapes Finance, Prof. Weston explored how financial markets are often likened to biological systems, particularly in times of crisis. Prof. Weston drew striking parallels between economic downturns and cardiovascular diseases, illustrating how financial professionals and institutions navigate market turbulence like medical practitioners manage human health crises. These metaphors, she argued, are not merely rhetorical flourishes but actively shape regulatory decisions, corporate strategies, and public trust in financial systems.

Prof. Weston traced the historical evolution of these metaphors, noting that while the idea of the economy as a living organism dates back centuries, the medicalization of finance gained momentum during the 2007-2008 global financial crisis. She compared the crisis to a chronic disease exacerbated by systemic vulnerabilities and regulatory neglect, much like untreated hypertension leading to a heart attack. Just as early interventions and preventative care can improve health outcomes, robust financial regulations and early warning systems can mitigate economic shocks before they escalate into full-blown disasters.

Expanding on this theme, she examined the economic impact of the COVID-19 pandemic, which, she explained, served as a real-time stress test for financial systems worldwide. Countries that prioritized financial resilience, strong leadership, and the well-being of financial professionals demonstrated quicker recovery and greater economic stability. The pandemic underscored the need for a holistic approach to economic governance—one that considers not just market performance but also the mental and physical health of the stakeholders steering financial institutions.

A thought-provoking aspect of Prof. Weston’s lecture was her discussion on the well-being of financial professionals. The volatile nature of financial markets often leads to immense stress and burnout among bankers, traders, and policymakers. She argued that a fatigued and overstressed financial workforce is more prone to making risky, irrational decisions that can have widespread consequences. By fostering workplace wellness initiatives and mental health support, the financial sector can improve decision-making processes and reduce the likelihood of economic instability.

She further challenged the continued reliance on medical metaphors in financial policymaking. While these analogies may simplify complex economic concepts for public discourse, they often fail to hold up under scrutiny. She questioned the effectiveness of granting financial institutions a “certificate of health” based on predictive modeling, as economic conditions frequently evolve in ways that models cannot anticipate.

Prof. Weston concluded the lecture by calling for a better understanding of financial governance that moves beyond simplistic medical analogies and embraces a more interdisciplinary approach. Just as human health is vital to individual and collective well-being, the stability of financial institutions is crucial to economic and societal progress.

About the IEG-Sage Lecture Series

The Contributions to Indian Sociology: IEG-SAGE Lecture Series is a collaborative initiative by the Institute of Economic Growth (IEG) and SAGE Publications, aimed at bringing together eminent scholars to discuss pressing social, economic, and cultural issues. The series serves as a platform for intellectual exchange, contributing to academic and policy-driven discussions in India and beyond.