Financial subjectivities in the agricultural sector: A comparative analysis of relations between farmers and banks in Latvia, Denmark and the UK

Access to financing is crucial for farmers to ensure competitiveness and to facilitate change. A better understanding of how farmers can access funds could help farmers to remain profitable and to adopt more sustainable farming practices. However, most of the academic literature discussing agricultural financing depicts farmers’ access to funds as impersonal and universal – emerging from the idea of “optimal financial behaviour”. This paper takes a different approach and introduces the concept of “financial subjectivities” to show how financial markets are constructed as locally embedded reinterpretations of the financialisation of agriculture that guide local agro-financial relations. We examine financial subjectivities in Latvia, Denmark and the UK respectively to understand how stakeholders co-constitute contextually embedded relations between farmers and banks and to assess processes of agro-financial relations in specific national contexts. The cases illustrate different relationships between banks and farms. In Latvia, agricultural crediting has developed comparatively recently and is heavily supported by government intervention; in Denmark, agriculture has undergone a period of financial crisis, and farmers are struggling to refinance and remain profitable; meanwhile, in the UK, relations between farmers and banks are well established but increasingly strained as agricultural producer returns on investment yield less profit. Each case thus reflects historical development trajectories and the regulatory engagement of agro-financial relations, asserting the importance of embedding analysis of agricultural financing in specific socio-political contexts.