Introduction

Financialisation and Development in Asia under Late Capitalism

Bibliographic Data

ID12349559
AuthorsToby Carroll (0000-0003-2170-3410, City University of Hong Kong, corresponding author), Darryl S L Jarvis (0000-0002-4661-9154, Education University of Hong Kong)
Year2014
Volume38
Issue4
Pages533-543
Publication date2014-10-02
Peer ReviewedYes
Open AccessNo
TypeARTICLE
VenueAsian Studies Review (JOURNAL)
Journal identifiersISSN: 1035-7823 • E-ISSN: 1467-8403
PublisherRoutledge (PUBLISHER • GB)
DOI10.1080/10357823.2014.956284
OpenAlexW2027238236
LanguageEN
Citations received28
References cited16

Multilateral development agencies have increasingly focused attention on underdeveloped countries in Asia as potential new sites for financial capital. Often referred to as “emerging markets”, these economies are seen as ripe for private sector investment and, at the same time, in need of foreign capital to support rapid industrialisation, modernisation and poverty reduction. For development agencies, this confluence of interests suggests a means for quickly closing the “development gap”, primarily through mobilising techno-managerial modalities designed to reduce barriers to capital entry and other institutional inefficiencies seen as inimical to investment. Thus development agencies now encourage the construction of “enabling environments” to support “market driven development” through processes of “financialisation”. Development, in this sense, is no longer state-led or state-centred, but rather financially driven and privately procured.As we highlight in this special issue, however, financialised modes of development are highly contested and problematic. Indeed, the diffusion into the underdeveloped world of essentially developed world financialisation agendas that seek to instil a broad-based market rationalism that downloads new costs and risks to populations is of significant concern. This Introduction sets in context and introduces a much needed set of articles that bring clarity to financialisation in developing Asia and its implications for development as a process of substantively improving material conditions

Capital accumulation · Capitalism · Context (archaeology · Developing country · Development economics · Economic growth · Economic system · Economics · Human capital · Industrialisation · Market economy · Modernization theory · Political science · Private sector development · State (computer science · Economic Theory and Policy · Housing, Finance, and Neoliberalism · Political Economy and Marxism