Grounding financialisation

Development, inclusion, and agency

Bibliographic Data

ID8360285
AuthorsGlenn Banks (0000-0002-0540-8529, Massey University), J Overton (0000-0002-9080-9510, Victoria University of Wellington, corresponding author)
Year2022
Volume54
Issue2
Pages168-175
Publication date2022-06-01
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueArea (JOURNAL)
Journal identifiersISSN: 0004-0894 • E-ISSN: 1475-4762
PublisherWiley (PUBLISHER • GB)
DOI10.1111/area.12740
OpenAlexW3171928879
LanguageEN
Citations received8
References cited28

The increasing complexity and visibility of financial capital and processes in the global economy and in everyday lives offers both tantalising promise and pitfalls. This review of financialisation in global development develops three key themes: debates and contests over the definition, nature, and extent of financialisation (“what is it”); the erosion within these debates of distinctions between long‐held categories within development – between intentional and immanent, or “big D” and “little d” development, for example; and an exploration of how financialisation has drawn attention to more complex understandings and analyses of risk and its implications for the global economy and everyday lives in the Global South. Drawing on material from the Pacific and situating this alongside existing literature, this review uses these themes to argue that while there is much that is new in the nuance of these processes, there is nothing inherently emancipatory in the new technologies of financialisation. And the often heralded “democratisation of finance” that it represents often serves to extend the reach of capitalism and ties individuals, households, and communities more tightly into the global circuits and structures of capital. These processes themselves though are rarely uncontested, and the plethora of forms they assume reflect localised conditions, geographies, and forms of agency

Agency (philosophy) · Capital (architecture) · Capitalism · Democratization · Economics · Environmental ethics · Epistemology · Neoclassical economics · Nothing · Political economy · Political science · Politics · Social science · Sociology · History · Housing, Finance, and Neoliberalism · Law

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