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        International Financial Subordination: A Critical Research Agenda

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        International_financial_subordination_a_critical_research_agenda.pdf (PDF, 2Mb)
        Author
        Bonizzi, Bruno
        Kaltenbrunner, Annina
        Powell, Jeff
        Alves, Carolina
        Alami, Ilias
        Koddenbrock, Kai
        Kvangraven, Ingrid
        Attention
        2299/25642
        Abstract
        Despite a varied picture in terms of their relative economic strength, Developing and Emerging Economies (DEEs) remain in a subordinate position in the global monetary and financial system. While the IPE and economics literatures provide rich insights about the significance of this phenomenon, research efforts remain fragmented. To address this problem, we offer an umbrella concept—international financial subordination (IFS)—to channel research efforts towards cumulative theory-building. IFS is about unearthing why the structural power of finance takes a particularly violent form of expression in DEEs. To provide structure to IFS as a scholarly field, we first assess the contributions of IPE in analyzing various factors that reproduce IFS. To better ground these efforts in processes of accumulation and the histories of the relation between finance and (post)colonial development, we then offer a critical synthesis of three heterodox traditions—dependency theory, post-Keynesian economics, and Marxism. Next, we develop a pluridisciplinary research agenda organized around six analytical axes: the historical analysis of financial relations, the relations between financial and productive subordinations, the constitutive role of monetary relations as expressions of power, the role of the state, the actions and practices of non-state actors, and the spatial relations of financial subordination.
        Publication date
        2022-07-19
        Published in
        Review of International Political Economy
        Published version
        https://doi.org/10.1080/09692290.2022.2098359
        Other links
        http://hdl.handle.net/2299/25642
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