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Universalising Financial Inclusion and the Securitisation of Development

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  • Susanne Soederberg

Abstract

In the wake of the 2008 financial crisis the G20 leaders have attempted to universalise financial inclusion as a key development strategy Financial inclusion, which has long been championed by official development institutions as a sound and effective market-based solution to combat poverty, is also now promoted by the G20, not only as a way out of the ongoing global recessionary environment but also as an important scheme to stabilise the world economy. To this end the G20 Financial Inclusion Experts Group forged the G20 Principles for Innovative Financial Inclusion in 2010 (the G20 Principles). Drawing on a historical materialist lens, I argue that the G20 Principles— which represent extensions of, as opposed to a departure from, the neoliberal development project—serve to legitimate, normalise, and consolidate the claims of powerful, transnational capital interests that benefit from finance-led capitalism. The primary way this is achieved is through obscuring and concealing the exploitative relations and speculative tendencies involved in financial inclusion strategies.

Suggested Citation

  • Susanne Soederberg, 2013. "Universalising Financial Inclusion and the Securitisation of Development," Third World Quarterly, Taylor & Francis Journals, vol. 34(4), pages 593-612.
    • Handle: RePEc:taf:ctwqxx:v:34:y:2013:i:4:p:593-612
    DOI: 10.1080/01436597.2013.786285
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    Cited by:

    1. Beverley Mullings, 2022. "Racial capitalism, coloniality and the financialization of Caribbean remittances," Environment and Planning A, , vol. 54(4), pages 744-760, June.
    2. Hanna Hilbrandt & Monika Grubbauer, 2020. "Standards and SSOs in the contested widening and deepening of financial markets: The arrival of Green Municipal Bonds in Mexico City," Environment and Planning A, , vol. 52(7), pages 1415-1433, October.
    3. Alf Gunvald Nilsen, 2021. "Give James Ferguson a Fish," Development and Change, International Institute of Social Studies, vol. 52(1), pages 3-25, January.
    4. Ömer Tuğsal Doruk, 2024. "The dark side of finance: the link between financialisation and labour investment in emerging Asian countries," Economic Change and Restructuring, Springer, vol. 57(6), pages 1-20, December.
    5. Shaukat Ansari, 2022. "Cash Transfers, International Finance and Neoliberal Debt Relations: The Case of Post‐apartheid South Africa," Development and Change, International Institute of Social Studies, vol. 53(3), pages 551-575, May.
    6. Syella Nurhaliza & Ariodillah Hidayat & Siti Rohima & Rasyida Pertiwi & Liliana & Sri Andaiyani & Xenaneira Shodrokova & Ichsan Hamidi, 2024. "The Relationship between Financial Inclusion and Financial Stability Banking Industry in G20 Emerging Market Countries: A Panel Data Evidence," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 113-132.
    7. Nick Bernards, 2019. "Tracing mutations of neoliberal development governance: ‘Fintech’, failure and the politics of marketization," Environment and Planning A, , vol. 51(7), pages 1442-1459, October.
    8. Thereza Balliester Reis, 2021. "What is financial inclusion? A critical review," Working Papers 246, Department of Economics, SOAS University of London, UK.
    9. Sonia Kumari Selvarajan & V. G. R. Chandran, 2024. "Financial Inclusion Trajectories: Geographical Dispersion, Convergence, and Development Implications," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 36(4), pages 897-924, August.
    10. Abubakar Adamu Magaji & Daneji Bashir Ahmad & Muhammed Ahmed Ibrahim & Chekene Imam-Ahmad Buba, 2020. "Driving faster financial inclusion in developing nations," Technology audit and production reserves, Socionet;Technology audit and production reserves, vol. 2(4(52)), pages 35-40.
    11. Leite, Rodrigo & Mendes, Layla & Camelo, Emmanuel, 2024. "Innovating microcredit: how fintechs change the field," Journal of Economics and Business, Elsevier, vol. 128(C).
    12. Ozili, Peterson K, 2020. "Financial inclusion: a strong critique," MPRA Paper 101813, University Library of Munich, Germany.
    13. Tyler Girard, 2020. "Bank Accounts for All: How Do State Policies Matter?," Journal of International Development, John Wiley & Sons, Ltd., vol. 32(5), pages 793-818, July.
    14. Lucy Baker, 2021. "Everyday experiences of digital financial inclusion in India's ‘micro-entrepreneur’ paratransit services," Environment and Planning A, , vol. 53(7), pages 1810-1827, October.
    15. Brendan Whitty & Jessica Sklair & Paul Robert Gilbert & Emma Mawdsley & Jo‐Anna Russon & Olivia Taylor, 2023. "Outsourcing the Business of Development: The Rise of For‐profit Consultancies in the UK Aid Sector," Development and Change, International Institute of Social Studies, vol. 54(4), pages 892-917, July.
    16. Joshua Long, 2021. "Crisis Capitalism and Climate Finance: The Framing, Monetizing, and Orchestration of Resilience-Amidst-Crisis," Politics and Governance, Cogitatio Press, vol. 9(2), pages 51-63.
    17. Monika Grubbauer, 2020. "Assisted Self‐help Housing in Mexico: Advocacy, (Micro)Finance and the Making of Markets," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 44(6), pages 947-966, November.
    18. Nartey Menzo, Benjamin Prince & Mogre, Diana & Asuamah Yeboah, Samuel, 2024. "Beyond Income: The Complexities of Credit Risk in Developing Countries," MPRA Paper 122364, University Library of Munich, Germany, revised 20 Sep 2024.

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