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International financial subordination: a critical research agenda

Author

Listed:
  • Ilias Alami
  • Carolina Alves
  • Bruno Bonizzi
  • Annina Kaltenbrunner
  • Kai Koddenbrock
  • Ingrid Kvangraven
  • Jeff Powell

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.

Suggested Citation

  • Ilias Alami & Carolina Alves & Bruno Bonizzi & Annina Kaltenbrunner & Kai Koddenbrock & Ingrid Kvangraven & Jeff Powell, 2023. "International financial subordination: a critical research agenda," Review of International Political Economy, Taylor & Francis Journals, vol. 30(4), pages 1360-1386, July.
  • Handle: RePEc:taf:rripxx:v:30:y:2023:i:4:p:1360-1386
    DOI: 10.1080/09692290.2022.2098359
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    Citations

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    Cited by:

    1. Farwa Sial & Juvaria Jafri & Abdul Khaliq, 2023. "Pakistan, China and the Structures of Debt Distress: Resisting Bretton Woods," Development and Change, International Institute of Social Studies, vol. 54(5), pages 1226-1263, September.
    2. Gabor, Daniela & Braun, Benjamin, 2023. "Green macrofinancial regimes," SocArXiv 4pkv8, Center for Open Science.
    3. Bruno Bonizzi & Annina Kaltenbrunner, 2024. "International financial subordination in the age of asset manager capitalism," Environment and Planning A, , vol. 56(2), pages 603-626, March.
    4. Isaac Abotebuno Akolgo, 2023. "Ghana's Debt Crisis and the Political Economy of Financial Dependence in Africa: History Repeating Itself?," Development and Change, International Institute of Social Studies, vol. 54(5), pages 1264-1295, September.
    5. Benjamin Braun & Brett Christophers, 2024. "Asset manager capitalism: An introduction to its political economy and economic geography," Environment and Planning A, , vol. 56(2), pages 546-557, March.

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