New constitutionalism across the North-South divide—neoliberalization through development cooperation agreements

The Wall Street Consensus (WSC) marks the global North’s recent attempt to make development in the global South investable. Yet, how are these neoliberal reforms for an investor-friendly environment promoted? This article argues that new constitutionalist mechanisms are used in development cooperation agreements between the global North and the global South to carve in neoliberal reforms in general, and financialization in particular. We apply Gill’s concept of New Constitutionalism (NC) to trace the mechanisms that attempt to lock in these reforms. We chart out how NC underpins Gabor’s WSC and account for idiosyncratic features of postcolonial statehood. We, thus, operationalize and expand Gill’s NC concept. We apply this framework to the MCC Ghana Power Compact, a development cooperation treaty between the Millennium Challenge Corporation (MCC) and the Government of Ghana. Deploying qualitative content analysis, we spot about 60% of the NC mechanisms. Beyond rendering visible the NC mechanisms in international agreements, this article contributes an analytical tool to research the (power) dynamics in development cooperation between the global North and South. While it demonstrates Gill’s relevance in understanding these processes, it also points towards avenues of research regarding the locking in of WSC reforms.