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Post-Crisis Experiments in Development Finance Architectures: A Hirschmanian Perspective On ‘Productive Incoherence’

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  • Ilene Grabel

Abstract

The Asian and especially the global crisis of 2008 have catalyzed decentralization of the developing world’s financial governance architecture. I understand this state of affairs via the concept of “productive incoherence” which is apparent in a denser, multilayered development financial architecture that is emerging as a consequence of heterogeneous practical adjustments to changing circumstances rather than as the embodiment of a coherent doctrine. Drawing on Albert Hirschman, I argue that the absence of an encompassing theoretical blueprint for a new economic system—i.e. a new “ism” to replace neoliberalism—is in fact a vitally important virtue. If we cannot live without a new “ism,” I propose “Hirschmanian Possibilism” as a new doctrine—one that rejects an overarching theoretical framework from which to deduce the singly appropriate institutional structure of the economy. Hirschmanian Possibilism asserts instead the value of productive incoherence as a framework for pursuing democratic, ethically viable development institutions.

Suggested Citation

  • Ilene Grabel, 2015. "Post-Crisis Experiments in Development Finance Architectures: A Hirschmanian Perspective On ‘Productive Incoherence’," Review of Social Economy, Taylor & Francis Journals, vol. 73(4), pages 388-414, December.
  • Handle: RePEc:taf:rsocec:v:73:y:2015:i:4:p:388-414
    DOI: 10.1080/00346764.2015.1089111
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    1. Jeremy Adelman, 2013. "Worldly Philosopher: The Odyssey of Albert O. Hirschman," Economics Books, Princeton University Press, edition 1, number 9935.
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    Cited by:

    1. Ilene Grabel, 2018. "Toward a Pluripolar Global Financial Architecture? The Bretton Woods Institutions and the New Landscape of Developmental Finance," Review of Radical Political Economics, Union for Radical Political Economics, vol. 50(4), pages 653-659, December.
    2. William N. Kring & William W. Grimes, 2019. "Leaving the Nest: The Rise of Regional Financial Arrangements and the Future of Global Governance," Development and Change, International Institute of Social Studies, vol. 50(1), pages 72-95, January.
    3. William N. Kring & Kevin P. Gallagher, 2019. "Strengthening the Foundations? Alternative Institutions for Finance and Development," Development and Change, International Institute of Social Studies, vol. 50(1), pages 3-23, January.

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