Recent research has focused on the impacts of financialization on periphery countries, the different forms it takes and the channels through which it works. This chapter sets out to provide a comprehensive picture of the range of views in the literature rather than attempting to provide definitive answers. In the second section we present the variety of definitions of financialization used in the global North to describe the ascendance of finance capital. In the third section we consider the different forms that financialization has taken in the global South. We focus specifically on two aspects of financialization that have had a broad impact on the periphery: the accumulation of international reserves by central banks which has occurred since the crises of the 1990s, and the financialization of commodity markets, the main exports of many periphery countries. The chapter concludes with some preliminary reflections on the impact of financialization on the prospects for development in the periphery.
Cecilia Allami and Alan Cibils
Alan Cibils and Germán Pinazo
In the chapter, ‘The periphery in the productive globalization: a new dependency?,’ the authors analyse the role of peripheral countries in what has been called the new international division of labor from two perspectives. First discussed is the theoretical debates centered on new growth theory, neostructuralism, and the renewed interest in structuralist and dependency theories. Second, a broad range of statistical aggregates are presented and analysed. The authors conclude that there is justification for the use of dependency concepts for peripheral countries in today’s international division of labor.