Handbook on Development and Social Change
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Handbook on Development and Social Change

Edited by G. H. Fagan and Ronaldo Munck

This Handbook provides an accessible critical review of the complex issues surrounding development and social change today. With chapters from recognized experts, examining economic, political and social aspects, and covering key topics and developing regions, it goes beyond current theory and sets out the debates which will shape an approach better suited to the modern world.
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Chapter 5: Financialization and development: issues and perspectives

Cecilia Allami and Alan Cibils


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.

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