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International financial subordination: a critical research agenda

International financial subordination: a critical research agenda

Alami, Ilias, Alves, Carolina, Bonizzi, Bruno, Kaltenbrunner, Annina, Koddenbrock, Kai, Kvangraven, Ingrid and Powell, Jeff ORCID: 0000-0001-7962-3101 (2022) International financial subordination: a critical research agenda. Review of International Political Economy. ISSN 0969-2290 (Print), 1466-4526 (Online) (In Press) (doi:https://doi.org/10.1080/09692290.2022.2098359)

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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.

Item Type: Article
Uncontrolled Keywords: international financial subordination; developing and emerging economies; dependency theory; Marxist theory; Post Keynesian currency hierarchy
Subjects: H Social Sciences > HB Economic Theory
Faculty / School / Research Centre / Research Group: Faculty of Business
Faculty of Business > Department of International Business & Economics
Faculty of Business > Institute of Political Economy, Governance, Finance and Accountability (IPEGFA)
Faculty of Business > Institute of Political Economy, Governance, Finance and Accountability (IPEGFA) > Greenwich Political Economy Research Centre (GPERC)
Last Modified: 25 Jul 2022 14:09
URI: http://gala.gre.ac.uk/id/eprint/36293

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