Financializations of Development: Global Games and Local Experiments

291 Pages·2023·3.719 MB·English

by  Ève Chiapello, Anita Engels, Eduardo Gonçalves Gresse

FINANCIALIZATIONS OF
DEVELOPMENT
Financializations of Development brings together cutting-edge perspectives on
socio-political, socio-historical and institutional analyses of the evolving mul-
tiple and intertwined financialization processes of developmental institutions,
programs and policies.
In recent years, the development landscape has seen a radical transformation
in the partaking actors, which have moved beyond just multilateral or bilateral
public development banks and aid agencies. The issue of financing for sustain-
able development is now at the top of the agenda for multilateral development
actors. Increasingly, development institutions aim to include private actors and to
lever in private money to support development projects. Drawing on case studies
conducted in Africa, Asia, Europe and Latin America, this book examines the
ways in which these private finance actors are enrolled and associated with the
conception and implementation of development policies. Beginning with a focus
on global actors and private foundations, this book considers the ways in which
development funding is raised, managed and distributed, as well as debates at
the center of global forums where financialized policies and solutions for devel-
opment are conceived or discussed. The book assembles empirical research on
development programs and demonstrates the social consequences of the finan-
cializations of development to the people on the ground.
Highlighting the plurality of processes and outcomes of modern-day rela-
tions, tools, actors and practices in financing development around the world, this
book is key reading for advanced students, researchers and practitioners in all
areas of finance, development and sustainability.
Ève Chiapello is Professor (Directrice d’Études) at EHESS (School for the
Advanced Studies in Social Sciences), Paris, where she holds a chair on “the
sociology of the transformations of capitalism”. Her present work is about the
financialization of public policies, on which she has organized a series of inter-
national conferences with the University of Hamburg financed by the Anneliese
Maier Research Award received in 2016 from the Alexander von Humboldt
Foundation. She is a member of CEMS (Centre d’Étude des Mouvements
Sociaux – EHESS/CNRS-UMR 8044-INSERM U1276).
Anita Engels is Professor of Sociology at the University of Hamburg. She has
spent the past two decades working on climate change and social change, and has
published extensively on the creation and dynamics of carbon markets, both in
the European Union and in China. Her most recent work focuses on companies
and their carbon management strategies, and on real-world laboratories. She is
in the board of the Cluster of Excellence Climate, Climatic Change, and Society
(CLICCS) at the University of Hamburg, Germany.
Eduardo Gonçalves Gresse is a Postdoctoral Researcher at the Cluster of Ex-
cellence CLICCS at the University of Hamburg, Germany. In his PhD (Sociol-
ogy), he investigated the sense-making and the social engagement of non-state
actors with the 2030 Agenda in Brazil. He is currently a co-editor of the Ham-
burg Climate Futures Outlook, an annual publication that introduces a new,
interdisciplinary methodology to assess the plausibility of climate futures. His
research interests include Sustainable Development Governance, Climate Fu-
tures and Brazilian studies.

Routledge Explorations in Development Studies
This Development Studies series features innovative and original research at the
regional and global scale. It promotes interdisciplinary scholarly works draw-
ing on a wide spectrum of subject areas, in particular politics, health, econom-
ics, rural and urban studies, sociology, environment, anthropology, and conflict
studies.
Topics of particular interest are globalization; emerging powers; children and
youth; cities; education; media and communication; technology development;
and climate change.
In terms of theory and method, rather than basing itself on any orthodoxy, the
series draws broadly on the tool kit of the social sciences in general, emphasizing
comparison, the analysis of the structure and processes, and the application of
qualitative and quantitative methods.
Global Development in the Arctic
International Cooperation for the Future
Edited by Andrey Mineev, Anatoli Bourmistrov and Frode Mellemvik
Financializations of Development
Global Games and Local Experiments
Edited by Ève Chiapello, Anita Engels and Eduardo Gonçalves Gresse
The Rise of Small-Scale Development Organisations
The Emergence, Positioning and Role of Citizen Aid Actors
Edited by Haane Haaland, Sara Kinsbergen, Lau Schulpen and Hege Wallevik
Banking and Microfinance Institution Partnerships
A Comparative Analysis of Cambodia and Australia
Don Chandima Padmaperuma
For more information about this series, please visit: www.routledge.com/
Routledge-Explorations-in-Development-Studies/book-series/REDS
FINANCIALIZATIONS OF
DEVELOPMENT
Global Games and Local Experiments
Edited by
Ève Chiapello, Anita Engels and
Eduardo Gonçalves Gresse
Designed cover image: alexsl
First published 2023
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© 2023 selection and editorial matter, Ève Chiapello, Anita Engels and
Eduardo Gonçalves Gresse; individual chapters, the contributors
The right of Ève Chiapello, Anita Engels and Eduardo Gonçalves
Gresse to be identified as the authors of the editorial material, and of
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British Library Cataloguing-in-Publication Data
A catalogue record for this book is available from the British Library
Library of Congress Cataloging-in-Publication Data
Names: Chiapello, Eve, editor. | Engels, Anita, editor. | Gonçalves
Gresse, Eduardo, editor.
Title: Financializations of development : global games and local
experiments / edited by Ève Chiapello, Anita Engels and Eduardo Gresse.
Description: New York, NY : Routledge, 2023. |
Series: Routledge explorations in development studies | Includes
bibliographical references and index. |
Identifiers: LCCN 2022046279 (print) | LCCN 2022046280 (ebook) |
ISBN 9780367483937 (paperback) | ISBN 9780367483944 (hardback) |
ISBN 9781003039679 (ebook)
Subjects: LCSH: Finance—Developing countries. | Sustainable development—
Developing countries. | Economic development—Finance. | Development
banks—Developing countries. | Development credit corporations—Developing
countries. | Banks and banking—Developing countries.
Classification: LCC HG195 .F5446 2023 (print) | LCC HG195 (ebook) |
DDC 332.1/5309172/4—dc23/eng/20221117
LC record available at https://lccn.loc.gov/2022046279
LC ebook record available at https://lccn.loc.gov/2022046280
ISBN: 978-0-367-48394-4 (hbk)
ISBN: 978-0-367-48393-7 (pbk)
ISBN: 978-1-003-03967-9 (ebk)
DOI: 10.4324/9781003039679
Typeset in Bembo
by codeMantra
CONTENTS
List of figures xi
List of tables xiii
Acknowledgments xv
Foreword xvii
List of acronyms and abbreviations xxiii
List of contributors xxix
Introduction: financializations of development 1
Ève Chiapello, Anita Engels and Eduardo Gonçalves Gresse
PART I
Financing development 17
1 Why development finance institutions are reluctant to
invest in agriculture… And why they keep trying: the
financialization of development policies as an obstacle
to invest in agriculture 19
Antoine Ducastel, Magalie Bourblanc and Camilla Adelle
2 How private equity turns development finance into
a market opportunity 34
Océane Ronal
3 The financialization of EU development policy:
blended finance and strategic interests (2007–2020) 48
Luis Mah
viii Contents
4 Shifts and hurdles in the urbanization of development
finance: the case of the World Bank’s city
creditworthiness initiative 63
Monika Grubbauer and Hanna Hilbrandt
5 The financialization of infrastructure in sub-Saharan Africa 78
Kate Bayliss and Elisa Van Waeyenberge
6 The financialization of sustainable development goals 93
Eduardo Gonçalves Gresse and Fernando Preusser de Mattos
7 Financial circuits of vaccine procurement in the era of
global health 109
Véra Ehrenstein
8 Financialization in development projects and new
modes of governance: the case of development
impact bonds 123
Juliette Alenda-Demoutiez
PART II
Finance as development 139
9 Financialization through payment infrastructure: the
philanthrocapitalism of the Mastercard foundation 141
Marie Langevin, Andréanne Brunet-Bélanger and Sylvain A. Lefèvre
10 “Top up your healthcare access”: mobile money to
finance healthcare in sub-Saharan Africa 155
Marine Al Dahdah
11 Social cash transfers in sub-Saharan Africa:
financialization, digitization and financial inclusion 169
Lena Gronbach
12 Conditional cash transfer programs in Mexico:
financial inclusion policies and the involvement of
private finance actors 182
Magdalena Villarreal
Contents ix
13 From social workers to proxy-creditors to bank tellers:
financialization in the work of microcredit field staff
in a South Indian town 197
Rajalaxmi Kamath and Nithya Joseph
14 Financial literacy training in Cambodia as a tool to
form borrowers’ subjectivities 211
Phasy Res
15 The financialization of the fight against poverty: from
microcredit to social capitalism 226
Isabelle Guérin
16 Financializing development: processes and implications 239
Anita Engels, Eduardo Gonçalves Gresse and Ève Chiapello
Index 253