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  Beyond Financialisation: The "longue durée" of Finance and Production in the Global South

Koddenbrock, K., Kvangraven, I. H., & Sylla, N. S. (2022). Beyond Financialisation: The "longue durée" of Finance and Production in the Global South. Cambridge Journal of Economics, 46(4), 703-733. doi:10.1093/cje/beac029.

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 Creators:
Koddenbrock, Kai1, 2, Author           
Kvangraven, Ingrid Harvold3, Author
Sylla, Ndongo Samba4, Author
Affiliations:
1Projekte von Gastwissenschaftlern und Postdoc-Stipendiaten, MPI for the Study of Societies, Max Planck Society, ou_1214554              
2University of Bayreuth, Germany, ou_persistent22              
3King’s College London, UK, ou_persistent22              
4Rosa Luxemburg Foundation - Regional Office West Africa, Dakar, Senegal, ou_persistent22              

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Free keywords: Financialisation, Imperialism, African economic history, Colonial legacies, Banking
 Abstract: One of the central premises of the literature on financialisation is that we have been living in a new era of capitalism, characterised by a historical shift in the finance-production nexus. Finance has expanded to a disproportionate economic size and, more importantly, has divorced from productive economic pursuits. In this paper, we explore these claims of ‘expansion’ and ‘divorce’ based on a longue durée analysis of the link between finance and production in Senegal and Ghana. As such, we de-centre the dominant approach to financialisation. Seen from the South, we argue that although there has been expansion of financial motives and practices the ‘divorce’ between the financial and the productive economy cannot be considered a new empirical phenomenon having occurred during the last decades and even less an epochal shift of the capitalist system. The tendency for finance to neglect the needs of the domestic productive sector has been the structural operation of finance in many parts of the Global South over the last 150 years. Therefore, one cannot put forward a theory of the evolution of finance under capitalism without taking these crucial historical insights into account.

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Language(s): eng - English
 Dates: 2022-04-262020-08-182022-08-092022
 Publication Status: Issued
 Pages: -
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 Table of Contents: 1. Introduction
2. Colonial legacies and imperialism: a blindspot in the financialisation literature
3. Finance in imperialism in the longue durée: Senegal and Ghana
4. Conclusion
Acknowledgements
Bibliography
Footnotes
 Rev. Type: -
 Identifiers: DOI: 10.1093/cje/beac029
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Title: Cambridge Journal of Economics
Source Genre: Journal
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Pages: - Volume / Issue: 46 (4) Sequence Number: - Start / End Page: 703 - 733 Identifier: ISSN: 0309-166X
ISSN: 1464-3545

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Title: Financialisation in Developing and Emerging Economies: Manifestations, Drivers and Implications, Part 1
Source Genre: Issue
 Creator(s):
Alves, Carolina1, Editor
Bonizzi, Bruno2, Editor
Kaltenbrunner, Annina3, Editor
Palma, José Gabriel1, 4, Editor
Affiliations:
1 Cambridge University, UK, ou_persistent22            
2 University of Hertfordshire, Hatfield, UK, ou_persistent22            
3 University of Leeds, UK, ou_persistent22            
4 University of Santiago de Chile, Chile, ou_persistent22            
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Pages: - Volume / Issue: - Sequence Number: - Start / End Page: - Identifier: -