Introduction: Financialisation and development in Asia under late capitalism

Toby CARROLL, Darryl Stuart JARVIS

Research output: Contribution to journalArticle

14 Citations (Scopus)

Abstract

Multilateral development agencies have increasingly focused attention on underdeveloped countries in Asia as potential new sites for financial capital. Often referred to as “emerging markets”, these economies are seen as ripe for private sector investment and, at the same time, in need of foreign capital to support rapid industrialisation, modernisation and poverty reduction. For development agencies, this confluence of interests suggests a means for quickly closing the “development gap”, primarily through mobilising techno-managerial modalities designed to reduce barriers to capital entry and other institutional inefficiencies seen as inimical to investment. Thus development agencies now encourage the construction of “enabling environments” to support “market driven development” through processes of “financialisation”. Development, in this sense, is no longer state-led or state-centred, but rather financially driven and privately procured. As we highlight in this special issue, however, financialised modes of development are highly contested and problematic. Indeed, the diffusion into the underdeveloped world of essentially developed world financialisation agendas that seek to instil a broad-based market rationalism that downloads new costs and risks to populations is of significant concern. This Introduction sets in context and introduces a much needed set of articles that bring clarity to financialisation in developing Asia and its implications for development as a process of substantively improving material conditions. Copyright © 2014 Asian Studies Association of Australia.
Original languageEnglish
Pages (from-to)533-543
JournalAsian Studies Review
Volume38
Issue number4
DOIs
Publication statusPublished - Dec 2014

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late capitalism
rationalism
Financialization
Capitalism
Asia
market
market economy
industrialization
modernization
private sector
finance
poverty

Citation

Carroll, T., & Jarvis, D. S. L. (2014). Introduction: Financialisation and development in Asia under late capitalism. Asian Studies Review, 38(4), 533-543.

Keywords

  • Development
  • Emerging markets
  • Financialisation
  • Late capitalism
  • Neoliberalism