Financializations of Development

Book excerpt: Financializations of Development brings together cutting-edge perspectives on socio-political, socio-historical and institutional analyses of the evolving multiple 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 sustainable 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 development are conceived or discussed. The book assembles empirical research on development programs and demonstrates the social consequences of the financializations of development to the people on the ground. Highlighting the plurality of processes and outcomes of modern-day relations, 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.