The question of money, how to provide it, and how to acquire it
where needed is axiomatic to development. The realities of global
poverty and the inequalities between the haves and the have-nots
are clear and well documented, and the gaps between world s richest
and the world s poorest are ever-increasing. But, even though
funding development is assumed to be key, the relationship between
finance and development is contested and complex.
This book explores the variety of relationships between finance
and development, offering a broad and critical understanding of
these connections and perspectives. It breaks finance down into its
various aspects, with separate chapters on aid, debt, equity,
microfinance and remittances. Throughout the text, finance is
presented as a double-edged sword: while it is a vital tool towards
poverty reduction, helping to fund development, more critical
approaches remind us of the ways in which finance can hinder
development. It contains a range of case studies throughout to
illustrate finance in practice, including, UK aid to India, debt in
Zambia, Apple s investment in China, microfinance in Mexico,
government bond issues in Chile, and financial crisis in East Asia.
The text develops and explores a number of themes throughout, such
as the relationship between public and private sources of finance
and debates about direct funding versus the allocation of credit
through commercial financial markets. The book also explores
finance and development interactions at various levels, from the
global structure of finance through to local and everyday
practices.
"
Global Finance and Development "offers a critical understanding
of the nature of finance and development. This book encourages the
reader to see financial processes as embedded within the broader
structure of social relationships. Finance is defined and
demonstrated to be money and credit, but also, crucially, the
social relationships and institutions that enable the creation and
distribution of credit and the consequences thereof. This valuable
text is essential reading for all those concerned with poverty,
inequality and development."
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