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Financialisation and Development in Asia (Hardcover)
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Financialisation and Development in Asia (Hardcover)
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Multilateral development agencies have increasingly focused on
underdeveloped Asian countries 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. This
confluence of interests suggests a means for quickly closing the
'development gap', primarily through mobilising regulatory,
institutional and governance reforms designed to reduce barriers to
foreign capital, institutional inefficiencies and risks to
investment, capital repatriation and market operation. Therefore,
development agencies now encourage the construction of 'enabling
environments' to support 'market driven development' through
processes variously identified as 'financialisation', centring on
the role of the market and private capital. While the state itself
has historically occupied a central place in economic development,
new financialised modes of development are increasingly
marginalising the state, its influence in the economy and thus its
ability to manage developmental outcomes. In this volume a
collection of leading authors critically assess these developments,
highlighting the emergence of financialised modes of development
and their contested and often problematic nature. Drawing upon a
series of case studies, the contributors explore not just the
increasing use of financialised development initiatives, but assess
critically their implications in terms of the emergent risks, costs
and inequalities that often accompany them. This book was
originally published as a special issue of the Asian Studies
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