Banking on Alternatives to Neoliberal Development

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Main author: Marois, Thomas
Format: Book Chapters           
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id eprints-16930
recordtype eprints
institution SOAS, University of London
collection SOAS Research Online
language English
language_search English
description It is a far from widely shared proposition that banks should have anything to do with any alternative to neoliberalism in the developing world, let alone facili- tate any substantive break with capitalism’s social relations of power, production and oppression. This is despite 25 per cent of all financial institutions globally remaining state-owned (and hence potentially more open to democratic control) and despite banks continuing to play a central role in developing and emerging capitalist societies. There has been a near systemic neglect of banking and financial alternatives in the field of development, most strikingly among radicals. Many scholars, activists, unions and social forces that take the question of alternative development seriously focus on workers’ control of the productive apparatus. Yet neither in historical practice nor in theory is there much basis for this financial blind spot. From the experiences and experiments of ‘less-than- liberal-capitalist’ banking systems in societies as diverse as China, Cuba, Vietnam and Venezuela to the analytical works of Marxists like Rudolf Hilferding, V. I. Lenin, Makoto Itoh and Costas Lapavitsas, banking systems not fully subordi- nated to profit and competitive imperatives have been understood as integral to potentially socialist projects.
author_additional Pradella, Lucia
author_additionalStr Pradella, Lucia
format Book Chapters
author Marois, Thomas
author_facet Marois, Thomas
authorStr Marois, Thomas
author_letter Marois, Thomas
title Banking on Alternatives to Neoliberal Development
publisher Pluto Press
publishDate 2015
url https://eprints.soas.ac.uk/16930/

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