State-Owned Banks and Development: Dispelling Mainstream Myths

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Main author: Marois, Thomas
Format: Book Chapters           
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id eprints-21516
recordtype eprints
institution SOAS, University of London
collection SOAS Research Online
language English
language_search English
description Thirty years of neoliberal restructuring have side-lined alternative financing practices, and propagated mainstream myths about state-owned banks. This paper examines these neoliberal claims, arguing instead that state-owned banks can remain a crucial part of progressive, sustainable and democratic strategies for investments in long-term development and infrastructure. Drawing on past and present case studies, as well as theoretical literature on finance, the paper points to the potential to revive – and improve – state-owned banking as a viable option for financing public services. To this end the chapter dispels nine popular neoliberal claims about state-owned banks while discussing how state-owned banks have undergone neoliberal restructuring processes such as marketization and corporatization in ways that nonetheless challenge their status as ‘public’ banks. To illustrate, the chapter looks at imperfect, but telling or inspiring examples from Brazil, China, Costa Rica, India, South Africa, Turkey and Venezuela, among others.
author_additional Erdoğdu, Mustafa
author_additionalStr Erdoğdu, Mustafa
format Book Chapters
author Marois, Thomas
author_facet Marois, Thomas
authorStr Marois, Thomas
author_letter Marois, Thomas
title State-Owned Banks and Development: Dispelling Mainstream Myths
publisher IGI Global
publishDate 2016
url https://eprints.soas.ac.uk/21516/

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