The Geopolitics of Financialisation and Development: Interview with Ilias Alami

This interview was originally published in German in the special issue on financialisation and development policies of the journal Peripherie, September 2021, No. 162/163. Frauke Banse and Anil Shah (both based at Kassel University) spoke with political economist Ilias Alami (Maastricht University) about some of his recent work on the relationship between geopolitics, financial flows for development and emerging forms of ‘state capitalism,’ as well as related new imperialist formations. The interview was conducted via email in May 2021.  

The interview covers a series of International Political Economy topics. Ilias first locates the emergence of the Wall Street Consensus in the long and turbulent histories of the relation between finance and development as well as in secular capitalist transformations. He then outlines some of the conceptual tools he’s developed in his work in order to make sense of the contemporary interconnections of money and finance and the reproduction of imperialism and race/coloniality. Next, he situates these interconnections within broader scholarly debates about financialisation and highlights the similarities and differences between ongoing sovereign debt crises in the global South and the so-called 1980s ‘Third World debt crisis.’ Finally, Ilias discusses the recent emergence of new forms of ‘state capitalism’ and their complex relation to the extension and deepening of market-based finance. 

Read More »

Philosophy as if the world mattered: critical development studies and the work of Tony Lawson

No reader of this blog needs reminding that positivism retains a powerful grip on development studies. Not because every theorist, researcher and department carries a card or flies a flag self-identifying as positivist, but because positivist concepts of what knowledge is and how it is assessed continue to dominate, in so far as these have captured the concept of ‘science’. As Ingrid Kvangraven’s critique establishes, one need look no further than the dominance of random control trials (RCTs) for evidence of this. While there are many specific problems one might identify with RCTs, such as the capture of policy by what can be researched using RCTs rather than by what may be more significant as structural causes of poverty, perhaps the fundamental one is the model form, which stands behind RCTs. It is this that lends authority to RCTs, as it does to many other branches of economics.

Tony Lawson is probably the best known critic of mainstream mathematical modelling and in a recent interview he reprises his argument. Lawson is a ‘critical realist’ and ‘social ontologist’ and his, and other critical realists’ argument, is deceptively simple. All knowledge claims involve assumptions about the nature of the world, what and how it might appropriately be investigated. Whether this is acknowledged or not this presupposes a theory of reality or being (an ontology) and an orientation to knowledge (an epistemology). Philosophy thus has an important role in making these assumptions explicit and in exposing them to critical scrutiny to address their plausibility, consistency etc. Such philosophy does not replace the sciences or social sciences, but rather ‘under-labours’ for or supports their endeavours and is itself subject to critique in this context.

Read More »

The Economics of being ‘Interesting’: Many kinds of exclusions

GER-LEWIS 2

This post engages with a conversational post titled Non-exemplary lives by Branko Milanovic. He is concerned with the current state of academia being filled with boring economists who have a CV full of publications but no experience of living and no interests outside work. Milanovic thus raises the question of how a lack of these influences impacts the profession of economics. 

While his is an apt observation, I think his questions can be broadened in many ways. For the sake of brevity, I will concentrate on a few. 

Exemplary Lives, but what kind of Examples? 

The notion of an ‘exemplary life’ is fraught with the possibilities of what a ‘non-exemplary life’ could be, and vice versa. To fully appreciate the scope of either, it is useful to question how the negation of the other can be fully gauged.

Put differently, is the ‘exemplary life’ really that exemplary- might there be a difference between the persona and the person? 

Consider what being an émigré has meant for two different economists: the Ukraine born Alexander Gerschenkron who settled in the US and the St-Lucian born Arthur Lewis who lived and worked in the UK.  Read More »