IDEAS home Printed from https://ideas.repec.org/a/oup/cambje/v46y2022i4p703-733..html
   My bibliography  Save this article

Beyond financialisation: the longue durée of finance and production in the Global South

Author

Listed:
  • Kai Koddenbrock
  • Ingrid Harvold Kvangraven
  • Ndongo Samba Sylla

Abstract

One of the central premises of the literature on financialisation is that we have been living in a new era of capitalism, characterised by a historical shift in the finance-production nexus. Finance has expanded to a disproportionate economic size and, more importantly, has divorced from productive economic pursuits. In this paper, we explore these claims of ‘expansion’ and ‘divorce’ based on a longue durée analysis of the link between finance and production in Senegal and Ghana. As such, we de-centre the dominant approach to financialisation. Seen from the South, we argue that although there has been expansion of financial motives and practices the ‘divorce’ between the financial and the productive economy cannot be considered a new empirical phenomenon having occurred during the last decades and even less an epochal shift of the capitalist system. The tendency for finance to neglect the needs of the domestic productive sector has been the structural operation of finance in many parts of the Global South over the last 150 years. Therefore, one cannot put forward a theory of the evolution of finance under capitalism without taking these crucial historical insights into account.

Suggested Citation

  • Kai Koddenbrock & Ingrid Harvold Kvangraven & Ndongo Samba Sylla, 2022. "Beyond financialisation: the longue durée of finance and production in the Global South," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 46(4), pages 703-733.
    • Handle: RePEc:oup:cambje:v:46:y:2022:i:4:p:703-733.
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1093/cje/beac029
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Ndongo Samba Sylla, 2021. "Fighting monetary colonialism in francophone Africa: Samir Amin’s contribution," Review of African Political Economy, Taylor & Francis Journals, vol. 48(167), pages 32-49, January.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Andrew M. Fischer & Servaas Storm, 2023. "The Return of Debt Crisis in Developing Countries: Shifting or Maintaining Dominant Development Paradigms?," Development and Change, International Institute of Social Studies, vol. 54(5), pages 954-993, September.
    2. Schedelik, Michael & Nölke, Andreas & May, Christian & Gomes, Alexandre, 2022. "Dependency revisited: Commodities, commodity-related capital flows and growth models in emerging economies," IPE Working Papers 201/2022, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    3. Nick Bernards, 2023. "States, Money and the Persistence of Colonial Financial Hierarchies in British West Africa," Development and Change, International Institute of Social Studies, vol. 54(1), pages 64-86, January.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.

      Corrections

      All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:oup:cambje:v:46:y:2022:i:4:p:703-733.. See general information about how to correct material in RePEc.

      If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

      If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

      If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

      For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Oxford University Press (email available below). General contact details of provider: https://academic.oup.com/cje .

      Please note that corrections may take a couple of weeks to filter through the various RePEc services.

      IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.