The structure of state borrowing: towards a political theory of control mechanisms

Anush Kapadia

Cambridge Journal of Regions, Economy and Society, 2017, vol. 10, issue 1, 189-204

Abstract: Alice Amsden’s seminal work on the developmental state was premised on a general theory of control mechanisms. Her focus on development banking prioritises financial control. However, the development literature concentrates on one element of financial control: investments rather than borrowing. Further, a state bank makes borrowing bargains that are fundamentally political. Building on recent work on “political settlements” and development, we propose a political theory of control mechanisms that builds politics into Amsden’s theory of control. We then apply it to development bank fundraising, arguing that when development banking works, it does so by reconciling political settlements with control over fundraising.

Keywords: political economy of development; finance and politics; finance and development; control mechanisms; political settlements; economic history (search for similar items in EconPapers)
JEL-codes: H6 N2 O23 P16 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (1)

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Cambridge Journal of Regions, Economy and Society is currently edited by Judith Clifton, Anna Davies, Betsy Donald, Emil Evenhuis, Stefania Fiorentino (Associate Editor), Harry Garretsen, Meric Gertler, Amy Glasmeier, Mia Gray, Robert Hassink, Dieter Kogler, Michael Kitson, Linda Lobao, Charles van Marrewijk, Ron Martin, Peter Sunley, Peter Tyler and Chun Yang

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