Framing essay: the diversity of finance

Maliha Safri and Yahya Madra

Chapter 37 in The Handbook of Diverse Economies, 2020, pp 332-345 from Edward Elgar Publishing

Abstract: This framing chapter explores how a diverse economies approach is different to a conventional approach to finance. There are a broad range of actors, institutions, arrangements and markets that comprise the domestic financial sphere and equally there are numerous channels through which financial intermediation occurs. Finance can be speculative (leading to booms and busts), wasteful (as when assets are traded without increasing productive capacities) and extractive; or finance can be emancipatory and solidaristic such that it nurtures and sustains community-oriented activities and ethical commitments. By seeing finance through a lens of diversity, new political possibilities are generated for supporting communities, deepening social relations and solidarity, rebalancing power, and promoting social cooperation and stability.

Keywords: Development Studies; Economics and Finance; Environment; Geography; Politics and Public Policy (search for similar items in EconPapers)
Date: 2020
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