Money and Power

Sarah Bracking explores the role of governments and development finance institutions in managing the markets in which the poorest countries operate. These institutions - the 'Great Predators' - are trapping the populations of the south in a permanent cycle of austerity.Bracking examines the political economy relations between states. She shows how pseudo-public 'development' institutions retain complete economic control over Southern markets, yet the international system is itself unregulated. Operating in the interests of North America and the European Union, they have a political purpose, and yet serve to cloud the brute power relations between states.This book will be of interest to anyone studying debt and development, global financial institutions, and the way the world economy is regulated and governed.

Sarah Bracking is a Senior Lecturer in Politics and Development at the University of Manchester. She is the editor of Corruption and Development (2007) and a member of the Review of African Political Economy editorial working group.

Abbreviations	p. ix
Preface	p. xiii
The political economy of development	p. 1
Institutions of the global economy	p. 5
Frontier institutions	p. 7
Why is money so important?	p. 8
Institutions matter	p. 9
Chapter plan	p. 12
Money in the political economy of development	p. 17
A short history of development finance	p. 19
From debt crisis to system stability?	p. 23
Debt relief and commercial write-downs	p. 25
Aid: 'much heat and light and signifying nothing'?	p. 28
The current market for development finance	p. 29
Conclusion	p. 33
Making markets	p. 35
Markets	p. 35
Risk as governing technology	p. 39
Political risk: uncertainty or calculable risk?	p. 44
Sovereign political risk and market makers	p. 45
The International Finance Corporation and sovereign economies	p. 48
Conclusion	p. 51
International development banks and creditor states	p. 53
Good banks or powerful owners?	p. 56
The global Keynesian multiplier	p. 61
Conclusion	p. 63
The British market makers	p. 66
The Commonwealth Development Corporation	p. 66
The Export Credit Guarantee Department	p. 79
Crown Agents	p. 81
Neoliberalism and the frontier institutions	p. 84
Conclusion	p. 89
Poverty in Africa and the history of multilateral aid	p. 92
Contemporary development research and poverty	p. 95
Place, poverty and culture	p. 96
The theoretical contribution of multilateral development assistance	p. 99
A short history of multilateral development finance	p. 103
Conclusion	p. 109
Derivative business and aid-funded accumulation	p. 111
Objectives for development finance	p. 112
Patterns of multilateralism, domestic constituencies and national shares	p. 114
Derivative business at the Asian Development Bank	p. 124
Derivative business at the African Development Bank	p. 126
Crony networks and closed procurement	p. 129
Conclusion	p. 137
Private sector development and bilateral interventions	p. 140
Benefits of private sector development instruments	p. 140
Assisting accumulation - but development?	p. 142
The European Development Finance Institutions	p. 147
For the common affairs of the European bourgeoisie	p. 149
Conclusion	p. 156
Taking the long view of promoting capitalism	p. 159
Post-colonial disinvestment	p. 159
A review of the fairness of British economic relations overseas	p. 163
Which institutions in Britain are owed debt?	p. 164
Where did the debt come from?	p. 169
Private sector development in action: the British case	p. 171
Conclusion	p. 178
Aid effectiveness: what are we measuring?	p. 181
A big and largely inconclusive debate	p. 181
Translating mainstream research	p. 185
Representation of the poorest	p. 188
A moral case	p. 190
Conclusion	p. 194
Conclusion	p. 196
The current financial crisis	p. 198
The problem of politics	p. 202
A tale of two narratives	p. 207
Where next for the political economy of development?	p. 210
Bibliography	p. 214
Index	p. 233
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