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The imposition of a global development architecture: the example of microcredit
journal contribution
posted on 2023-06-08, 10:54 authored by Heloise WeberPoverty reduction is now a prime concern of global policymakers. Renewed global efforts for poverty reduction are presented as the post-Washington Consensus. In this context, I identify an emerging ‘global development architecture’ that entails new patterns of interlinkages between the WTO, IMF, World Bank, Regional Development Banks and Bilateral and Multilateral Development Agencies. Through the example of microcredit and poverty reduction I address the political economic implications of the emerging global development architecture. I argue that microcredit (1) facilitates financial sector liberalisation and the global trade in financial services; (2) functions as a political safety-net, containing or dampening resistance at the community level to liberalisation policies and economic austerity measures. The article critically probes the emerging global development architecture and argues that it is incorporated into the reconfiguration of global political economy as a strategy of ‘crisis management’. Normative discourses underpinning the post-Washington Consensus are argued to be instrumental to efforts to legitimate the consolidation, ‘constitutionally’, of what continues to be the Washington Consensus.
History
Publication status
- Published
File Version
- Published version
Journal
Review of International StudiesISSN
0260-2105Publisher
British International Studies AssociationExternal DOI
Issue
3Volume
28Page range
537-555Pages
1.0Department affiliated with
- International Relations Publications
Notes
Also published as CSGR Working Paper 77/01Full text available
- Yes
Peer reviewed?
- Yes
Legacy Posted Date
2012-02-21First Open Access (FOA) Date
2016-03-22First Compliant Deposit (FCD) Date
2016-11-17Usage metrics
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