{"title":"Chronicles of Debt Crises Foretold","authors":"Anis Chowdhury, Jomo Kwame Sundaram","doi":"10.1111/dech.12786","DOIUrl":"10.1111/dech.12786","url":null,"abstract":"<p>The debt crises looming in developing countries are being exacerbated by changing debt composition. Declining net foreign exchange earnings have worsened their predicament. As concessional development finance declined, many governments turned to riskier forms of borrowing from international capital markets. Concerted interest rate hikes are supposed to stem inflation; however, given that prices have mainly risen due to supply chain disruptions caused by war, sanctions and pandemic, interest rate increases are likely to trigger more debt crises, much worse than before. Current discourses, for example about China's ‘debt trap’ diplomacy, distract from urgently needed international and national measures to avert the looming debt crises.</p>","PeriodicalId":48194,"journal":{"name":"Development and Change","volume":"54 5","pages":"994-1030"},"PeriodicalIF":3.0,"publicationDate":"2023-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/dech.12786","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46768982","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Local Financial Institutions and Income Inequality: Evidence from Brazil's Credit Cooperative Movement","authors":"Philip Arestis, Peter Phelps","doi":"10.1111/dech.12780","DOIUrl":"10.1111/dech.12780","url":null,"abstract":"<p>Local financial institutions can play a crucial role in reducing income inequalities at the within-country level by promoting inclusive economic growth and development across time and space. This is against a backdrop of increasing financial and economic fragility, to which emerging economies have also been exposed over more recent decades and years. This article adds emerging economy evidence from Brazil to an empirical literature on the income inequality implications of cooperative financial institutions. Panel-data estimations for 2004‒19 reveal that Brazilian credit cooperatives have gone beyond commercial banks in supporting communities that have traditionally been underserved financially. Additionally, the article provides new evidence and insights on credit cooperatives’ resilience in the context of a relatively recent but severe economic crisis in Brazil. The results indicate that credit cooperatives have helped fill gaps in finance and economic opportunity that tend to arise in an emerging economy setting. Furthermore, the contribution of credit cooperatives in filling these gaps is found to be more significant at lower levels of development. These findings add theoretical and, importantly, empirical support to the relationship channel of financial inclusion, which is in line with the optimistic perspective in this debate.</p>","PeriodicalId":48194,"journal":{"name":"Development and Change","volume":"54 4","pages":"739-779"},"PeriodicalIF":3.0,"publicationDate":"2023-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/dech.12780","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43783922","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Jörg Wiegratz, Pritish Behuria, Christina Laskaridis, Lebohang Liepollo Pheko, Ben Radley, Sara Stevano
{"title":"Common Challenges for All? A Critical Engagement with the Emerging Vision for Post-pandemic Development Studies","authors":"Jörg Wiegratz, Pritish Behuria, Christina Laskaridis, Lebohang Liepollo Pheko, Ben Radley, Sara Stevano","doi":"10.1111/dech.12785","DOIUrl":"10.1111/dech.12785","url":null,"abstract":"<p>The COVID-19 pandemic motivated calls for the field of development studies to be recast. This article analyses two prominent, future-gazing ‘pandemic papers’ to illustrate salient features of the ascendant trend towards a new ‘global development’ paradigm. By unpacking and interpreting major lines of reasoning put forward by two agenda-setting articles, this contribution appraises how these texts make the case for the future of development studies. Through this analysis, the article questions the core arguments that seek to shift the contours of the discipline, and thus the study of development generally. In making their call to adopt a universalist or global development framework that includes a focus on Europe and North America, the authors of the ‘pandemic papers’ overlook the Southern origins of and justifications for the North‒South framework they seek to overturn. The present article acknowledges the importance of and supports returning to and advancing — rather than jettisoning — the intellectual lineage anchored in non-Truman understandings of development, including as a popular project of Southern emancipation from colonial, imperial and structural subordination. Rather than de-centring the global North‒South framework, it suggests that the analytically more useful way forward is for development studies to (re)centre the global South and use global South theories and lenses to better understand the world economy and the majority world.</p>","PeriodicalId":48194,"journal":{"name":"Development and Change","volume":"54 5","pages":"921-953"},"PeriodicalIF":3.0,"publicationDate":"2023-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/dech.12785","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44465778","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Green Growth and the Balance-of-payments Constraint","authors":"Basil Oberholzer","doi":"10.1111/dech.12783","DOIUrl":"10.1111/dech.12783","url":null,"abstract":"<p>The notion of green growth emphasizes environmental and climate policies that make economic activities more sustainable while contributing to higher growth. In developing countries, the ability of such policies to help solve the most pressing economic challenges is essential for green growth to be a viable concept. Notably, current account deficits, foreign exchange shortage and external debt accumulation are serious obstacles to economic development. The analysis in this article therefore approaches green growth from a new perspective. With a focus on energy, the article estimates the impact of the transition from fossil fuels to renewable energy on the balance-of-payments constrained growth of energy-importing developing and emerging economies. It assumes that their current economic structure otherwise remains the same. Since renewable energy production is more efficient than fossil fuel combustion and reduces import dependence, the energy transition increases the annual balance-of-payments constrained growth rate of the selected countries by up to 2.5 percentage points on average in a scenario from the present until 2050. This means that policies in favour of renewable energy allow those countries to grow faster without accumulating foreign debt or even triggering currency crises. Consequently, staying with the current fossil fuel-based energy system implies missing a significant potential for growth and development.</p>","PeriodicalId":48194,"journal":{"name":"Development and Change","volume":"54 4","pages":"804-840"},"PeriodicalIF":3.0,"publicationDate":"2023-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/dech.12783","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46036283","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Misaligned Social Policy? Explaining the Origins and Limitations of Cash Transfers in Sudan","authors":"Muez Ali, Laura Mann","doi":"10.1111/dech.12784","DOIUrl":"10.1111/dech.12784","url":null,"abstract":"<p>This article examines whether the transitional government in the wake of the December 2018 Sudanese revolution succeeded in realigning social policy with public demands. The article focuses on the evolution of cash transfer programmes from the 2012 cash programme under the Ingaz regime to the transitional government's programme 2021. While the recent programme was popularly viewed as a ‘World Bank programme’, its originators were in fact Sudanese professionals. Similarly, the Ingaz regime experimented with cash transfers before seeking out World Bank technical support. In this sense, cash transfers cannot be seen as an external imposition, as domestic actors have favoured them across different regimes. Yet, their appeal may still reflect the ‘choicelessness’ that Thandika Mkandawire associated with structural adjustment, as in both cases cash transfers were introduced as part of broader economic reform. Sudan's case is distinct in the sense that its domestic policy makers did not begrudgingly accept cash transfers but were enthusiastic instigators of them. The article traces the origins of this enthusiasm within Sudan's recent political history and explores the way in which alignment with international mainstream policy making locks Sudan into a bind. The country urgently needs to reverse the fragmentation of social policy along geographic and racial lines, yet these programmes do little to overcome such regional and racial inequalities. Thus, even after a popular revolution displaced the prevailing political settlement and called for radical change, policy makers remain misaligned to public demands.</p>","PeriodicalId":48194,"journal":{"name":"Development and Change","volume":"54 4","pages":"841-869"},"PeriodicalIF":3.0,"publicationDate":"2023-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/dech.12784","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44449900","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Brendan Whitty, Jessica Sklair, Paul Robert Gilbert, Emma Mawdsley, Jo-Anna Russon, Olivia Taylor
{"title":"Outsourcing the Business of Development: The Rise of For-profit Consultancies in the UK Aid Sector","authors":"Brendan Whitty, Jessica Sklair, Paul Robert Gilbert, Emma Mawdsley, Jo-Anna Russon, Olivia Taylor","doi":"10.1111/dech.12782","DOIUrl":"10.1111/dech.12782","url":null,"abstract":"<p>While much attention has been paid to the ways in which the private sector is now embedded within the field of development, one group of actors — for-profit development consultancies and contractors, or service providers — has received relatively little attention. This article analyses the growing role of for-profit consultancies and contractors in British aid delivery, which has been driven by two key trends: first, the outsourcing of managerial, audit and knowledge-management functions as part of efforts to bring private sector approaches and skills into public spending on aid; and second, the reconfiguration of aid spending towards markets and the private sector, and away from locally embedded, state-focused aid programming. The authors argue that both trends were launched under New Labour in the early 2000s, and super-charged under successive Conservative governments. The resulting entanglement means that the policies and practices of the UK government's aid agencies, and the interests and forms of for-profit service providers, are increasingly mutually constitutive. Amongst other implications, this shift acts to displace traditional forms of contestation and accountability of aid delivery.</p>","PeriodicalId":48194,"journal":{"name":"Development and Change","volume":"54 4","pages":"892-917"},"PeriodicalIF":3.0,"publicationDate":"2023-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/dech.12782","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47270981","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Sustainable Development Frontiers: Is ‘Sustainable’ Cocoa Delivering Development and Reducing Deforestation?","authors":"Will Lock, Anthony Alexander","doi":"10.1111/dech.12781","DOIUrl":"10.1111/dech.12781","url":null,"abstract":"<p>Forest frontiers are important areas for sustainable development as they combine the need to halt deforestation with the challenges of rural poverty. In the region of San Martín, Peru, the ‘Production, Protection and Inclusion’ model combines narratives of conservation, economic development and social inclusion in what can be defined as a ‘sustainable development frontier’. This article asks how such sustainable development frontiers change social, economic and ecological outcomes in the localities where they are found. The authors examine the reality of sustainable cocoa production linked to conservation and development goals, as promoted by government bodies, international agencies, cooperatives and chocolate brands in Peru, and show how, paradoxically, sustainability goals intensify production and attract smallholders into forest frontier areas. In doing so, the boom in demand for sustainable commodities has inadvertently created conditions encouraging further colonization of forested areas leading to a continuing rise in deforestation, ecological degradation and economic instability. Narratives of sustainable development can thus reinforce commodity intensification, as they obscure alternative approaches and reproduce traditional frontier dynamics.</p>","PeriodicalId":48194,"journal":{"name":"Development and Change","volume":"54 4","pages":"691-713"},"PeriodicalIF":3.0,"publicationDate":"2023-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/dech.12781","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45776783","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Derisking Developmentalism: A Tale of Green Hydrogen","authors":"Daniela Gabor, Ndongo Samba Sylla","doi":"10.1111/dech.12779","DOIUrl":"10.1111/dech.12779","url":null,"abstract":"<p>In the global race to scale up green hydrogen, a renewed appetite for the visible hand of the state once again promises to expand developmental space for low- and middle-income countries. On the African continent, several countries have announced green industrialization ambitions that rely on mobilizing, through various ‘derisking’ schemes, private (institutional) capital looking for investible opportunities. To examine the transformative potential of this new <i>derisking developmentalism</i>, this article extends the critical macrofinance lens to include Thandika Mkandawire's theorization of post-independence African developmental states. Using Namibia as an illustration, it argues that an assumption of ‘divine coincidence’ creates the ideological space for the state to forge derisking blocs but structurally weakens its ability to discipline private capital into pursuing green industrialization. As (foreign) capital dominates the state‒capital relationship in derisking developmentalism, the new green rules written by powerful investors and global North governments threaten to transform global South countries into consumers of green hydrogen technology and generators of yield for portfolio investors, thus reinforcing the structural drivers of their ongoing external debt vulnerabilities. Instead, countries should experiment with green public ownership and partnerships that discipline local green industries. Such strategies require replacing the Wall Street Consensus with a supportive global macrofinancial framework the authors call ‘Green Bandung Woods’.</p>","PeriodicalId":48194,"journal":{"name":"Development and Change","volume":"54 5","pages":"1169-1196"},"PeriodicalIF":3.0,"publicationDate":"2023-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/dech.12779","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43465707","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
John J Pearce, Jaclyn Thoma, Kimberly Vinson, Sepehr Sani
{"title":"Treatment of vocal tremor with bilateral magnetic resonance imaging-guided focused ultrasound of the ventral intermediate thalamic nucleus: illustrative case.","authors":"John J Pearce, Jaclyn Thoma, Kimberly Vinson, Sepehr Sani","doi":"10.3171/CASE2351","DOIUrl":"10.3171/CASE2351","url":null,"abstract":"<p><strong>Background: </strong>Essential vocal tremor is a difficult disease entity to treat with a poor response to existing medical management and limited options for surgical management of the disease. Magnetic resonance imaging-guided focused ultrasound (MRgFUS) is an emerging treatment modality with encouraging results for limb tremor in patients with essential tremor, but data are limited for the treatment of vocal tremor.</p><p><strong>Observations: </strong>This is the case of a 69-year-old male with a history of essential vocal tremor severely limiting his ability to perform his occupation as an opera singer. He underwent staged bilateral ventral intermediate nucleus of the thalamus thalamotomy with MRgFUS for the treatment of his bilateral upper extremity tremor with near complete resolution of his vocal tremor after a second procedure.</p><p><strong>Lessons: </strong>Bilateral MRgFUS may be a safe and efficacious option for the treatment of essential vocal tremor. Further research into optimal patient selection, precise target location, and treatment parameters is needed.</p>","PeriodicalId":48194,"journal":{"name":"Development and Change","volume":"47 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10550546/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84824001","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
W. Nathan Green, Theavy Chhom, Reach Mony, Jennifer Estes
{"title":"The Underside of Microfinance: Performance Indicators and Informal Debt in Cambodia","authors":"W. Nathan Green, Theavy Chhom, Reach Mony, Jennifer Estes","doi":"10.1111/dech.12778","DOIUrl":"10.1111/dech.12778","url":null,"abstract":"<p>Microfinance is a dominant strategy used to promote rural development around the world. Rather than directly track its impact on borrowers, however, microfinance institutions rely on indicators of financial performance adopted from commercial banking as proxies for positive social impact. Yet, as critical research has shown, the industry depends on coercive peer pressure, social shaming and various forms of gendered exploitation to achieve its high rates of loan repayment. This article maintains that there is a need to investigate how the microfinance industry's own indicators of impact contribute to the ways microfinance can harm borrowers. Based on qualitative research in Cambodia during 2021 and 2022, the article demonstrates how financial performance indicators, most notably portfolio quality, both hide and exacerbate the ways that borrowers juggle debt between formal and informal lenders. In making this argument, the article advances critical scholarship on microfinance by showing how microfinance repayment structures debt-juggling practices in ways that put borrowers at greater risk of over-indebtedness. As a result, the microfinance industry is able to claim that it successfully helps to alleviate poverty, even as it accumulates profits by appropriating wealth from poor and low-income households across the global South.</p>","PeriodicalId":48194,"journal":{"name":"Development and Change","volume":"54 4","pages":"780-803"},"PeriodicalIF":3.0,"publicationDate":"2023-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/dech.12778","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42082735","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}