Money, finance and the extraction of value in the Global South
4th Workshop of the politics of money network
University of Amsterdam
5-6 December 2019
The relationship between money, finance and the production and distribution of value has been posed with renewed urgency not only during the first three workshops on the increasing concentration of capital through asset management and the ability to create massive amounts of claims through shadow banking and shadow money. Who gets to profit from the way global finance and money work and how? These are questions not only relevant for processes of rising inequality within countries of the Global North and between them but also and crucially for relations between the South and the North.
To say that the global monetary system is a hierarchical system, then, is to point to the relations of power, dependency, and violence that are the flipside of monetary and financial relations between creditors and debtors. In dealing with global money, what opportunities and risks confront governments and countries in the Global South? Has global financial integration eroded the domestic institutional arrangements that underpinned global money relations under the post-war Bretton Woods system? (How) did the evolution of global value chains increase the pressure of firms in non-core economies to borrow in foreign currencies, and thus their dependency on foreign lenders?