Crisis Management in the South: Challenges and Responses
Saturday, Jan. 7, 2017 7:30 PM – 9:30 PM
- Chair: George DeMartino, University of Denver
The IMF’s ‘New’ Institutional View on Regulating International Capital Flows through the Lens of a Minsky-Kregel Analysis: Do They Finally Get It?
AbstractIn the wake of the North Atlantic Financial Crisis, the IMF noticeably altered its Institutional View towards a much greater acceptance of using capital flow management measures to regulate international capital flows. This raises a host of issues; most importantly, whether the IMF finally has an official policy stance consistent with the needs developing economies have for ensuring financial stability. This is the topic analyzed in this paper. To do so, we employ a Minsky-Kregel model of international financial instability and compare its substance and results to that of the IMF’s ‘New’ Institutional View. We find that while the IMF has come a long way on its recognition of the efficacy of capital flow management measures for financial stability, there still remains an even further way to go.
Crises of Crisis Management in Neomercantilist Neocolonialisms
AbstractJames O’Connor, Jurgen Habermas, and Claus Offe developed their analyses of economic and political crisis tendencies of state-managed capitalism in the 1970s. Some 40 years later, while their analyses of crisis management by capitalist states still remains very insightful, much has transformed in the geopolitical terrain of the global economy. This paper reconstructs some of the categories developed by O'Connor, Habermas, and Offe, and applies this reconstruction to case studies of several recent episodes of crisis management in actually existing Southern capitalisms. Two very intriguing conclusions follow from this: (1) the seemingly incoherent national and international systems of economic governance in the South resemble a carefully managed and evolving neomercantilist neocolonialism of sorts, not much different in practice from that in the North; and (2) such intricate structural geopolitical arrangements appear to have enormous implications for global popular struggles against both capital and the state.
Small-Scale Fisheries Governance and the Growth of Aquaculture on Lake Victoria: Emerging Limitations to Sustainable and Inclusive Development
AbstractRapid aquaculture growth on Lake Victoria is promising increased exports earnings from fisheries for Uganda, Tanzania and Kenya, but it is also threatening to intensify high levels of inequality, exploitation and social-ecological pressures in the region’s small-scale fisheries (SSF). Worldwide, aquaculture is promoted as a pathway to food security and poverty alleviation, but large-scale commercial development has created conflicts of interest with fisher folks. The dependence of Lake Victoria fisheries on EU markets renders the sector highly vulnerable to EU export bans, which further increases the likelihood of governance structures focused on corporate interests. This article examines the effects of national, regional and global fisheries management strategies on re-distributional dynamics and the sustainability of fisheries resource use. Based on an analysis of regional strategies, the emerging global agenda for Rights-Based Fisheries (RBF), and results of the author’s on-going field work in the lake basin, it is argued that the current policy focus on private property rights, even if combined with the widely debated but narrowly-defined human rights approach to fisheries management, will fail to promote socially and environmentally sustainable results in the region’s aquaculture sector. Instead, current political strategies are likely to advance a system of corporate hegemony that disregards the socio-economic, ecological and cultural rights of fisher folks while allowing investors to engage in unsustainable fish-farming practices. The resulting acceleration of poverty-driven social-ecological traps and rapid corporate accumulation will increase the risk of socio-economic and environmental crisis in an economic sector that is highly vulnerable to external shocks.
- F0 - General
- O1 - Economic Development