Beyond Europe: Commentary on Gordon Clark's perspective on financial intermediation. Issue 3 (2nd September 2017)

• Record Type: Journal Article
• Authors: Sheppard, Eric
• Is Part Of: Area development and policy. Volume 2:Issue 3(2017)
• Page Start: 237
• Page End: 244
• Publication Date: 2017-09-02
• Subjects: Infrastructure -- finance -- social justice -- market equilibrium models -- Global South; 基础设施 -- 金融 -- 社会公正 -- 市场均衡模型 -- 南方国家; infraestructura -- finanzas -- justicia social -- modelos de equilibrio del mercado -- hemisferio sur; инфраструктура -- финансы -- социальная справедливость -- модели рыночного равновесия -- глобальный Юг; Regional planning -- BRIC countries -- Periodicals; Economic development -- BRIC countries -- Periodicals; Rural-urban relations -- BRIC countries -- Periodicals; Human geography -- BRIC countries -- Periodicals; Regional planning -- Developing countries -- Periodicals; Economic development -- Developing countries -- Periodicals; Rural-urban relations -- Periodicals; Human geography -- Developing countries -- Periodicals; 338.90091724
• DOI: 10.1080/23792949.2017.1358647
• Languages: English
• ISSNs: 2379-2949

Abstract

ABSTRACT: Gordon Clark assesses the urban and regional infrastructure funding problems created by contemporary developments in the globalization of finance, proposing solutions for the European context. This commentary interrogates the appropriateness of Clark's approach for the Global South. I suggest that Clark's discussion of a global savings glut is embedded in a Euro-American, market-equilibrium-oriented conception of finance. I question the applicability of market-equilibrium thinking in general, and argue that it does not capture the uncertainties, barriers and instabilities associated with accessing finance in the Global South. I also question whether private-sector return-on-investment considerations can finance infrastructure that meets social justice priorities, arguing that it is thus important to assess critically alternative more-than-capitalist finance models for infrastructure provision such as China's Belt and Road initiative.