Economic Development and Variegated Financialization in Emerging Economies
One of the main strengths of financialization as a concept is its potential for interdisciplinary research. This chapter provides different debates from economic geography, political economy and heterodox economics, addressing the underlying structures and spatial sites of variegated financialization. It discusses financialization with respect to dimensions, which are important for emerging economies, on three geographical scales: the urban level, the nation state and the international scale. Analyses of financialization in poorer countries only started gaining visibility by the 2010s once the financialization research agenda had grown and broadened. Frequent financial crises in emerging economies especially since the 1990s have generated a backlash against financial liberalization and financial globalization. Many of the affected economies, such as Hong Kong, Singapore, South Korea and Taiwan, had become high-income countries in the late 1980s/early 1990s, accomplishing the very rare miracle of economic catching-up with the OECD world.