University of Hertfordshire

From the same journal

By the same authors

International Financial Subordination: A Critical Research Agenda

Research output: Contribution to journalArticlepeer-review


  • Bruno Bonizzi
  • Annina Kaltenbrunner
  • Jeff Powell
  • Carolina Alves
  • Ilias Alami
  • Kai Koddenbrock
  • Ingrid Kvangraven
View graph of relations
Original languageEnglish
Number of pages28
JournalReview of International Political Economy
Publication statusPublished - 19 Jul 2022


Despite a varied picture in terms of their relative economic strength, Developing and Emerging Economies (DEEs) remain in a subordinate position in the global monetary and financial system. While the IPE and economics literatures provide rich insights about the significance of this phenomenon, research efforts remain fragmented. To address this problem, we offer an umbrella concept—international financial subordination (IFS)—to channel research efforts towards cumulative theory-building. IFS is about unearthing why the structural power of finance takes a particularly violent form of expression in DEEs. To provide structure to IFS as a scholarly field, we first assess the contributions of IPE in analyzing various factors that reproduce IFS. To better ground these efforts in processes of accumulation and the histories of the relation between finance and (post)colonial development, we then offer a critical synthesis of three heterodox traditions—dependency theory, post-Keynesian economics, and Marxism. Next, we develop a pluridisciplinary research agenda organized around six analytical axes: the historical analysis of financial relations, the relations between financial and productive subordinations, the constitutive role of monetary relations as expressions of power, the role of the state, the actions and practices of non-state actors, and the spatial relations of financial subordination.


© 2022 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group. This is an Open Access article distributed under the terms of the Creative Commons Attribution-Non Commercial No Derivatives License (

ID: 27420562