Akademik Veri Yönetim Sistemi
Manchester Workshops on ‘Is Development still possible?’ and ‘(Re-)establishing Political Economy in Development Studies’, Manchester, İngiltere, 09 Aralık 2025, (Yayınlanmadı)
Contemporary development policy is increasingly organised around financial logics, reflecting what
critical scholars describe as the financialization of development. The post-war paradigm of “finance for
development”, which means supporting industrialization, structural transformation, and welfare
expansion, has been displaced by “development for finance”, whereby public assets, institutions, and
policy priorities are reconfigured to serve financial markets or to be delivered through them. Drawing
on India’s recent infrastructure strategy, particularly the National Monetisation Pipeline (NMP) and the
growing use of Public-Private Partnerships (PPPs) and Infrastructure Investment Trusts (InvITs), the
paper demonstrates how the financialized turn operates in practice. India’s experience illustrates a wider
contradiction: despite extensive state efforts to de-risk investment and convert public infrastructure into
tradable assets, private capital remains limited, while public agencies and households absorb increasing
risks. I argue that such transformations cannot be understood, or effectively challenged, without a
political economy lens. Reclaiming development finance for socio-economic transformation requires
re-politicizing development and reasserting public purpose over financial imperatives.