Developmentalist financial policy after economic globalisation: Public development banks and industrial policy in Brazil and South Africa

Thursday May 30th 2019
Blavatnik School of Government, Seminar Room 3

What explains the difference in uses of development banks for industrial policy? How did the global financial crisis affect countries’ ability to use development banks to achieve developmental aims? This seminar investigates the balance of power between private finance and countervailing groups to explain variation in post-crisis developmental financial policies in Brazil and South Africa. 

Despite being faced with similar problems in combating recession and financing productive investment after the 2008 crisis, and a similar professed (centre-left) policy orientation by the ruling coalition, the two countries had very different policy responses. Differences in public development banking activities in these two countries reflect differences in the balance of power between the private financial sector and  the manufacturing sector and labor unions, both in terms of their structural position in the economy, as well as their instrumental power to influence policymakers. 


Speaker: Natalya Naqvi, Assistant Professor in International Political Economy, LSE

Discussant: Pepper Culpepper, Blavatnik Chair in Government and Public Policy, BSG


The seminar is a part of the Political Economy of Finance series, generously supported by the Institute for New Economic Thinking