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The World Bank, agricultural credit, and the rise of neoliberalism in global development
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Bernards, Nick (2022) The World Bank, agricultural credit, and the rise of neoliberalism in global development. New Political Economy, 27 (1). pp. 116-131. doi:10.1080/13563467.2021.1926955 ISSN 1356-3467.
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Official URL: https://doi.org/10.1080/13563467.2021.1926955
Abstract
This article examines the development of the World Bank’s agricultural credit programming between 1960 and 1990. I show how these projects constituted key sites where neoliberal development governance was initially articulated, negotiated, and contested. Agricultural credit was a key point of emphasis for the Bank during its ‘Assault on Poverty’ era in the 1970s. Agricultural programming in this era reflected a strong emphasis on agricultural development through marketisation and commercialisation, yet also very clearly demonstrated clear points of ambivalence around the role of credit in relation to agricultural markets. Agricultural credit projects increasingly included implicit or explicit conditionalities linked to the marketisation of interest rates, the commercialisation of state-owned agricultural lenders, and the marketisation of wider financial sectors into the 1980s. But these efforts to marketize and commercialise agricultural credit through these projects often reflected mundane operational challenges as much as ideological shifts, and themselves largely failed even on their own terms. Looking at the evolution of agricultural credit projects thus shows how broadly neoliberal positions were arrived at in part through trial and error adjustments to operational concerns, as well as how fraught the promotion of market-based financial systems was in practice even in the structural adjustment era.
Item Type: | Journal Article | ||||||||
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Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HG Finance |
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Divisions: | Faculty of Social Sciences > Economics | ||||||||
Library of Congress Subject Headings (LCSH): | Agricultural credit, World Bank, International economic relations, Finance, Agriculture, Rural development -- Developing countries, Neoliberalism | ||||||||
Journal or Publication Title: | New Political Economy | ||||||||
Publisher: | Routledge | ||||||||
ISSN: | 1356-3467 | ||||||||
Official Date: | 2022 | ||||||||
Dates: |
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Volume: | 27 | ||||||||
Number: | 1 | ||||||||
Page Range: | pp. 116-131 | ||||||||
DOI: | 10.1080/13563467.2021.1926955 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Reuse Statement (publisher, data, author rights): | “This is an Accepted Manuscript of an article published by Taylor & Francis in New Political Economy on 13/05/2021, available online: http://www.tandfonline.com/10.1080/13563467.2021.1926955 | ||||||||
Access rights to Published version: | Open Access (Creative Commons) | ||||||||
Date of first compliant deposit: | 14 April 2021 | ||||||||
Date of first compliant Open Access: | 4 March 2022 | ||||||||
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