Category: Publications

Categories
Imperialism International Financial Subordination Marx Publications

The Money Fetish and Empire: “Liberation Day” and the Roots of Dollar Dominance (new article)

This article is a part of a roundtable on imperialism in the journal Spectre.

The introduction:


SINCE THE BEGINNING of US President Donald Trump’s second term in 2025, the political nature of money has been evident to anyone following economic and financial news. Any loss in value of the US Dollar (USD) tends to be met by scaremongering among Western pundits about the decline of the dollar as world money, and therefore also the decline of US hegemony.

The scaremongering is, then, in turn met with a counterbarrage of opinion pieces outlining all the ways in which the dollar is still dominant as a means of payment and store of value. What is strikingly absent in these discussions is an understanding of the dominance of the USD as closely connected not simply to the US dollar’s use and the institutions that support it, but also to global value relations.

Via the Marxist critique of political economy, this essay seeks to expose the limitations of dominant framings which see the potentially imminent fall of the dollar. This is especially important for grasping today’s moment of flux and the extent to which dedollarization, increased trading in Yuan, and sell-offs of the dollar constitute a paradigm shift for the contemporary monetary order.

Rather than focusing on either the role of trust in the dollar on the one hand or China’s strategy to internationalize the renminbi on the other, this essay links the development of a global international division of labor, and the power relations it is characterized by, with the dominance of world money. This leads to a very different way of understanding the current moment than that of mainstream commentators.

To do this, the essay starts by laying out how economists and other social scientists approach money through a kind of money fetish, then it moves to discussing what a Marxist understanding of money in capitalism entails. It then discusses what this means for understanding world money historically, and finally, the situation today is laid out, contrasting it with the most dominant characterizations by academics and journalists.

Read the full article here. If you have trouble accessing, check my ResearchGate.

Categories
Blog Decolonizing Economics Dependency theory Economic Development Publications

Inverted Eurocentrism: The Consumption of Decolonization in the Global North (new blog post)

At a moment when the United States has recently kidnapped the Venezuelan leader Nicolás Maduro, assassinated the Iranian supreme leader Ali Hosseini Khamenei, is plotting regime change in Cuba, and is continuing to support genocide and colonial oppression in Palestine, the question of how to understand empire, capitalism, and possibilities for resistance is as pressing as ever. In a new article, I argue that any radical decolonization agenda must be aligned with critique of and resistance to contemporary oppression. I also posit that the most dominant form of decolonial theory – the one that is now pervasive across global North universities as well as many institutions across the global South – does not lend itself to such radical critique and resistance.

Today, “Eurocentrism” tends to be equated with the study of Europe or studies by Europeans, and the process of intellectual decolonization tends to be equated with elevating indigenous or global South voices and perspectives as well as the inclusion of case studies from the global South. When liberal institutions use the term ‘decolonization’, a very particular, arguably essentialising and epistemic-oriented, worldview is often underlying the approach taken. When academics use it, a particular understanding of a decolonial framework is very often assumed, if not explicit. In fact, the decolonial framework has become so prominent and dominant that it is difficult to present arguments about decolonization and Eurocentrism without being automatically associated with this specific decolonial tradition. The consumption of decolonial theory in the global North and beyond thus serves to water down the radical core of decolonization and anti-imperialist projects.

It was in the early 2000s that a large and diverse group of Latin American scholars formally organized themselves into the Modernity-Coloniality-Decoloniality (MCD) group. By the 2010s that tradition had started to become a misinterpreted artifact of consumption in Northern academia. This is not the first time global North audiences misinterpret, flatten and distort traditions that have primarily emerged in the global South. Just as the original debate about dependency theory became distorted to fit a global North audience’s worldview, rendering dependency theory ‘a strawman easy to destroy’, the debates about decolonisation and decoloniality have been shoehorned into the frameworks and politics of global North academia. As André Gunder Frank became the representative of dependency theory in the global North – papering over rich discussions and nuance within Latin America and beyond – the decolonial scholar Walter Mignolo has, arguably, to a large degree become the spokesperson for decolonisation efforts, representing a similar kind of distortion and simplification. And as with dependency theory, decolonial theory was also twisted to serve a political function for global North academia, which became increasingly concerned with discrimination, identity, epistemology, and critiques of grand structural narratives in the 2010s.

Read more on the EADI blog.

Categories
Publications Economic Development Decolonizing Economics Marx Imperialism Methodology

Inverted Eurocentrism: The Consumption of Decolonization in the Global North and a Radical Decolonization Agenda (new article)

I have a new article out in Development and Change‘s new Forum on decoloniality. The abstract:

In the Global North and elite spaces in the Global South, the concepts of Eurocentrism and decolonization have come to be associated primarily with identity and location rather than with capitalism and political economy. This article argues that the reason for this can be traced to what Samir Amin calls ‘inverted Eurocentrism’, which entails a romanticization of specific identities or social formations in the Global South that tends to accompany Eurocentric ideology. This has become the dominant discourse on decolonization, leading to the displacement of broader, more radical decolonization efforts. Moreover, this discourse reflects a partial engagement with the original Modernity-Coloniality-Decoloniality (MCD) debates in Latin America that it claims as its origin. The article argues that a radical decolonization agenda entails the critique of political economy and it evaluates the extent to which the original MCD tradition reflects such an agenda. It shows that, despite allowing for a more critical understanding of knowledge, decolonization and capitalism than today’s dominant decolonial strand, the original MCD tradition is nonetheless limited by its departure from the critique of political economy. Finally, the implications of the dominant understanding of decolonization for universities and beyond are considered and the article concludes that this understanding of decolonization hinders a structural critique of capitalism and imperialism.

Read the full article here – it’s open access.

Categories
Decolonizing Economics Heterodox Economics Publications

Decolonizing Economics – An Introduction (new book!)

We have finally published our book! It’s been a long-time coming and we’re excited to finally share it with the world. You can order it here. If you’re keen to write a review, let me know and I can ask Polity to send you a reviewer’s copy.

Here’s the blurb:

Decolonization has long been debated across the social sciences, but the economics discipline has so far avoided such critical engagement. This book provides a much-needed intervention.

Dutt, Alves, Kesar, and Kvangraven uncover the deeply Eurocentric foundations that shape how economists study the world today. These have rendered the discipline ill-equipped to tackle critical questions, such as structural racism, uneven development, the climate crisis, labour relations, and how structural power shapes economic outcomes. Decolonizing economics entails challenging the norms of neutrality and objectivity that economists claim to speak from, while fostering alternative ways of understanding the economy that take seriously structural power relations and contemporary processes of economic development. Readers will come to understand the political stakes of decolonization and the wide range of scholarship that already exists that can help us grasp economics from non-Eurocentric perspectives. Through such scholarship, we can gain an enriched understanding of capitalism and its relationship to exploitation, colonialism, and racialization.

And here are reviews of the book:

Reorienting the Economic Debate, by Robert Bigg, July 2025

Categories
Decolonizing Economics Economic Development Publications

Decolonising economic development: the role of development sector (new report)

At a time when ‘decolonisation’ has become a buzzword in the international development industry and beyond, it is an opportune moment to assess what a decolonisation framework for the international non-governmental organisation (INGO) sector would entail. In this new report, Surbhi Kesar and I discuss what Eurocentrism is and how it can help us critically interrogate the role of INGOs in the development industry. You can read some reporting about our research here:

Categories
Dependency theory Heterodox Economics Publications

Re-Considering the Structural in Contemporary Analysis of the Global Political Economy (new contribution)

I recently published a contribution to this interesting paper Bringing Heterodoxy Back into a World of Pessimism (Extractivism Occassional Papers Series 1/2024), edited by Hannes Warnecke-Berger and Luíza Cerioli.

I worte about structuralism and dependency theory, with a focus on how to move forward. You can read my piece here: Re-Considering the Structural in Contemporary Analysis of the Global Political Economy.

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Categories
Africa Dependency theory Economic Development Publications

New article: Local Currency Bond Markets in Africa: Resilience and Subordination

I wrote a new article with Florence Dafe, Annina Kaltenbrunner and Iván Weigandi in Development and Change‘s Forum issue on “Negotiating the Current Debt Crisis in Developing Countries”. Our article was on local currency bond markets in Africa and we drew on both quantitative data and interviews conducted. Here is the abstract:

This article examines the development and implications of local currency bond markets (LCBMs) in African countries in the context of international financial subordination (IFS). Despite the promotion of LCBMs as a solution to debt vulnerability, there is a dearth of research that offers a systematic empirical examination of their actual benefits along with conceptual explanations as to when and why such benefits may or may not materialize. This is especially true for countries at the bottom of the global economic hierarchy. To explore how the subordination in global production and financial systems shapes LCBM development, the article offers an empirical analysis of selected African countries that combines interviews with policy makers, officials and experts with statistical data. The findings suggest that while LCBMs offer some benefits, such as mitigating risks associated with foreign currency debt, their potential is limited by the structural processes created by IFS, such as their dependence on the global financial cycle, the relatively higher costs of this debt and the sustained constraint on macroeconomic policy making. However, there are also domestic factors which shape how these structural constraints are mediated in the context of LCBM development — in particular, historically developed financial structures of developing countries, the political economy of the state and the structure of production. This study thus contributes to the debate about the developmental benefits of domestic debt market development and the emerging research agenda on IFS.

Read the full article here.

Categories
Critique of Mainstream Economics Development Finance Economic Development Publications

The Hierarchies of Global Finance: An Anti-Disciplinary Research Agenda (new article)

I recently published a new open access article – The Hierarchies of Global Finance: An Anti-Disciplinary Research Agenda – with my friend and collaborator Maria Dyveke Styve, in Review of Political Economy.

Here is the abstract:

This article critically assesses the economics discipline’s capacity to capture the structural features and political economy implications of contemporary financial processes in the global South, with a particular focus on South Africa. Delving into the complexities of financial processes in South Africa, the article proposes an alternative, anti-disciplinary framework for understanding drivers and impacts of financial processes. We show how such an approach cannot simply be about adding social or political perspectives to mainstream economics, but rather about interrogating how we think about economic systems themselves, drawing on a variety of theoretical and disciplinary insights. This is about taking an open and holistic approach that centers history, power, structures, and social relations. With an issue such as finance, critical political economy approaches from a variety of disciplines allow us to see that finance cannot be separated from the wider economy or from the social relations it forms part of today and historically. This becomes particularly clear when considering how racial, gender and class relations both impact and are impacted by financial processes in South Africa. We conclude with recommendations for studies of changing financial processes globally and in the global South.

Categories
Dependency theory Economic Development Publications

New book chapter: Dependency in a world system of global value chains led by transnational corporations

I had the pleasure of contributing a chapter to this exciting book edited by Cristina Fróes de Borja Reis and Tatiana Berringer on South-North Dialogues on Democracy, Development and Sustainability. Each chapter consists of a dialogue between one scholar based in the global South and one in the global North. My conversation was with Cristina Reis on dependency, GVCs and TNCs.

Check out the book here.

Categories
Decolonizing Economics Dependency theory Imperialism Publications

Back to Dakar: Decolonizing international political economy through dependency theory (new article)

I published a new article in the Review of International Political Economy with my co-author Felipe Antunes de Oliveira. The abstract:

Whereas the field of International Political Economy (IPE) included a diversity of voices at its outset, histories of the field tend to marginalize certain contributions – particularly those from the Global South. The endeavor to decolonize IPE offers an opportunity to look back at IPE’s history, re-discover the marginalized voices, and imagine new possible futures. This article engages with contemporary calls to decolonize IPE and proposes an alternative route to do so by recovering dependency theory. We argue that dependency theory can be conceptualized as a peripheral IPE perspective that was committed to thinking from the Global South and to producing politically engaged scholarship just as the field was being formed. The article elaborates on the key tenets of dependency theory, contrasting it with mainstream IPE, and putting it in dialogue with decolonial approaches. To demonstrate the simultaneous non-Eurocentric, anti-colonial, and policy-oriented potential of dependency theory, we recover a foundational moment that disciplinary histories of IPE have forgotten: the 1972 Dakar conference, organized by Samir Amin, with the participation of leading Latin American and African dependency scholars.