The increasing complexity and visibility of financial capital and processes in the global economy and in everyday lives offers both tantalising promise and pitfalls. This review of financialisation in global development develops three key themes: debates and contests over the definition, nature, and extent of financialisation (“what is it”); the erosion within these debates of distinctions between long-held categories within development – between intentional and immanent, or “big D” and “little d” development, for example; and an exploration of how financialisation has drawn attention to more complex understandings and analyses of risk and its implications for the global economy and everyday lives in the Global South. Drawing on material from the Pacific and situating this alongside existing literature, this review uses these themes to argue that while there is much that is new in the nuance of these processes, there is nothing inherently emancipatory in the new technologies of financialisation. And the often heralded “democratisation of finance” that it represents often serves to extend the reach of capitalism and ties individuals, households, and communities more tightly into the global circuits and structures of capital. These processes themselves though are rarely uncontested, and the plethora of forms they assume reflect localised conditions, geographies, and forms of agency.

中文翻译：

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金融化的基础：发展、包容和代理

全球经济和日常生活中金融资本和流程的日益复杂性和可见性提供了诱人的希望和陷阱。这篇对全球发展中金融化的回顾提出了三个关键主题：关于金融化的定义、性质和程度（“它是什么”）的辩论和争论；在这些辩论中侵蚀了发展中长期存在的类别之间的区别——例如，在有意和内在，或“大 D”和“小 d”发展之间；并探索金融化如何引起人们对更复杂的风险理解和分析及其对全球经济和全球南方日常生活的影响的关注。借鉴太平洋的材料并将其与现有文献放在一起，这篇评论使用这些主题来论证，尽管这些过程的细微差别有很多新事物，但金融化新技术并没有内在的解放性。它所代表的经常被称为“金融民主化”通常有助于扩大资本主义的影响范围，并将个人、家庭和社区更紧密地与全球资本循环和结构联系起来。尽管这些过程本身很少是无可争议的，但它们所采取的过多形式反映了当地的条件、地理和代理形式。它所代表的经常被称为“金融民主化”通常有助于扩大资本主义的影响范围，并将个人、家庭和社区更紧密地与全球资本循环和结构联系起来。尽管这些过程本身很少是无可争议的，但它们所采取的过多形式反映了当地的条件、地理和代理形式。它所代表的经常被称为“金融民主化”通常有助于扩大资本主义的影响范围，并将个人、家庭和社区更紧密地与全球资本循环和结构联系起来。尽管这些过程本身很少是无可争议的，但它们所采取的过多形式反映了当地的条件、地理和代理形式。