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Getting Credit examines why secured transactions law reforms yield uneven results in closing the five-trillion-dollar credit gap for micro, small, and medium enterprises. Combining multidisciplinary research, doctrinal analysis, and fieldwork observations, Castellano and Dubovec examine over thirty jurisdictions to show that success depends not on rules transplanted but on processes through which legal change unfolds. Bridging private law, financial regulation, and credit-market technology, the book examines how UNCITRAL and UNIDROIT standards, Basel and digital-finance regulations interact with domestic laws, how law reformers operate, and how secured-lending products - involving receivables, intellectual property, and warehouse receipts, as well as digital assets - function. It advances the Product-Focused Reform Strategy, a new method connecting secured lending to sustainable economic recovery, food security, and innovation. With a Foreword by Sir Roy Goode, Getting Credit is a major contribution to commercial law, comparative law, and development studies for scholars, practitioners, and policymakers worldwide.
Compared to the 1980s and '90s, Sub-Saharan Africa (SSA) has experienced a resurgence of economic growth, though this growth hasn't led to structural transformation. Additionally, SSA has underperformed in translating growth into positive development outcomes like poverty reduction. These patterns challenge standard growth theory, which predicts that growth at the top of the distribution will trickle down and benefit everyone. In We Are the World, the authors enrich and update research conducted over the last ten years, adding new evidence to recast the socio-economic narrative and pave the way for a candid and non-ideological debate on how to help SSA get on track. Challenging a widespread mainstream interpretation, the authors illuminate the nature, evolution, and consequences of SSA losing ground in the development race, offering a bold reform agenda to promote inclusive growth and sustainable development across the continent.
Capitalist development has lifted some segments of the globe to considerable affluence, but too many individuals and countries have been left behind. Diagnosing Capitalism analyses capitalism from a multidisciplinary perspective, focusing on the different ways in which capitalism has developed in the Global North and the Global South. It reframes capitalism not as a neutral economic system, but as a regime of rule that organises subjectivity, institutions, and moral imagination. Featuring both theoretical and case-study chapters from highly renowned thinkers in the field of political economy, it draws on feminist, postcolonial, legal, and heterodox traditions to explore how valuation, financialisation, extractivism, and adaptive co-optation sustain global inequalities. It highlights how caste, coloniality, and welfare bureaucracies are not external to capitalism but central to its functioning. In doing so, it shows that no matter what theoretical lens we use to assess capitalism, its consequences and limitations cannot be ignored.
Digital technologies are reorganizing economies, politics, crime, and international relations faster than existing theories can explain. Rather than treating these changes as separate phenomena, The Digital Revolution and Institutional Change offers a unified framework for understanding how digital innovation reshapes social organization across domains. Drawing on institutional economics, it shows how property rights, transaction costs, and incomplete mental models shape both the adoption of new technologies and society's often flawed responses to them. It argues that international contracting and collective action routinely fails to address the unintended consequences of technological progress and explains why these failures are not accidental but structural. Written by one of the world's foremost experts on New Institutional Economics, this book is the first to analyse the digital revolution from the perspective of the economics of institutions, reframing how we think about technological change in the digital age.
Focusing on democracy studies, this Element considers the different ways in which scholars have responded to fundamental conceptual and theoretical choices in the field and, drawing mainly on various metatheoretical ideas, suggests that some positions are better justified than others. It emphasizes the perils of maximalist definitions of democracy and argues against an aggregative, additive conception of democracy that does not recognize qualitative distinctions. It questions the assignment of causal primacy to economic, cultural, or political factors in explanations of democracy, and stresses the importance of causal interactions and reciprocal causation. It makes a case for modeling the temporal heterogeneity of causal relations. It favors explanations that incorporate causal mechanisms through multi-level models. It also sees the integration of specific models of democracy as a promising path to theoretical unification. In short, it scrutinizes several foundational ideas in democracy studies and proposes a reconstruction of the field's theoretical foundations.
This new edition offers a timely and compelling account of how development can be reclaimed as a central purpose of international trade law. Written for scholars, students, policymakers, and practitioners, it explains why a stable rule-based trading system remains essential for economic transformation and poverty reduction. The book provides a comprehensive and accessible guide to the core rules and disciplines of WTO law, while also confronting the systemic crisis facing the World Trade Organization today—marked by dispute settlement paralysis, growing unilateralism, and the resurgence of industrial policy in developed countries that increasingly conflicts with established trade rules. By combining rigorous legal analysis with a development-centered perspective, the book highlights both the challenges and the possibilities for renewing multilateralism. It ultimately proposes realistic pathways for reform, making it an essential resource for understanding the future of the world trading system and its role in global development.
This article examines two tendencies in contemporary Latin American science fiction, drawing on Mark Fisher’s terms Terminator and Avatar. Derived from the eponymous movies, Terminator narratives depict capitalist destruction as inevitable, while Avatar narratives imagine that global collapse can be averted by returning to premodern forms of social organization. Following Fredric Jameson, I interpret both as symbolic acts addressing climate change and the planetary devastation produced by the capitalist management of modernity. Despite their apparent opposition, both assume that modernity and technological development serve only the interests of the current social formation, with its drive for infinite economic expansion and disregard for the planet’s finite resources. Informed by the works of Agustina Bazterrica, Michel Nieva, Erick J. Mota, and Jorge Baradit, I outline a third position, alternative modernity, as theorized by Bolívar Echeverría and akin to Fisher’s postcapitalism, which reimagines technology while preserving modernity’s emancipatory potential—meeting human needs without an antagonistic stance toward nature.
This article aims to analyze the struggle led by the indigenous women of Chiapas in the defense of their rights within the framework of the Zapatista movement. I focus on how, from the visibility of the injustices that Indigenous peoples experienced, women managed to position their voice first within the movement and then outside of it, giving an account of the multiple violences they face. This analysis is based on my experience with the Chiapas Women’s Rights Center, focusing on its School of Human Rights Defenders and Promoters. From this experience I reflect on the contributions of the Zapatista national liberation movement to its thirty years of existence and how women have managed to position their voices and work to access their individual and collective rights.
In the heart of postrevolutionary Mexico, a group of Zapotec student-authors united to publish a newspaper, Neza (“road” or “path”). They wrote and published two manifestos in which they declared their goal: the preservation of the Zapotec spirit. They were inspired by the intellectual and cultural movements of the time, the Vanguardia, Rodó, and Vasconcelos, and merged those with Zapotec cosmology to call for their own continuance and that of their culture. While Zapotec literature of the Isthmus has primarily been read as a literature of nostalgia or considered folklore, this article highlights the way that the Zapotec intellectuals were in conversation with larger Latin American movements of their time and how they merge with Zapotec philosophy. This article argues that early twentieth-century Zapotec intellectuals utilized both Western and Zapotec traditions to (re)think concepts such as the spirit, thus contributing to Zapotec philosophy and ultimately enacting Zapotec futurities.
We provide causal estimates of the effect of Shanghai's key emission unit listings on nearby housing prices. Implemented in 2016, the disclosure policy requires annual public disclosure of designated polluting firms and their pollution information. Using repeated cross-sectional data on Shanghai housing transactions from 2015 to 2022, we apply a heterogeneity-robust staggered difference-in-differences estimator to identify dynamic capitalization effects while addressing treatment heterogeneity, treatment reversibility and time-invariant omitted variables. We find that each additional disclosed key emission unit within 1,000 m reduces nearby housing prices by 1.31 per cent, with larger declines for suburban properties than for properties in the urban core. By examining ongoing industrial pollution under a unified disclosure framework, our findings extend prior U.S. and Chinese studies that focus on legacy contamination or specific pollutants. The results highlight the policy relevance of pollution transparency and inform China's nationwide implementation.
This article examines how Maya Kaqchikel women from Iximulew (Guatemala) conceptualize and respond to gender-based violence through a theater-making praxis rooted in ancestral healing traditions. Focusing on Las Curanderas Teatro as a case study, I theorize performing healing as an embodied practice that integrates theater making with ancestral medicinal knowledge to confront patriarchal violence shaped by the coloniality of gender and the pedagogies of cruelty. I trace this praxis in two interconnected ways: first, through performance, where curanderas and limpias are invoked to address individual and collective wounds; and second, through a theater-making methodology grounded in Indigenous healing systems. This methodology unfolds in three cyclical stages: identification of the wound(s), release and transformation, and restoration of life. Drawing on seven semistructured interviews with Las Curanderas Teatro members and multisited feminist ethnographic research (2019–2020), I argue that performing healing constitutes Indigenous women’s resurgence of cultural memory and spiritual activism—both deeply political. Through embodied ancestral knowledge and collective care, Las Curanderas Teatro advances decolonial feminist interventions that insist on healing a deeply wounded social body produced by intersecting forms of gender-based violence.
This article examines the effectiveness of individual transferable quotas (ITQs) in promoting sustainable resource management within an overlapping generations economy where agricultural producers face credit constraints. The analysis shows that, although ITQs restore the social optimum when markets are complete, their effectiveness breaks down when credit constraints bind. Credit frictions create a wedge between the marginal product of the resource and its effective price, leading constrained agents to underinvest in quotas and generating resource misallocation. As a result, ITQs alone are insufficient to ensure environmental preservation without compromising welfare. The study therefore shows that policies improving credit access, such as loan guarantees, are necessary complements to ITQ systems if sustainable resource management is to be achieved.
This chapter outlines why EU Cohesion Policy must end and explores reform challenges. Despite consuming a third of the EU budget, structural funds have failed to reduce disparities, creating a resource curse that fosters dependency, misallocation, and reform delays. Conditionality mechanisms are ineffective: national governments promise reforms that rarely materialize, while the European Commission prioritizes absorption over accountability. Monitoring remains weak, and political incentives favour short-term spending and pork-barrel projects. The chapter argues that subsidies deny lagging regions the chance to learn from poor choices, perpetuating stagnation. Ending Cohesion Policy is essential, but politically difficult due to entrenched interests and lobbying. Gradual phase-out may be more feasible than abrupt termination, though both face commitment challenges. Freed resources should fund competitive programmes in research, innovation, and defence or return to citizens via tax cuts. The EU must abandon idealistic redistribution and focus on enforcing the Single Market, improving governance, and fostering competitiveness. Without reform, Cohesion Policy will continue to undermine Europe’s economic resilience and democratic integrity, threatening the EU’s future.
This chapter traces the origins and evolution of EU Cohesion Policy, a project born from the utopian vision of eliminating regional disparities across Europe. Initially absent from the Treaty of Rome, cohesion emerged gradually through political bargaining, notably during enlargements and the creation of the Single Market. Structural and investment funds – such as the European Regional Development Fund, Cohesion Fund, and European Social Fund Plus – became central instruments, eventually consuming about one-third of the EU budget. Their stated aim has been convergence, with transfers heavily concentrated in regions below 75 per cent of EU average income. Over time, Cohesion Policy expanded dramatically, reinforced by successive treaties and reforms, and complemented by instruments like the Recovery and Resilience Facility. Yet, despite unprecedented scale – far exceeding the Marshall Plan – the policy lacks a coherent economic theory or even a precise definition of ‘cohesion’. Its persistence reflects political expediency: richer states fund poorer ones to secure integration, while poorer states lobby for continued support. This chapter argues that Cohesion Policy is less an economic strategy than a political bargain.
This chapter argues that EU Cohesion Policy – through its structural and investment funds – has failed to achieve its core objective of regional convergence and has instead produced harmful economic and political consequences. Despite consuming roughly one-third of the EU budget and enjoying strong political support, these funds have not reduced disparities; in fact, some regions and entire countries, such as Portugal and Greece, have diverged from the EU average. I contend that cohesion funds operate as a form of resource curse: they distort incentives, foster dependency, and delay structural reforms, ultimately weakening competitiveness and governance. While the European Commission claims high returns on investment, credible evidence is scarce, and monitoring remains inadequate. Drawing on historical analogies and case studies, I show that these subsidies misallocate resources and undermine institutional quality, contributing to Europe’s stagnation relative to global competitors. Ending Cohesion Policy – while preserving beneficial aspects of EU integration – is essential for revitalizing the Union. This chapter sets out the intellectual foundation for that reform, challenging entrenched assumptions and calling for a serious debate on the future of EU regional policy.