The global financial and anti-poverty industries are embracing an investment philosophy called social finance, which claims that private profit-making can create positive benefits for society. Attempting to resolve the problems of capitalism from within the system, social finance reframes finance as a force for engendering, rather than disrupting, the public good. This article argues that social finance raises theoretical concerns for geographical research on finance, poverty, and neoliberalizing capitalism. I outline a typology of social finance’s forms and propose a geographical research agenda, arguing that social finance practitioners’ simplistic framings of geography belie many other geographies that constitute what is both an emerging financial marketplace and a logic of poverty regulation.
Within geography writ large, and economic geography in particular, there has been increasing interest in ‘engaged pluralism’ – defined by its proponents as lively and respectful engagement across theoretical, methodological, and topical lines – to increase diversity and build mutual respect among scholars. Drawing on feminist and postcolonial scholarship, we offer a sympathetic critique of engaged pluralism, grounded in a review of publishing trends in economic geography. Our findings reveal theoretical inertia around particular topics and paradigms, as well as low rates of publishing participation from women. We close with a discussion of engagement, reciprocity, and meaningful contact.
In the face of planetary crises, from inequality to biodiversity loss, “impact investing” has emerged as a vision for a new, “moral” financial system where investor dollars fund socio‐environmental repair while simultaneously generating financial returns. In support of this system elite actors have formed a consensus that financial investments can have beneficial, more‐than‐financial outcomes aimed at solving social and environmental crises. Yet critical geographers have largely studied “green” and “social” finance separately. We propose, instead, a holistic geography of impact investing that highlights the common methods used in attempts to offset destructive investments with purportedly reparative ones. This involves interrogating how elite‐led ideas of social and environmental progress are reflected in investments, as well as deconstructing the “objects” of impact investments. As examples, we use insights from both “green” and “social” literatures to analyse the social values embedded in projects of financialisation in schooling and affordable housing in the US.
The study of public finance—the role of government in the economy—has faded in geography as attention to private finance has grown. Disrupting the tendency to fetishize private financial power, this article proposes an expanded conception of public finance that emphasizes its role in shaping geographies of inequality. We conceptualize the relationship between public and private finance as a dynamic interface characterized today by asymmetrical power relations, path-dependent policy solutions, the depoliticization of markets, and uneven distributional effects. A reimagined theory and praxis of public finance can contribute to building abolitionist futures, and geographers are well positioned to advance this project.
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