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About the Book The current era of financial hegemony is characterized by a dense financial actor concentration, an exacerbated reliance of many South countries on private credit, and an internalized compliance of South states with financial market interests and priorities. This structural power of finance enacts itself through disciplinary mechanisms such as credit ratings and economic surveillance, compelling many South states to respond to creditor interests at the expense of people’s needs. As a human rights paradigm, the Declaration on the Right to Development has the active potential to redress the structural power of finance and the distortion of the role of the state through upholding the creation of an enabling international environment for equitable and rights-based development on two levels of change. The first comprises structural policy reforms in critical areas of debt, fiscal policy, tax, trade, capital flows and credit rating agencies. The second area of change envisions systemic transformation through delinking as articulated by dependency theorist Samir Amin, which entails a reorientation of national development strategies away from the imperatives of globalization and towards economic, social and ecological priorities and interests of people. About the Author BHUMIKA MUCHHALA is an advocate, researcher and scholar-activist on the international financial architecture and global economic justice, feminist economics, and decolonial theory and praxis. She has 20 years of experience in international civil society and coordinates global economic justice and governance advocacy and research initiatives at the Third World Network. Contents 1 INTRODUCTION 2 STRUCTURAL POWER OF FINANCE 3 DISCIPLINARY MECHANISMS 4 FINANCIAL DEPENDENCY ROOTED IN LIBERALIZATION 5 RIGHT TO DEVELOPMENT: CHALLENGES AND OPPORTUNITIES FOR POLICY CHANGE AND SYSTEMIC TRANSFORMATION 6 STRUCTURAL POLICY REFORMS 7 SYSTEMIC DELINKING 8 CONCLUSION References
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