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SUMMARY:St Catharine's Political Economy Seminar -Dr Ilias Alami - Green i
 ndustrialisation in the Global South: between Financial Subordination and 
 Turbulent Geopolitics - Ilias Alami
DTSTART:20260218T180000Z
DTEND:20260218T193000Z
UID:TALK242203@talks.cam.ac.uk
CONTACT:Philippa Millerchip
DESCRIPTION:*Speaker:* Dr Ilias Alami\n*Talk Title:* Green industrialisati
 on in the Global South: between Financial Subordination and Turbulent Geop
 olitics\n*Time:* 18:00 -19:30\n*Location:* Ramsden room\, St Catharine's C
 ollege\n\nThe seminar series is supported by the Cambridge Political Econo
 my Society and the Economics and Policy Group at the Cambridge Judge Busin
 ess School.\n\n*Talk Overview:*\nAs competition intensifies for electric v
 ehicles\, transition minerals\, and clean energy\, many developing economi
 es are designing state-led projects to foster green industrialisation. Fin
 ancing these strategic green industrial ambitions is a challenge. In addit
 ion to limited fiscal powers\, developing economies face a series of finan
 cing and policy space constraints related to their subordinate position in
  the global financial and monetary system and the wider global political e
 conomy. “International financial subordination” not only makes soverei
 gn borrowing unreliable\, it also drastically increases the cost of capita
 l for renewables energy infrastructure and green industrialisation project
 s\, therefore impeding projects of green transformation. Yet\, surprisingl
 y\, we currently see a proliferation of green industrial policies in devel
 oping countries. How can we explain the multiplication of green industrial
  policies in developing countries despite the considerable constraints of 
 international financial subordination? How do developing countries finance
  green industrial ambitions under such constraints? This article argues th
 at developing countries are experimenting with\, and creatively combining\
 , 3 types of strategies to finance green industrial ambitions: (1) Strateg
 ies of “new state capitalism\,” which involve expanding the prerogativ
 es of state-owned financial institutions to directly invest in green indus
 trialization projects with the private sector\; (2) doubling down on the 
 “Wall Street Consensus” (including PPPs\, blended finance\, and other 
 financial “de-risking” tools)\; (3) “polyalignment strategies” aim
 ing at leveraging competition between rival geopolitical hegemons in the r
 ealm of infrastructure finance\, green tech\, and green energy. This artic
 le critically analyses how developing countries combine and experiment wit
 h these three financing strategies\, resulting in novel configurations of 
 market-based and state-led approaches to financing green industrialisation
 . Using Morocco as a case study\, the article asks what is the outcome of 
 these strategies\, their political economy\, and the extent to which they 
 renegotiate the position of developing countries within global monetary an
 d financial hierarchies.\n\n*Speaker Overview:*\nDr Ilias Alami is Univers
 ity Assistant Professor in the Political Economy of Development in the Cen
 tre of Development Studies and the Department of Politics and Internationa
 l Studies.\, where he writes about state capitalism\, geopolitics\, the gr
 een transition\, global finance\, and racial capitalism. He is also the Di
 rector of the PhD programme in Development Studies.\n\nPrior to joining Ca
 mbridge\, he held research and teaching positions at Uppsala University\, 
 Maastricht University\, and Manchester University. He also held visiting p
 ositions at the University of Sydney\, the Getulio Vargas Foundation in Sa
 o Paulo\, the University of Johannesburg\, and Sciences Po Paris. He is th
 e author of Money Power and Financial Capital in Emerging Markets: Facing 
 the Liquidity Tsunami (Routledge\, 2019) and co-author of The Spectre of S
 tate Capitalism (Oxford University Press\, 2024). Ilias is a fellow of the
  Transition Security Project\, a member of the Second Cold War Observatory
 \, and a member of Common Wealth's Green Planning Commission.
LOCATION:The Ramsden Room\, St Catharine's College
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