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Risk and the Rupee in Pakistan's New Economy
  • Publisher: Cambridge University Press
  • Expected online publication date: December 2019
  • Print publication year: 2021
  • Online ISBN: 9781108779739
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Book description

In a world of open markets and global trade, development thinking seeks stability and prosperity for the world's poor by expanding access to financial products. This book challenges the development sector's embrace of 'financial inclusion' by exploring the new risks and instabilities that accompany the pivot towards the global economy undermine the functioning of money itself. Cast against fundamental change in the monetary environment accompanying the globalisation of markets, it examines the rapid liberalisation of money and markets in Pakistan. It argues liberalisation has generated substantive problems not only for the central bank as guardian of national currency, but for ordinary households. By pinpointing how globalisation generates new risks for households in the everyday economy,it reveals jarring contradictions between free markets and financial inclusion whilst challenging money theory by positing substantive and empirically-grounded monetary contestation that demonstrates a burden of risk imposed on ordinary people, only exacerbated by financial inclusion.


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