Working On, Through and Around the State: The Deep Marketisation of Development in the Asia-Pacific

This article describes an important new push by international financial institutions towards broadening and deepening capitalist social relations in the underdeveloped world in ways well beyond Washington Consensus structural adjustment or even post-Washington Consensus forms of institutionally-oriented “participatory neo-liberalism.” Described here as the “deep marketisation of development” (or simply “deep marketisation”), this process is attracting increasing resources that are formally allocated directly to private actors around states, while also demanding and promoting shifts in state form and function that relate to cultivating “enabling environments” for capital and facilitating “access to finance.” The article begins by conceptualising deep marketisation and placing it in historical and political context. The second section presents examples of deep marketisation in action in the work of the World Bank's private sector arm, the International Finance Corporation, in the Asia-Pacific. The article concludes by highlighting some serious concerns with the deep marketisation agenda.