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Article

The Political Economy of LGBT Rights  

Scott N. Siegel

Equal treatment for members of the lesbian, gay, bisexual, and transgender (LGBT) community has improved at a rapid pace around the world since the gay rights movement first rose up to become a salient global force for change. With important regional exceptions, laws criminalizing same-sex sexual relations have not only come down in multiple countries, but same-sex couples can now also construct families in many advanced industrialized countries. Public acceptance of homosexuality, even in some non-Western countries, has increased dramatically. Yet, within those general trends hides the remarkable unevenness in the spread and adoption of policies fostering legal, social, and economic equality for LGBTQ communities around the world. Policy change toward more equal treatment for sexual minorities is concentrated in the developed world and within the cisgender gay and lesbian communities in particular. The existing literature in policy change shows the importance of transnational activists, changing international norms, and increasing levels of secularization have made this possible. But the effectiveness of these factors rests on an underlying foundation of socioeconomic factors based on economic and social development that characterizes advanced industrialized states. There is an uneven distribution of resources and interests among pro and anti-LGBT activist groups alike, and the differing levels of economic development in which they operate that explains the decidedly uneven nature of how LGBTQ human rights have advanced in the past 50 years. In addition, new political parties and activist organizations have emerged to lead the backlash against LGBTQ rights, showing progress is neither inevitable nor linear. In addition, serious gaps in what we know about LGBT politics remain because of the overwhelming scholarly focus on advanced industrialized states and policies that benefit the cisgender, gay and lesbian middle class in primarily Western societies. The study of LGBT politics in non-Western and developing countries is woefully neglected, for reasons attributed to the nature of the research community and the subject area. In the developed world, greater attention is needed to inequality within the LGBTQ community and issues beyond same-sex marriage. Finally, issues of intersectionality and how different groups within the LGBT community have enjoyed most of the benefits of the gay rights movement since its takeoff more than 50 years ago.

Article

The Political Economy of Development Finance in Latin America  

Leslie Elliott Armijo

Finance is frequently, but incorrectly, judged a technical matter best left to experts. Equally mistaken is the exasperated conclusion encapsulated in the phrase “people, not profits,” which holds that capitalism, private investors, and markets are simply evil. Finance is necessary for economic development, but also has profound, and often unexamined, implications for social and political spheres. Channels for financial intermediation may be public or private, and national or foreign, implying tradeoffs among organizational forms. Public banks typically are superior in providing public goods and implementing national strategic plans, but private banks and capital markets normally are more efficient, assuming competitive markets. Savings may be sought within the national economy or from abroad, with domestic savings implying a smaller pool yet less subsequent international vulnerability, and foreign inflows offering potential abundance at the cost of external dependence. This framing yields four ideal-types of long-term finance (LTF): national public finance from state development banks; national private finance from domestic private banks and capital markets; foreign public finance via bilateral or multilateral aid or state investment (including from non-traditional lenders, such as China); and foreign private finance sourced from global investors seeking returns. Both national public and foreign public finance dominated long-term investment in Latin America in the early postwar decades of import-substituting industrialization. In the 1970s through the 1990s, they were succeeded by foreign private bank loans, followed by crisis and retrenchment. In the 21st century global political and market conditions brought a resurgence of foreign capital, including from both global private investors and non-Western public sources. Worries about problems arising from Chinese public finance to Latin America are likely overblown, as the quantity remains small, except in some Bolivarian Alliance countries. However, private foreign inflows, strongly promoted by Western-led multilateral actors, from the Organisation for Economic Co-operation and Development (OECD) to the World Bank, during the 2010s, may be more problematic. Excessive dependence on private securities markets funded by globally mobile capital often undercuts achievement of other valued societal goals such as reducing inequality and ensuring democratic accountability. Notwithstanding their predictable flaws, it may be time for a reemphasis on national, and possibly regional, public development banks.