PHILANTHRO-CAPITALISM AND THE PRODUCTION OF SPACE - IMPACT INVESTING AND GLOBAL DEVELOPMENT IN THE ERA OF FINANCIALISATION

Abstract

This thesis examines the phenomenon of philanthro-capitalism, with a focus on impact investing. Philanthro-capitalism has become a driver for development in the Global South. The underlying investment practice is inspired by super-rich US-based philanthropists and operates within the wider logics of capital. Charitable donations however are being replaced by loans. This form of lending, framed as impact investing, has the premise of supporting entrepreneurial activity and positive social change. The recipients are so-called social entrepreneurs, who must repay the debt. Drawing from 30 qualitative expert interviews in Delhi, Mumbai, New York and Singapore, this thesis inquires impact investing from Marxian accounts of money and finance. It thereby follows financial networks spanning from USA to Singapore and India. The analysis charts a detailed map of investment operations, while integrating impact investing into the wider power networks of the capitalist credit and banking system.