Finance/security infrastructures

Abstract

This article starts from the premise that International Political Economy (IPE) literature – with some notable exceptions – has a blind spot for the colonial and contested histories of financial infrastructures. Often considered to be the mere ‘plumbing’ of international finance, financial infrastructures instead are profoundly political and rooted in long-term colonial histories. To start addressing these blind spots, the article draws on literatures in critical infrastructure studies, that offer understandings of infrastructure as lively, contested and profoundly political. The argument is that attending to infrastructure inevitably brings into view the postcolonial nature of contemporary capitalism and finance. The article draws a parallel between the ways in which inequities and dis/connectivities became hard-wired into early modern financial infrastructures, and the ways in which new inequities and disconnections are hard-wired into present-day financial infrastructures through security sanctions. It uses the case of the contemporary payment infrastructure wars, whereby the SWIFT infrastructure is used to enforce sanctions policies, as example to develop the arguments.