Much More than Money: Remittances and Human Development

Abstract

In Migrant Remittances and Development in the Global Economy, Manuel Orozco analyzes “the ways that migrant remittances operate worldwide and the implication of these inflows for developing countries” (p. 1). He defines development broadly defining it as “a condition that enables individuals and society to enjoy a healthy quality of life, be free, have opportunities for upward mobility, and improve their material circumstances” (p. 5). Orozco aptly argues that the regulations that shape marketplaces and financial service access in both the host and home states also shape remittances' impact on development. Orozco supports his claim using comparative analyses of four major remittance corridors: the United States to Latin America and the Caribbean; Japan to Southeast Asia; Russia to Central Asia and the Caucasus; and Europe to Western Africa. Remittances and Development is empirically and theoretically strong in the sense that it employs a variety of original studies to identify and describe how remittances have a positive impact on human lives. Its description of remittance trends and the myriad of regulations that shape them is a particular strength. Orozco also covers an impressive range of subjects regulations and remittance trends, including the role of microfinance institutions, migrant philanthropy through transnational organizations, and nostalgic trade. However, this wide scope limits the depth of discussion and, ultimately, the book's substantive contributions.