Finance, Development, and Remittances: Extending the Scale of Accumulation in Migrant Labour Regimes

The last decade has seen a heightened level of interest in the relationship between remittances and development, driven by the World Bank and other Bretton Woods Institutions. This has materialised in a global agenda to incorporate migrants and their households in commercial banking. The double significance of this policy rests in the financial incorporation of migrants and their households, and in the deepening entrenchment of the historical labour migration dynamic between sending communities and centres of capital. The central role of labour power in the advance of money forms the core of this analysis of a contemporary market-building strategy. This article presents a threefold critique of the global remittance agenda, based on (1) its transformative profit-driven development ideology, (2) its detachment of remittances from the political economy of migrant labour regimes, and (3) its dismissal of existing modes of remitting and uses of the funds