Journal

Journal of Globalization and Development

Edited by: Joseph Stiglitz , Kevin Gallagher , Jeronim Capaldo , M. Shahe Emran , José Antonio Ocampo , Dani Rodrik and Arjun Jayadev

Language: English

First published: January 1, 2010

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Objective
The Journal of Globalization and Development (JGD) publishes academic research and policy analysis on globalization, development, and in particular the complex interactions between them. The journal is dedicated to stimulating a creative dialogue between theoretical advances and rigorous empirical studies to push forward the frontiers of development analysis. It also seeks to combine innovative academic insights with the in-depth knowledge of practitioners to address important policy issues. JGD encourages diverse perspectives on all aspects of development and globalization, and attempts to integrate the best development research from across different fields with contributions from scholars in developing and developed countries

Topics

Economic dvelopment
Financial investments
Development Aid
Development policies
Growth models

Article formats
Symposia Articles, Articles, Policy Analysis

> Information on submission process

Your Benefits

Your benefits:

Research agenda for the future of studies in the rapidly evolving fields
Full range of perspectives on development and globalization
Pressing debates led by scholars, policymakers, and practitioners in the arena of globalization and development

Open Access
The Global South in the Energy Transition: A Framework for Industrial Policy Options to Avert “Greening Dependency”

November 4, 2025

Martin Middelanis, Barbara Fritz, Luiz Fernando de Paula

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The global energy transition is leading to a new division of labor in renewable energy production and economic activity in the associated value chains. As trade in renewable energy becomes more technologically feasible and economically viable, it is likely that different countries will focus on different steps in the energy transition value chains, such as the green hydrogen and lithium battery value chains. While industrialized countries are mainly looking to source low-cost renewable energy and critical raw materials in the Global South to green their industries, the benefits for developing countries are less clear. We ask what kind of green industrial policies would be relevant for developing countries to reap more benefits of the global energy transition than reinforcing traditional patterns of commodity exports to the global North. For this, we link the recent debate on green industrial policy to new concepts of developmentalist thinking. We develop a framework to relate specific policies to two distinct neo-developmentalist approaches: one more oriented towards domestic economic diversification and income redistribution, the other one more towards technologically upgrading green energy-linked exports to global markets, thus advancing the economic complexity of the country. Applying recent concepts of industrial policy, we take a broad stance and include macroeconomic and financial policies. We demonstrate that this framework can be used to evaluate green transition strategies and outcomes of countries in the global South with different degrees of economic complexity and size regarding their contribution to economic development.
Open Access
Chile at the Green Window of Opportunity: The Troubled Road to New Productive Capabilities

September 26, 2025

José Carlos Orihuela, Felipe Irarrázaval, Cristián Flores

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This article examines how Chile is navigating the global energy transition, with a focus on the resurgence of industrial policy. While developed countries have led this transformation–through policies such as the U.S. Inflation Reduction Act and the EU’s Green Industrial Plan–peripheral economies are also strategically positioning themselves in the evolving global economy. Chile’s comparative advantages in critical minerals and renewable energy place the country at the forefront of Latin American green growth initiatives. In contrast to long-held neoliberal policy beliefs, the last three governments have introduced strategies aimed at either developing strategic sectors for the energy transition, such as green hydrogen and lithium, or decarbonizing existing operations, such as copper, while simultaneously enhancing new productive capabilities. This contribution examines policy instruments across different segments (upstream, downstream, and offstream) of the green hydrogen and lithium value chains, with a particular focus on the development of new productive capabilities. By analyzing Chile’s new industrial policy and its associated political-economic challenges, the article provides insights into how peripheral economies can leverage their resource endowments to engage in the reconfiguration of global value chains during the energy transition.
Open Access
Developmental Extraction and the Global Energy Transition: Lessons from South America’s Lithium Triangle

November 4, 2025

Lucas I. Gonzalez, Richard Snyder, José Carlos Orihuela

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Has the global energy transition opened new opportunities for natural resource extraction to foster development? To address this question we propose the concept “developmental extraction” (DE), an intermediate option between neoliberal and anti-extraction. For proponents of DE, mining can be a development-enhancing activity that triggers virtuous economic linkages. Focusing on South America’s Lithium Triangle countries (Argentina, Bolivia, and Chile), we find that the results of DE are mixed, with modest advances in fostering developmental linkages at the local level coupled with uneven outcomes at translocal scales. To explain the contrasting outcomes of DE projects, we offer a multilevel framework that highlights political and territorial challenges of forging developmental linkages. The fortunes of DE depend on the distribution of bargaining power among states, mining companies, and communities and, in turn, on the results of local and translocal negotiations over the terms of extraction.
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Development Banks and Capital Markets in Wind Energy Financing in Brazil: Substitution or Complementarity?

September 26, 2025

Filipe de Castro Vieira, Luiz Fernando de Paula

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This paper aims to analyze the dynamics and characteristics of wind energy financing in Brazil, highlighting the role of its main actors and seeking to evaluate the controversial hypothesis of the replacement of development banks (DBs) by the capital markets. A qualitative analysis supported by empirical data of sustainable energy financing, focusing on the wind sector, supports the prevalence of DBs in the climate transition financing system, particularly in renewable energy. In Brazil, DBs lead the financing of low-carbon activities, especially sustainable infrastructure and renewable energy. The article provides evidence that, although the capital market has recently gained prominence in financing the wind sector in Brazil, the hypotheses advocating for the superiority of private financing over DBs and the replacement of the latter by the former do not hold up. Overall, the profile of the financing and the target audience served by BNDES, Banco do Nordeste do Brasil, and the capital markets are different, showing a complementary relationship between these funding sources.
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Breaking Fiscal Barriers: Green Fiscal Rules to Expand Space for Green Investments in Latin American Countries, the Case of Colombia

September 25, 2025

Maria Fernanda Valdes Valencia, Diego Alejandro Guevara Castaneda, Manuel Felipe Martinez Mantilla

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The climate crisis and the energy transition pose significant challenges for peripheral countries. In the case of Latin America, this situation is exacerbated by regional fiscal and institutional limitations, along with specific challenges in financing large-scale green investments. These vulnerabilities, known as the triple vulnerability, encompass environmental, external, and fiscal dimensions (Bedossa, B. 2023. “Climate-Financial Trap: An Empirical Approach to Detecting Situations of Double Vulnerability.” AFD MacroDev (51): 1–29.), leading to a Financial-Environmental Trap where these three forms of vulnerability interact and reinforce one another. To break this trap and create, instead, a Financial-Environmental Virtuous Circle, we introduce a policy innovation – a Green Fiscal Rule (GFR). This rule proposes excluding green investments from fiscal balance accounting, thereby increasing fiscal space for financing green projects while simultaneously mitigating fiscal and macroeconomic risks arising from the climate crisis. Using the case study of Colombia, we examine the aforementioned restrictions and demonstrate how this innovation can enhance the ability of peripheral countries to pursue a decarbonized economy and energy transition.
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Can BNDES Finance the Sustainable Green Transition? Alternatives to Leveraging the Bank’s Sources of Resources from Sovereign Wealth Funds

September 19, 2025

Fernanda DE FREITAS Feil, Carmem Feijo, Fernando Amorim Teixeira

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The green-sustainable transition demands a profound structural transformation of national economies, requiring stable, long-term public financing that can support investments with high uncertainty and delayed returns. Development banks are uniquely positioned to lead this process, as they combine technical expertise with a public mandate to promote structural change and social inclusion. In the case of Brazil, the National Bank for Economic and Social Development (BNDES) has historically played this role; however, it has faced a progressive erosion of its funding base since 2016. Ensuring the effectiveness of BNDES as a key driver of the green transition depends on restoring access to stable sources of financing. In this context, sovereign wealth funds (SWFs) offer a viable institutional solution: as liability-free, intergenerational public savings, they are well suited to finance long-term sustainable investments. This article examines the potential of SWFs as viable and strategic funding instruments for the green transition. SWFs are intergenerational public savings, making them particularly well suited to finance climate mitigation, adaptation, and biodiversity conservation. The article proposes the creation – or reconfiguration – of a national SWF in Brazil with a clear mandate to channel resources to development banks, especially BNDES, in order to finance the transition within a framework of long-term sustainability and social inclusion.
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The Energy Transition in Brazil and the Controversy over the Role of State-Owned Enterprises

September 23, 2025

Gustavo Teixeira, Carmem Feijo

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This paper examines how state ownership in the energy sector is linked to climate-related policies, focusing on the Brazilian context. Brazil’s experience is a relevant case study, having undergone significant privatization in the 2010s and early 2020s, followed by the recent announcement of an ambitious industrial policy aimed at reindustrializing the economy and supporting the energy transition. In this sense, the paper’s key objective is, on the one hand, to investigate the recent literature on energy transition focusing on both the energy sector and the state ownership policies, on the other, to bring about the Brazilian experience on privatization and disinvestment policies in the Brazilian energy industry to shed some light on the limits on the new industrial policy proposals concerning energy transition.
Open Access
Explaining Varying Green Hydrogen Ambitions: State Capacity and Business Positioning in Chile and Peru

September 24, 2025

Bettina Schorr, Sebastián Carrasco, Gerardo Damonte, Jorge Atria

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Green hydrogen (GH2) ambitions vary significantly across Latin America, despite the region’s favourable conditions for production. This article investigates the contrasting trajectories of GH2 sector development in Chile and Peru – two countries with similar natural endowments but divergent levels of engagement. Drawing on a political economy perspective, the article develops a theoretical typology based on the interaction between state capacity and business positioning. It identifies four ideal-type configurations of state-business relations: cooperative, contentious, business-driven/project-based, and non-alignment/non-development. This typology offers a heuristic tool for analysing different pathways of engagement with GH2. Using a comparative case study design grounded in documentary analysis and 17 expert interviews, the article shows that Chile follows a cooperative model, where a high-capacity state and a supportive business sector jointly advance GH2 development through strategic coordination, public investment, and international partnerships. In contrast, Peru exemplifies a business-driven, fragmented approach, shaped by low state capacity, institutional volatility, and the influence of a powerful fossil fuel sector. The findings highlight the importance of state-business configurations in shaping green industrial policy in the Global South and point to future research avenues including the role of fossil sector resistance, external actors, and civil society mobilization.
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The Impact of Reverse Technology Spillovers from China’s OFDI on Carbon Emission Intensity

January 8, 2026

Francesco Macheda, Zhenzhen Wang, Yingying Ma

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This study examines the impact of reverse technology spillovers (RTS) from China’s outward foreign direct investment on carbon emission intensity in the country. Drawing on New Structural Economics, we argue that the effectiveness of RTS in promoting energy efficiency and clean technologies depends on the strength of the home country’s absorptive capacity (AC). Furthermore, the mediating role of AC is influenced by the degree of economic alignment between the home country and its OFDI destination countries, insofar as foreign technologies that are better suited to the domestic productive capabilities can be more easily exploited by domestic producers. Using provincial data from 2004 to 2022, our multiple mediation effect model reveals a significant and negative indirect effect of RTS on carbon intensity through absorptive capacity. Additionally, we find that Chinese OFDI directed towards host countries that are more economically aligned with China’s development status enhances the effectiveness of absorptive capacity in mediating the impact of RTS on reducing carbon intensity. These findings suggest that policies aimed at improving China’s absorptive capacity, coupled with investments targeted to countries aligned with its evolving capabilities, are effective strategies to maximize the potential for China’s global integration to support sustainable development.
Open Access
Greened Dependency and Development: The Political Economy of Energy Transition in Latin America – An Introduction

November 27, 2025

Barbara Fritz, Martin Middelanis, José Carlos Orihuela

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Would the energy transition mean more of the same for Latin American economies? Classic political economy of development contended that latecomer economic progress was not the outcome of free trade and comparative advantage, that linkages with the domestic economy mattered, and that peripheral capitalism was not doomed to fail. In its possibilist sense, “dependent development” was both diagnosis -of common structural challenges and diverse national paths- and possibility. At the era of global energy transition, we find this overarching perspective of economic development to be still enlightening. The papers collected in this special issue draw on diverse conceptual frameworks within structuralist development theories, especially on renewed concepts of (green) industrial policy and developmentalism, and on a differentiated understanding of the creation of linkages at different scales, a so-called developmental extraction. The contributions analyze development ideas and state action in response to, as well as opportunities and challenges deriving from the energy transition. Analytically, papers cover growth governance, development finance, and industrial policy, which we conceptualize as the main contributing factors to the transition, with case study research focused on new renewable energy and critical mineral policy sectors. Our political economy of peripheral development is interdisciplinary, centered on understanding Latin American varieties of state (in)action in shaping the energy transition economy.

Issue 0

Issue 1

Issue 2

Special Issue on Climate Change and Development; Guest Editors: Aasheerwad Dwivedi & Abebe Shimeles

Issue 1

Issue 2

Special Issue: Gendered Effects of Globalization and Development

Issue 1

Issue 2

Special Issue: On Sovereign Debt and Development; Guest Editors: Andrea F. Presbitero and Ugo Panizza

Issue 1

Special Issue: Repairing the Global Financial Safety Net; Editors: Kevin Gallagher and Jeronim Capaldo

Leaving no one behind and the 2030 Agenda / Guest Editors: Marc Fleurbaey and Stephan Klasen

Special Issue on Global Inequality

Issue 2

Special Issue on Sovereign Debt

Issue 1

Special Issue on Experiments in Development Economics / Guest Editors: Rachel Gisselquist and Miguel Niño-Zarazúa

Journal of Globalization and Development publishes special and thematic issues focussed on important and emerging topics in the field of study. The journal has established a rigorous process to ensure that any special issue manuscripts follow the same high-quality standards and peer review processes as regular manuscripts. For further information on the journal’s peer review policy please see the "Instructions for Authors".

Recent Special Issues

Volume 15 | Issue 2 Special Issue on Climate Change and Development; Guest Editors: Aasheerwad Dwivedi & Abebe Shimeles

CiteScore	1.3	2024, Scopus (Elsevier B.V., 2025)
SCImago Journal Rank	0.368	2024, SJR (Scimago Lab, 2025; Data Source: Scopus)
Source Normalized Impact per Paper	0.6	2024, CWTS Journal Indicators (CWTS B.V., 2025; Data Source: Scopus)
European Reference Index for the Humanities	0

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Please note

JGD publishes articles in a number of sections, listed below. When submitting, please make a note in your cover letter indicating the section where you feel your manuscript would fit best:
1. Research Foundations: publishes rigorous analytical papers, both theoretical and empirical.
2. Policy Analysis: policy analysis papers can focus on a single country or a number of countries.
3. Puzzles: welcomes short discussions on problems faced by policymakers in a "second best" world that require innovative and ingenious approaches. The aim is to bring intractable policy problems to the attention of academic researchers and thus foster a dialogue between policymakers and researchers.
4. Symposia: Key Debates in Theory and Policy:
  fosters debates between leaders in the field around particular issues in development and globalization.
Manuscripts must be written in clear and concise English
Before submitting your article please have a look at our Publication Ethics Statement and our copyright agreement
Once your article is accepted you have the option to publish it open access
Our repository policy allows you to distribute 30 PDF copies of your published article to colleagues (the PDF has to include the information that it is an author's copy). Please also feel free to distribute the link to the online abstract.
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Editors
Joseph E. Stiglitz, Columbia University, USA
Kevin Gallagher, Boston University, USA
Jeronim Capaldo, Boston University, USA
José Antonio Ocampo, Columbia University, USA
Dani Rodrik, Harvard University, USA

Managing Editor
Gabriela Plump, Columbia University, USA

Editorial Board
Siwan Anderson, University of British Columbia, Canada
Abhijit Banerjee, Massachusetts Institute of Technology, USA
Pranab Bardhan, University of California, USA
Kaushik Basu, Cornell University, USA
Amar Bhattacharya, The Brookings Institution, USA
Haroon Bhorat, University of Cape Town, South Africa
Nancy Birdsall, Center for Global Development, USA
Francois Bourguignon, Paris School of Economics, France
Guillermo Calvo, Columbia University, USA
Partha Dasgupta, University of Cambridge, UK
Kemal Dervis, The Brookings Institution, USA
Giovanni Dosi, St.Anna School of Advanced Studies, Italy
Mohamed El-Erian, Queens College, UK
Diane Elson, University of Essex, UK
Jean-Paul Fitoussi, Sciences-Po, France
Roberto Frenkel, CEDES and University of Buenos Aires, Argentina
Jayati Ghosh, University of Massachusetts Amherst, USA
Karla Hoff, Columbia University, USA
Ravi Kanbur, Cornell University, USA
Devesh Kapur, Johns Hopkins University, USA
Mushtaq Khan, SOAS, UK
Anton Korinek, Brookings Institute/ University of Virginia, USA
James Manyika, McKinsey Global Institute, USA
Rohinton Medhora, Centre for International Governance Innovation, Canada
Celestin Monga, Harvard University, USA
Jonathan Morduch, New York University, USA
Martin Rapetti, Universidad de Buenos Aires and CONICET, Argentina
Sanjay Reddy, The New School for Social Research, USA
Dany Quah, National University of Singapore, Singapore
Charles Sabel, Columbia University, USA
Saskia Sassen, Columbia University, USA
Amartya Sen, Harvard University, USA
Fiona Tregenna, University of Johannesburg, South Africa
David Vines, University of Oxford, UK
Ngaire Woods, University of Oxford, UK
Yu Yongding, Chinese Academy of Social Sciences, China

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Additional information

eISSN:

1948-1837

ISSN:

2194-6353

Language:

English

Publisher:

De Gruyter

Additional information

First published:

January 1, 2010

eISSN: 1948-1837

ISSN: 2194-6353

Audience(s) for this journal

researchers in economics, international relations, political studies, decision-makers, workers of non-governmental organizations and think-thanks in the field of development aid

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