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Social impact investors claim to promote sustainable development by mobilizing private finance capital to solve pressing global challenges like poverty alleviation. In this paper, I interrogate this claim through an examination of microfinance in Cambodia, a major destination for impact investment. In the past decade, Cambodia has received nearly 10% of global investments from microfinance-specific funds. It now has the largest microfinance-debt per capita ratio of any country in the world. Based on qualitative research between 2021 and 2023, I argue that impact investment functions as an anti-politics of development that reinforces finance as a political technology of neoliberal governance. Over the past two decades, impact investors have poured capital into the country's microfinance industry to expand access to credit without acknowledging structural political-economic conditions that have produced rising over-indebtedness among microfinance borrowers. Instead, they have argued that the problems created by the microfinance industry are best resolved through a self-regulation model that uses a voluntary code of conduct based on global standards of responsible finance. Thus, impact investors have been integral in broader transformations that have extended financial logics, technologies and accumulation imperatives into people's daily lives. This paper contributes to economic geography and critical development studies by explaining how impact investment deepens neoliberal financialization. [ABSTRACT FROM AUTHOR]

There is a growing interest in exploring contemporary financialisation in terms of the geographies of debt. Many economic geographers have adopted a financial ecologies approach to explain these geographies. While this approach provides analytical benefits, it nonetheless analyses debt almost exclusively in terms of consumer finance, thereby overlooking the relations of production in which many indebted households engage. To address this issue, I develop the agrarian financial ecologies concept, which both directs analysis towards the diversity of credit–debt relations in rural economies, and highlights the relationship between land, labour and debt in the process of agricultural production. I apply this concept to study farm household debt in Cambodia, where indebtedness has become a widespread problem among farmers facing rapid economic transformation in the countryside. By focusing on land and labour, I demonstrate how diverse credit–debt relations within Cambodia's agrarian financial ecology have produced uneven socio‐spatial outcomes, namely debt‐driven land dispossession. This paper advances geographic theory about the dynamics of value production, circulation and appropriation within geographies of debt. It also extends the empirical remit of existing financial ecologies scholarship by attending to the credit–debt relations that characterise many agrarian livelihoods today. [ABSTRACT FROM AUTHOR]

Against a backdrop of agrarian transformation, COVID‐19 intensified translocal precarity among smallholder farmers worldwide. As scholars of economic geography and agrarian studies have shown, smallholder households increasingly struggle to reproduce themselves through agrarian livelihoods alone, with many households compelled to migrate to urban centres, both domestic and foreign, to find employment. Consequently, smallholder farmers now experience precarity shaped by the translocal spaces of both production and social reproduction. In this paper, based on a qualitative study of smallholders in northwestern Cambodia conducted from 2019 to 2023, we argue that COVID‐19 deepened the translocal precarity of smallholder households, who already had to struggle with volatile commodity production and uncertain labour migration. We explain how the pandemic led to urban job losses and forced workers to return to rural homes and farming. On the farm, pandemic restrictions on cross‐border trade of agricultural inputs drove up production costs while competition for land between migrant returnees increased land rental fees, pushing many smallholders into debt traps following poor harvests. Indebted households responded by migrating to Thailand again, where labour demand for industrial production remained low after the pandemic, creating additional uncertainty about their migration journey. We conclude that the impacts of COVID‐19 on smallholder households are usefully explained through the lens of translocal precarity. This approach reveals how the pandemic played out within a broader conjuncture of agrarian transformation, defined by adverse incorporation into transnational commodity markets, a lack of sustaining infrastructure in the countryside, and an increasingly debt‐driven migration regime. [ABSTRACT FROM AUTHOR]

China has recently become an agent of intensified agricultural production in Southeast Asia by constructing large‐scale irrigation systems. Funded with Chinese development finance, such infrastructure projects have been interpreted as a 'spatial fix' for capital accumulation in China, which helps explain the shifting balance of power within the region's political economy. However, we argue that explaining the local outcomes of these projects requires mapping out Chinese development finance in relation to the multi‐scalar network of actors, circuits of capital, and struggles over water that produce irrigated landscapes. We draw on our joint research about the Chinese‐funded and built Kanghot Irrigation Development Project in Cambodia. We explain how the construction of Kanghot was shaped by the historical and political relations between China and Cambodia. Since completion in 2016, Kanghot irrigation has transformed agricultural production by enrolling farmers into a network of volatile commodity markets and harmful pest ecologies. There have also been ongoing community struggles over Kanghot's water due to the project's design and institutional management. By broadening the idea of infrastructure as spatial fix to include these material and social processes of agrarian landscape production, this paper advances a political ecology of Chinese development finance in Southeast Asia. [ABSTRACT FROM AUTHOR]

Microfinance is a dominant strategy used to promote rural development around the world. Rather than directly track its impact on borrowers, however, microfinance institutions rely on indicators of financial performance adopted from commercial banking as proxies for positive social impact. Yet, as critical research has shown, the industry depends on coercive peer pressure, social shaming and various forms of gendered exploitation to achieve its high rates of loan repayment. This article maintains that there is a need to investigate how the microfinance industry's own indicators of impact contribute to the ways microfinance can harm borrowers. Based on qualitative research in Cambodia during 2021 and 2022, the article demonstrates how financial performance indicators, most notably portfolio quality, both hide and exacerbate the ways that borrowers juggle debt between formal and informal lenders. In making this argument, the article advances critical scholarship on microfinance by showing how microfinance repayment structures debt‐juggling practices in ways that put borrowers at greater risk of over‐indebtedness. As a result, the microfinance industry is able to claim that it successfully helps to alleviate poverty, even as it accumulates profits by appropriating wealth from poor and low‐income households across the global South. [ABSTRACT FROM AUTHOR]

Social impact investment for microfinance has become a dominant form of poverty regulation in the global south. These investments aim to alleviate poverty by extending financial services like credit to the world's poor, particularly smallholder farmers. The International Finance Corporation is a major player in this effort. It has channeled finance capital to microfinance institutions around the world through its Social Bond Program, among other mechanisms. In this paper, I analyze how the International Finance Corporation's impact investments depend on an ideological "way of seeing" poverty, informed by representations of agrarian landscapes, which mystifies the exploitative relations of microfinance debt. I term these representations duplicitous debtscapes. My analysis is based on research about Cambodia, where the International Finance Corporation is a key supporter of the country's biggest microfinance institutions. I argue that the duplicitous debtscapes of the International Finance Corporation and its Cambodian partners veil the conditions of production and social reproduction faced by indebted smallholder farmers, thereby legitimizing capital accumulation for impact investors. Yet these debtscapes are also contested. Thus, I further argue that the outcomes of debtscapes are shaped by the struggle over their representation. By studying impact investment in terms of the visual politics of debt, this paper contributes to scholarship about the financialization of poverty in development and financial geography. [ABSTRACT FROM AUTHOR]

Based on research about Cambodia's rice sector, this article explains how an emerging Chinese food regime contributes to local agrarian transitions. It argues that Chinese-Cambodian trade deals for jasmine rice, alongside Chinese investment in rice mills and irrigation, have intersected with pre-existing relations of production to make farmers' dependence on export commodity markets more precarious. In turn, farmers have received minimal state support, because national policies in Cambodia prioritize domestic agrarian capital over small farmers. This article advances food regime scholarship by analyzing the multiscalar processes, actors, and negotiations that produce specific agrarian transitions. [ABSTRACT FROM AUTHOR]