1. Race, Innovation, and Financial Growth: The Example of Foreclosure

Park, K-Sue

doi:10.7312/jenk19074-003

Cited by 12 publications

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“…Where English common law protected families from losing land due to indebtedness, English colonizers in the Americas developed a new form of 'foreclosure'. This initially applied only to Indigenous people, and enabled the manufacture of debts and subsequent appropriation of land (Park 2021; see Cordes, Chapter 5, and Comyn, Chapter 4). Despite the influence of Patrick Wolfe's model of settler colonialism as elimination, there are indeed cases where the logic of settler colonialism seems to be one of exploitation rather than elimination (Englert 2020) -as for example in the case of white settlers in South Africa exploiting Black mineworkers (see Alami, Chapter 10 and Styve, Chapter 21).…”

Section: What You Need To Know: Terminology and Vocabularymentioning

confidence: 99%

Introduction

2023

The Entangled Legacies of Empire

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Race, finance and inequality: enduring legaciesWe live in a colonial global economy. It is of course true that many territories which were conquered, annexed and settled during the expansion of European empires formally gained their independence during the twentieth century. 1 Settler colonialism, however, clearly persists in Britain's former 'white dominions' of Canada, Australia and New Zealand, as well as in Israel/Palestine. 2 As you might imagine, the colonial world did not disappear overnight for the citizens of newly independent former colonies. On the level of crude imperial 3 relations of exploitation and extraction, much appeared to stay the same. Ghanaian independence leader Kwame Nkrumah (1965) wrote in his book Neo-colonialism that African industrialization had been frustrated because of the extraction of Africa's mineral resources for Western benefit. More than half a century later, the Tricontinental Institute and Third World Network-Africa observed similar patterns of economic exploitation. Only 1.7% of global returns from Ghana's gold remain in Ghana's domestic economy, the majority flows out to shareholders of British, American, Canadian and Australian mining companies. Many see this as effective neo-or re-colonization of many African territories, resulting in de-industrialization (Tanoh 2019). Sovereign debts incurred by African governments to pursue development are the basis for a continued source of pressure by the World Bank to use meagre taxes and royalties from mining companies to service their sovereign debt, rather than using that mineral wealth for the kinds of national development envisioned

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Section: What You Need To Know: Terminology and Vocabularymentioning

confidence: 99%

Introduction

2023

The Entangled Legacies of Empire

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“…The history of American mortgage foreclosure, from its colonial beginning (Park 2021;Priest 2006) to its most recent crisis (McFarlane 2011), provides another clear and enduring example of the market instantiation of racialized property-in this case, dispossession. Colonists, forging private debt markets, transformed the English land-as-natural-resource (protected from the reach of debtors), into land-as-liquid-capital through the medium of Indigenous land foreclosure (Park 2021). The dispossession of Indigenous people for the purpose of securing white wealth accumulation eased a radical property evolution.…”

Section: A White Androcentricity In Capitalism and Property: Two Exam...mentioning

confidence: 99%

The White Androcentric Disposition of Capitalist Property

Cavalieri¹,

Yuille²

2022

JLPE

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Racial capitalism provides a baseline analysis of how capitalist systems function inextricably from race. We contribute to the development of the concept of racial capitalism by arguing that as property is the lingua franca of capitalism, racialized, gendered property is the institution that undergirds racial capitalism. Even if we could eliminate the racial and gender bias of the capitalist system, the very disposition of the institution of property itself is so inherently racialized and gendered through the human interactions by which it is coconstituted that the resultant property-based capitalism is also raced and gendered. Those observations are the backdrop for a more probing set of arguments about the role of gender and race in shaping the property narrative, which we explore in a series of examples that reveal the inherently racialized and gendered nature of property in the extant capitalist system. Our engagement opens space in this era of racial and gender reckoning to call upon property to become a site of advancing new or contested social values of justice or equality for communities that exist at the margins of society.

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“…As "the implacable logic of debt takes over for the implacable logic of the white man's burden," abstraction of postcolonial poverty relations into the common language of debt and austerity has the paradoxical effect of further materializing, reifying, or reinscribing this same racial coloniality (Byrd et al 2018, 10). Such a dual process of abstraction/reification of racialized difference may be located in the experiences of Asians, who face abstraction as "alien capital," amidst racialization as discriminated and segmented labor (Day 2016); African slaves whose bodies and labor become abstracted into systems of universal property valuation, insurance, and finance, while materially racialized through the particularizing legal mechanisms of truncated personhood; and the Indigenous who face the abstracting violence of their lifeworld turned into mere property (often through debt leveraging) and dispossession as they are racialized through political exclusion, concentration on reservations, and legally created subjecthood (Park 2021). Microcredit evinces a similar dynamic, whereby lived relations of postcolonial marginalization and difference are rendered less legible through the abstracting discourses of debt and austerity, even as the regime of microcredit, akin to the subpriming of racialized populations in the global North, further concretizes such difference in the practices and logic of a stratifying global regime of credit.…”

Section: Microcredit: Frontier Racial Capitalismmentioning

confidence: 99%

Microcredit and the Financial Frontiers of Racial Neoliberalism

Gott¹

2022

JLPE

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Over the past decades of neoliberal globalization, microcredit has been a widely supported project that claims to address global poverty, inequality, and uneven development through debt-based solutions involving small interest-bearing loans that can be used to fund small-scale business entrepreneurship. Microcredit's promise, though never fulfilled, reflects an approach to development within a broader shift toward financial capitalism, privatization through individualized debt creation, and shrinkage of the social state. Moreover, microcredit (more broadly, microfinance) seeks legitimation in narratives of inclusion, participation, and gender empowerment. In fact, social capital belonging to the targeted populations of microcredit programs in the "global South" is itself often tapped in the service of value extraction. This article forwards a view of microcredit as operating within a logic of racial capitalism. The approach seeks to ground critiques of microcredit's core neoliberal elements within a longer history and broader appreciation of racialized and colonial structures of finance.

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1. Race, Innovation, and Financial Growth: The Example of Foreclosure

Cited by 12 publications

References 0 publications

Introduction

Introduction

The White Androcentric Disposition of Capitalist Property

Microcredit and the Financial Frontiers of Racial Neoliberalism

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