Informal Markets and Trade in Central Asia and the Caucasus

Fehlings, Susanne; Karrar, Hasan H.

doi:10.4324/9781003259886

Cited by 2 publications

(1 citation statement)

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“…Bazaars 8 are generally associated with a chaotic appearance and unregulated exchange and pricing mechanisms, as well as with anarchism and opposition to state order. Such perceptions are reflected in anthropological attempts to explain the so-called 'bazaar economy' (Geertz 1978), as well as in the efforts of government institutions to gain control over them (Fehlings & Karrar 2016, 2022.…”

Section: Post-soviet Capitalism Financialization and Bazaar Culturementioning

confidence: 99%

Debt Relations in Georgian Bazaars

Fehlings

2022

JEA

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This article is about practices of borrowing and lending money in the context of Georgian bazaar trade. While many anthropological studies focus on debtors or individual moneylenders, this article starts from the perspective of microcredit experts, who grant loans to traders on behalf of their companies and thereby engage in complex relationships. Borrowing money from a microcredit institution consists of an administrative act, which is sealed by formal procedures such as signing a contract, but the bazaar is a sphere that is, at least partially, structured by informal practices and personal relationships. To make a profit, microcredit experts must play a risky and sometimes existential game. They must decide whether to trust or not to trust a client. In order to assess and minimize risk, they immerse themselves into the world of their clients and rely on social values and moralities. This article describes their strategies and thus gives insights into the nature of debts, obligations, relationships, institutional frameworks, and informal practices in the context of microfinance in the Georgian bazaar trade sector.

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Section: Post-soviet Capitalism Financialization and Bazaar Culturementioning

confidence: 99%