Subprime Housing Goes South: Constructing Securitized Mortgages for the Poor in Mexico

Mexico represents the largest market for residential mortgage‐backed securitization (RMBS) in Latin America. Despite its significance to questions of development, there has been no critical analysis on the social implications and power dimensions of RMBS with regard to low‐income housing in Mexico. This essay fills this gap by demystifying the technical and thus apolitical nature of RMBS as well as by explaining how and why state‐sponsored securitization schemes subsidize financial and construction interests in the name of expanding home ownership for the poor. In so doing, the analysis employs a historical materialist approach that, first, places RMBS within the contradictory nature of capital accumulation processes in Mexico and relations of class‐based power therein, and second, views RMBS as an integral feature of housing policy that is inextricably linked to the nerve centre of capital accumulation, namely: the credit system.     

To Garden,to Market: Gendered meanings of work on an African urban periphery

This article traces the historical origins of a localized gender division of labor found in two villages on the edge of the city of Bobo-Dioulasso, Burkina Faso. Through social-historical analysis, this article demonstrates that gender divisions of labor are not simply constructed in particular places; they are constructs located near or far from other places, and thus influenced by multidimensional interactions between those places. Specifically, this article shows how the villages' location on the periphery of an important regional city has shaped their experience of European colonialism, religious change and market expansion in ways that have given particular meanings to certain kinds of work in commercial gardening. More generally, this article shows how a focus on the historical meanings of work can provide insights into local variations in gender divisions of labor.     

A practical and statistical approach to some flake measuring problems

In this article, the hypotheses put forward in ‘A Theoretical Approach’ in Volume 1 of this Journal are tested. An account is first given of the additional settlements and hoards which were treated in the computer. The combined material consists of 17 units. The material is then evaluated and handled in a number of experiments in which various methods of arriving at special tendencies in the material are considered. Finally the various methods selected are discussed and the results summarised.     

The US Debtfare State and the Credit Card Industry: Forging Spaces of Dispossession

Abstract: Credit card debt is a ubiquitous feature of neoliberal capitalism. To explain the notable growth of credit card usage in the US, I adopt a historical materialist approach that employs two key analytical concepts—cannibalistic capitalism and the debtfare state—to capture the material, institutional and ideological dimensions of this process. Viewed within the bounds of cannibalistic capitalism, a mode of accumulation primarily based on the expansion of fictitious capital and secondary forms of exploitation, the debtfare state enhances the social power of money by allowing major credit card issuers (banks) to generate high levels of income from uncapped interest rates and policies that ensure the extension of plastic money to those who fall within Marx's category of the surplus population. While the expansion of debt subjects surplus workers to the disciplinary requirements of the market, it is unable to suspend the main tensions of cannibalistic capitalism, prompting ongoing reconstructions of the debtfare state.