Financial Inclusion or Subordination? The Monetary Politics of Debt in Cambodia

Financial inclusion is a leading driver of household debt across the global South. Although critical geographers have analysed this debt through the lens of financialisation, few have examined it in terms of monetary politics. This is a salient issue, because poorer nations often have limited control over their monetary policy due to their dependence on foreign currencies, which can adversely affect the structure of their financial markets. Building on the concept of monetary dependency from scholarship on financial subordination, I analyse the monetary politics of debt in Cambodia. Drawing on elite interviews and ethnographic research, I argue that Cambodia's extreme monetary dependence on the US dollar has shaped monetary and fiscal policies that compel poorer households to take on private debt to pay for their basic needs. This paper advances critical geographies of debt and development by studying financial subordination and its impact on financial inclusion in the global South.     

San Juan,the Fragile City: Finance Capital,Class, and the Making of Puerto Rico's Economic Crisis

This paper narrates Puerto Rico's fiscal and financial crisis through a reading of San Juan's urban landscape. We underscore the role of capital in the city, primarily embodied by the local capitalist class (the Criollo bloc) and foreign capitalists. Historically excluded from the manufacturing sector (dominated by US capitalists), the Criollo bloc accumulates its wealth by concentrating financial assets in the city. In times of crisis, the Criollo bloc resorts to the acquisition of new assets and asset exchange with foreign capitalists to remain solvent and provide short‐term solutions to the state's fiscal and financial limits. The survival of the local capitalist class, we demonstrate, is dependent on asset stripping. Drawing on Clyde Woods, we document how asset stripping unevenly redistributes wealth and risks along class and racial lines within a colonial economy. The finance capital/asset stripping basis of San Juan's economy renders it an extremely fragile city, we contend.     

Hierarchies of trade in Yiwu and Dushanbe: The case of an Uzbek merchant family from Tajikistan

ABSTRACT

This article focuses on the trading trajectory of an Uzbek family of merchants from Tajikistan. This family runs businesses in both Tajikistan’s capital, Dushanbe, and China’s famous international trading city: Yiwu. The analysis is centred on the accounts placed by Tajikistan’s Uzbek merchants about their historically sustained experience, often across several generations, in trading activities. These merchants’ claims of belonging to a ‘historical’ trading community rather than being ‘newcomers’ to long-distance commerce are articulated in relation to notions of ‘hierarchies of trade’ as they evolve in a twofold relational model linking Yiwu’s Changchun neighbourhood and Dushanbe. I suggest that the forms of conviviality enacted in Yiwu’s Changchun neighbourhood need to be understood in terms of the historical, multinational and transregional contacts that have occurred within the spaces of the former Soviet Union, as well as along the China-Russia and China-Central Asian borders. Equally, the hierarchies of trade of Uzbek merchants from Tajikistan in Yiwu’s Changchun neighbourhood cut-across markers of identity that juxtapose the roles of Tajik and Uzbek communities in Tajikistan’s contemporary politics and economics.     

论中国朝野对新银行团的回应

1920年10月,美国倡议组成了新银行团。新银行团正式成立后长期无所作为,并逐步表现出更为明显的垄断性,中国朝野期望值逐渐降低,对其所体现的强权政治色彩愈益有了清醒的认识。中国民族主义的目标更加集中于政治层面,废除不平等条约的要求取代了关于铁路外债利弊的讨论。     

Financialization of hotel corporations in Spain

One of the cutting-edge topics being currently debated in social sciences is the impact of financialization on corporations and on different geographical contexts. Surprisingly enough, there have been very few studies that have explicitly dealt with this issue within tourism studies. In this paper, the issue of financialization within tourism is addressed through an analysis of hotel corporations. Taking a case-study approach, it is argued that Spanish hotel chains are increasingly becoming financialized since a minimization of the impact of global financial crisis on these corporations is urgently required. The argument is not that hotel corporations’ financialization is necessarily new, but rather that the impact of the global financial crisis has led to an intensification of this very process. Taking as case studies the three largest Spanish hotel corporations (Meliá Hotels International, NH Hoteles and Grupo Barceló), the current crisis-led hotel financialization is dealt through four interrelated spheres: (1) built environment (hotel buildings property becoming controlled by financial funds), (2) actors (emergence of new agents as a result of hotel corporations intertwining with financial corporations), (3) hotel profit extraction (reliance on the secondary circuit of capital), (4) financial engineering instruments (forms of fictitious capital that are new in the context of hotel corporations). The article shows how the process of financialization of hotel corporations illustrates broad trends of both financialization and capital accumulation. Specifically, the main findings are on one hand, that financialization not only fixes capital on the ground, but also creates liquidity. On the other hand, that the selling of property titles is an increasing profit niche with differentiated geographical locations. The last significant finding is that financialization helps to improve profitability of non-financia corporations such as hotel chains.     

A Time to Speak

Abstract

This article explores the significance of resonance as a mode of social causality in response to William Connolly's book, Capitalism and Christianity, American Style. While applauding Connolly's identification of "affinities of spirituality" as effective in forming American politics, it suggests that the character structure of ressentiment that is encountered in right-wing Christianity and politics may be the result of instability. Examining the economic basis for growth and instability in the creation of dollars in the form of debt lacking an underlying guarantee, it suggests that this instability is felt throughout American society in everyday experiences of credit and debt.     

晚清铁路外债观初探——以芦汉铁路为中心

在晚清铁路外债举借过程中,洋务官员逐步有了成型的、带有明显思想倾向的外债观,芦汉比国债款交涉是典型的蓝本。其核心是在依赖心理驱动下生成路权与债权交换的主导思想。在体现外资合理性的同时,也暴露出排斥商股、模糊抵押权限、利用外资形式偏执等诸多偏差,表现出近代国人在利用外资上排拒与依赖并存的矛盾心态。     

Securing the Return: How Enhanced US Border Enforcement Fuels Cycles of Debt Migration

Expanded border enforcement has made unauthorised migration to the US more risky, costly, and prone to failure. Research on the material consequences of border enforcement for migrant‐sending households in Central America reveals that the economic hardships enforcement exacts on migrants at times diminishes enforcement's desired deterrent power. Heightened risks have driven up the cost of migration and pushed many to fund their trips through loans. Consequently, migrant detention, deportation, or death can result in poverty and privation for indebted households and the seizure of loan collateral, typically homes and land, in turn prompting crises in household reproduction. With a US wage the most viable means to ameliorate economic hardships, enforcement outcomes push some to return migration. Our findings suggest that US border enforcement efforts at times perpetuate the very unauthorised migration they seek to impede, while also helping to reproduce the border itself by deepening the marginalisation that drives migration decisions.     

Regulating interpersonal debt in the bishop's court of Carpentras: litigation,litigators and the court, 1486 and 1487

Using notarial records, this article explains who sued whom at the bishop's court at Carpentras, why they did so and how the court managed people and their debt disputes. In 1486 and 1487, creditors pursued 240 suits over unpaid loans (about three-quarters of the court's business). Litigants spanned the social spectrum and included both Christians and Jews, suggesting that the court was well embedded in the local economy. This diversity, as well as the predominance of ‘horizontal lending’, matches regional trends. Drawing upon anecdotal evidence and quantitative work, the court's procedures, functions and appeal are explained. Since most loans were made orally, proving their existence was difficult. Cases rarely reached rulings and creditors could not expect from ecclesiastical judges the coercive innovations adopted by secular courts. Yet, this church court was a popular forum to authenticate debts, pressure debtors into confession and encourage peaceful, private concords.     

Responses to Professors Elizabeth Bounds,Michael G. Cartwright and Laurie Zoloth in their comments on Testing the National Covenant

This paper discusses and critiques the structure of debt at work in Anselm's satisfaction theory of atonement and the way in which it resonates with other economic and non-economic mechanisms that neoliberalism uses to create indebted subjects. The first part of this paper uses the work of Maurizio Lazzarato to understand how neoliberalism works to create indebted subjects. The second part of the paper discusses how debt structures Anselm's satisfaction theory of atonement how the latter resonates with the general sense of indebtedness operative in neoliberalism. The third part of this paper discusses how recent appropriations of the satisfaction theory as an alternative to neoliberalism fail, based on the reading provided in the second part. The conclusion explores alternative theological proposals for thinking beyond the logic of debt.