In Monetary Authorities Allan E. S. Lumba explores how the United
States used monetary policy and banking systems to justify racial
and class hierarchies, enforce capitalist exploitation, and counter
movements for decolonization in the American colonial Philippines.
Lumba shows that colonial economic experts justified American
imperial authority by claiming that Filipinos did not possess the
racial capacities to properly manage money. Financial independence,
then, became a key metric of racial capitalism by which Filipinos
had to prove their ability to self-govern. At the same time, the
colonial state used its monetary authority to police the economic
activities of colonized subjects and to curb movements for
decolonization. It later offered a conditional form of
decolonization that left the Philippines reliant on U.S. financial
institutions. By showing how imperial governance was entwined with
the racialization and regulation of monetary systems in the
Philippines, Lumba illuminates a key mechanism through which the
United States securitized the imperial world order.
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