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Books > Social sciences > Sociology, social studies > Social issues
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How the Other Half Banks - Exclusion, Exploitation, and the Threat to Democracy (Hardcover)
Loot Price: R541
Discovery Miles 5 410
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(24%)
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How the Other Half Banks - Exclusion, Exploitation, and the Threat to Democracy (Hardcover)
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List price R712
Loot Price R541
Discovery Miles 5 410
You Save R171 (24%)
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The United States has two separate banking systems today-one
serving the well-to-do and another exploiting everyone else. How
the Other Half Banks contributes to the growing conversation on
American inequality by highlighting one of its prime causes:
unequal credit. Mehrsa Baradaran examines how a significant portion
of the population, deserted by banks, is forced to wander through a
Wild West of payday lenders and check-cashing services to cover
emergency expenses and pay for necessities-all thanks to
deregulation that began in the 1970s and continues decades later.
In an age of corporate megabanks with trillions of dollars in
assets, it is easy to forget that America's banking system was
originally created as a public service. Banks have always relied on
credit from the federal government, provided on favorable terms so
that they could issue low-interest loans. But as banks grew in size
and political influence, they shed their social contract with the
American people, demanding to be treated as a private industry free
from any public-serving responsibility. They abandoned less
profitable, low-income customers in favor of wealthier clients and
high-yield investments. Fringe lenders stepped in to fill the void.
This two-tier banking system has become even more unequal since the
2008 financial crisis. Baradaran proposes a solution: reenlisting
the U.S. Post Office in its historic function of providing bank
services. The post office played an important but largely forgotten
role in the creation of American democracy, and it could be
deployed again to level the field of financial opportunity.
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