Financial Institutions: Interest, Power and Moral Justifications

Balihar Sanghera () and Elmira Satybaldieva ()
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Balihar Sanghera: University of Kent
Elmira Satybaldieva: University of Kent

Chapter Chapter 4 in Rentier Capitalism and Its Discontents, 2021, pp 55-78 from Springer

Abstract: Abstract This chapter critically examines how banks and microfinance institutions justified their lending practices and income from interest in Kazakhstan and Kyrgyzstan. The lenders’ myths, norms, discourses and obligations were central in legitimising and depoliticising the unequal social relationship between lenders and borrowers. Financial relations were particularly important in neoliberal economies, because they expanded rentierismrentierism beyond the traditional forms of rent-seeking in real estate and natural resources. The chapter also evaluates two alternative forms of allocating credit (Islamic finance and a state-owned development fund) that aimed to minimise usury and finance productive investment.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-76303-9_4

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DOI: 10.1007/978-3-030-76303-9_4

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