Skip to main content

2021 | OriginalPaper | Buchkapitel

4. Financial Institutions: Interest, Power and Moral Justifications

verfasst von : Balihar Sanghera, Elmira Satybaldieva

Erschienen in: Rentier Capitalism and Its Discontents

Verlag: Springer International Publishing

Aktivieren Sie unsere intelligente Suche um passende Fachinhalte oder Patente zu finden.

search-config
loading …

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 rentierism 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.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

  • über 102.000 Bücher
  • über 537 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Maschinenbau + Werkstoffe
  • Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Springer Professional "Technik"

Online-Abonnement

Mit Springer Professional "Technik" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 390 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Maschinenbau + Werkstoffe




 

Jetzt Wissensvorsprung sichern!

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 340 Zeitschriften

aus folgenden Fachgebieten:

  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Versicherung + Risiko




Jetzt Wissensvorsprung sichern!

Literatur
Zurück zum Zitat Angioloni, S., Kudabaev, Z., Ames, G., & Wetzstein, M. (2018). Household allocation of microfinance credit in Kyrgyzstan. Post-Communist Economies, 30(1), 78–98.CrossRef Angioloni, S., Kudabaev, Z., Ames, G., & Wetzstein, M. (2018). Household allocation of microfinance credit in Kyrgyzstan. Post-Communist Economies, 30(1), 78–98.CrossRef
Zurück zum Zitat Appadurai, A. (2012). The spirit of calculation. Cambridge Anthropology, 30(1), 3–17. Appadurai, A. (2012). The spirit of calculation. Cambridge Anthropology, 30(1), 3–17.
Zurück zum Zitat Bastiat, F. (1996). Economic sophisms (A. Goddard, Trans.). Foundation for Economic Education. Bastiat, F. (1996). Economic sophisms (A. Goddard, Trans.). Foundation for Economic Education.
Zurück zum Zitat Bateman, M. (2010). Why doesn’t microfinance work? The destructive rise of local neoliberalism. Zed Books.CrossRef Bateman, M. (2010). Why doesn’t microfinance work? The destructive rise of local neoliberalism. Zed Books.CrossRef
Zurück zum Zitat Booth, W. (1994). On the idea of the moral economy. American Political Science Review, 88(3), 653–667.CrossRef Booth, W. (1994). On the idea of the moral economy. American Political Science Review, 88(3), 653–667.CrossRef
Zurück zum Zitat Botoeva, A. (2018). Islam and the spirits of capitalism: Competing articulations of the Islamic economy. Politics and Society, 46(2), 235–264.CrossRef Botoeva, A. (2018). Islam and the spirits of capitalism: Competing articulations of the Islamic economy. Politics and Society, 46(2), 235–264.CrossRef
Zurück zum Zitat Bourdieu, P. (2000). Pascalian mediations. Polity. Bourdieu, P. (2000). Pascalian mediations. Polity.
Zurück zum Zitat Charman, K. (2007). Kazakhstan: A state-led liberalized market economy? In D. Lane & M. Myant (Eds.), Varieties of capitalism in post-Communist countries (pp. 165–182). Palgrave Macmillan.CrossRef Charman, K. (2007). Kazakhstan: A state-led liberalized market economy? In D. Lane & M. Myant (Eds.), Varieties of capitalism in post-Communist countries (pp. 165–182). Palgrave Macmillan.CrossRef
Zurück zum Zitat Erturk, I., Froud, J., Johal, S., Leaver, A., & Williams, K. (2007). The democratization of finance? Promises, outcomes and conditions. Review of International Political Economy, 14(4), 553–575.CrossRef Erturk, I., Froud, J., Johal, S., Leaver, A., & Williams, K. (2007). The democratization of finance? Promises, outcomes and conditions. Review of International Political Economy, 14(4), 553–575.CrossRef
Zurück zum Zitat Ferguson, J. (2009). The uses of neoliberalism. Antipode, 41(S1), 166–184. Ferguson, J. (2009). The uses of neoliberalism. Antipode, 41(S1), 166–184.
Zurück zum Zitat Graeber, D. (2011). Debt: The first 5,000 years. Melville House Publishing. Graeber, D. (2011). Debt: The first 5,000 years. Melville House Publishing.
Zurück zum Zitat Graziani, A. (1989). The theory of the monetary circuit. Thames Papers in Political Economy, Thames Polytechnic. Graziani, A. (1989). The theory of the monetary circuit. Thames Papers in Political Economy, Thames Polytechnic.
Zurück zum Zitat Guseva, A. (2005). Building new markets: A comparison of the Russian and American credit card markets. Socio-Economic Review, 3(3), 437–466.CrossRef Guseva, A. (2005). Building new markets: A comparison of the Russian and American credit card markets. Socio-Economic Review, 3(3), 437–466.CrossRef
Zurück zum Zitat Hasanova, S. (2018). Financial inclusion, financial regulation, financial literacy, and financial education in the Kyrgyz Republic (ADBI Working Paper Series No. 850). Asian Development Bank Institute. Hasanova, S. (2018). Financial inclusion, financial regulation, financial literacy, and financial education in the Kyrgyz Republic (ADBI Working Paper Series No. 850). Asian Development Bank Institute.
Zurück zum Zitat Hirschman, A. (1982). Rival interpretations of market society: Civilising, destructive or feeble? Journal of Economic Literature, 20(4), 1463–1484. Hirschman, A. (1982). Rival interpretations of market society: Civilising, destructive or feeble? Journal of Economic Literature, 20(4), 1463–1484.
Zurück zum Zitat Ho, K. (2012). Finance. In D. Fassin (Ed.), A companion to moral anthropology (pp. 413–431). Wiley.CrossRef Ho, K. (2012). Finance. In D. Fassin (Ed.), A companion to moral anthropology (pp. 413–431). Wiley.CrossRef
Zurück zum Zitat Hoggarth, D. (2016). The rise of Islamic finance: Post-colonial market-building in central Asia and Russia. International Affairs, 92(1), 115–136.CrossRef Hoggarth, D. (2016). The rise of Islamic finance: Post-colonial market-building in central Asia and Russia. International Affairs, 92(1), 115–136.CrossRef
Zurück zum Zitat Hudson, M. (2014). The bubble and beyond (New). ISLET. Hudson, M. (2014). The bubble and beyond (New). ISLET.
Zurück zum Zitat Hudson, M. (2015). Killing the host: How financial parasites and debt bondage destroy the global economy. CounterPunch Books. Hudson, M. (2015). Killing the host: How financial parasites and debt bondage destroy the global economy. CounterPunch Books.
Zurück zum Zitat Hudson, M. (2017). J is for junk economics: A guide to reality in an age of deception. ISLET. Hudson, M. (2017). J is for junk economics: A guide to reality in an age of deception. ISLET.
Zurück zum Zitat Hudson, M. (2018). . . . and forgive them their debts: Lending, Foreclosures and redemption from bronze age finance to the jubilee year. ISLET. Hudson, M. (2018). . . . and forgive them their debts: Lending, Foreclosures and redemption from bronze age finance to the jubilee year. ISLET.
Zurück zum Zitat International Finance Corporation. (2016). Islamic banking and finance: Opportunities across micro, small and medium enterprises in Kyrgyz Republic. International Finance Corporation.CrossRef International Finance Corporation. (2016). Islamic banking and finance: Opportunities across micro, small and medium enterprises in Kyrgyz Republic. International Finance Corporation.CrossRef
Zurück zum Zitat International Monetary Fund. (2010). Republic of Kazakhstan: 2010 Article IV Consultation (IMF Country Report No. 10/241). International Monetary Fund. International Monetary Fund. (2010). Republic of Kazakhstan: 2010 Article IV Consultation (IMF Country Report No. 10/241). International Monetary Fund.
Zurück zum Zitat Jessop, B. (2015). Hard cash, easy credit, fictitious capital: Critical reflections on money as a fetishised social relation. Finance and Society, 1(1), 20–37.CrossRef Jessop, B. (2015). Hard cash, easy credit, fictitious capital: Critical reflections on money as a fetishised social relation. Finance and Society, 1(1), 20–37.CrossRef
Zurück zum Zitat Keen, S. (2011). Debunking macroeconomics. Economic Analysis and Policy, 41(3), 147–167.CrossRef Keen, S. (2011). Debunking macroeconomics. Economic Analysis and Policy, 41(3), 147–167.CrossRef
Zurück zum Zitat Kennedy, M. (1995). Interest and inflation free money. Seva International. Kennedy, M. (1995). Interest and inflation free money. Seva International.
Zurück zum Zitat Kuehnast, K., & Dudwick, N. (2002). Better a hundred friends than a hundred rubles? Social networks in transition—The Kyrgyz Republic. World Bank Economists’ Forum, 2, 51–88. Kuehnast, K., & Dudwick, N. (2002). Better a hundred friends than a hundred rubles? Social networks in transition—The Kyrgyz Republic. World Bank Economists’ Forum, 2, 51–88.
Zurück zum Zitat Lewis, M. (2007). Comparing Islamic and Christian attitudes to usury. In M. Hassan & M. Lewis (Eds.), Handbook of Islamic banking (pp. 64–81). Edward Elgar. Lewis, M. (2007). Comparing Islamic and Christian attitudes to usury. In M. Hassan & M. Lewis (Eds.), Handbook of Islamic banking (pp. 64–81). Edward Elgar.
Zurück zum Zitat Marcuse, P. (1996). Privatization and its discontents: Property rights in land and housing in the transition in Eastern Europe. In G. Andrusz, M. Harloe, & I. Szelenyi (Eds.), Cities after socialism: Urban and regional change and conflict in post-socialist societies (pp. 119–191). Blackwell. Marcuse, P. (1996). Privatization and its discontents: Property rights in land and housing in the transition in Eastern Europe. In G. Andrusz, M. Harloe, & I. Szelenyi (Eds.), Cities after socialism: Urban and regional change and conflict in post-socialist societies (pp. 119–191). Blackwell.
Zurück zum Zitat Mihalyi, P., & Szelenyi, I. (2017). The role of rents in the transition from socialist redistributive economies to market capitalism. Comparative Sociology, 16(1), 13–38.CrossRef Mihalyi, P., & Szelenyi, I. (2017). The role of rents in the transition from socialist redistributive economies to market capitalism. Comparative Sociology, 16(1), 13–38.CrossRef
Zurück zum Zitat Minsky, H. (1978). The financial instability hypothesis: A re-statement. Thames Papers in Political Economy: Thames Polytechnic. Minsky, H. (1978). The financial instability hypothesis: A re-statement. Thames Papers in Political Economy: Thames Polytechnic.
Zurück zum Zitat National Bank of the Kyrgyz Republic. (2014). The financial sector stability report of the Kyrgyz Republic. The National Bank of the Kyrgyz Republic. National Bank of the Kyrgyz Republic. (2014). The financial sector stability report of the Kyrgyz Republic. The National Bank of the Kyrgyz Republic.
Zurück zum Zitat National Bank of the Kyrgyz Republic. (2016). The financial sector stability report of the Kyrgyz Republic. The National Bank of the Kyrgyz Republic. National Bank of the Kyrgyz Republic. (2016). The financial sector stability report of the Kyrgyz Republic. The National Bank of the Kyrgyz Republic.
Zurück zum Zitat O’Neill, J. (1998). The market: Ethics, knowledge and politics. Routledge.CrossRef O’Neill, J. (1998). The market: Ethics, knowledge and politics. Routledge.CrossRef
Zurück zum Zitat Orazalin, N. (2019). Corporate governance and corporate social responsibility (CSR) disclosure in an emerging economy: Evidence from commercial banks of Kazakhstan. Corporate Governance, 19(3), 490–507.CrossRef Orazalin, N. (2019). Corporate governance and corporate social responsibility (CSR) disclosure in an emerging economy: Evidence from commercial banks of Kazakhstan. Corporate Governance, 19(3), 490–507.CrossRef
Zurück zum Zitat Pelkmans, M., & Umetbaeva, D. (2018). Moneylending and moral reasoning on the capitalist frontier in Kyrgyzstan. Anthropological Quarterly, 91(3), 1049–1074.CrossRef Pelkmans, M., & Umetbaeva, D. (2018). Moneylending and moral reasoning on the capitalist frontier in Kyrgyzstan. Anthropological Quarterly, 91(3), 1049–1074.CrossRef
Zurück zum Zitat Pettifor, A. (2017). The production of money: How to break the power of bankers. Verso. Pettifor, A. (2017). The production of money: How to break the power of bankers. Verso.
Zurück zum Zitat Polanyi, K. (1944). The great transformation: Economic and political origins of our time. Rinehart. Polanyi, K. (1944). The great transformation: Economic and political origins of our time. Rinehart.
Zurück zum Zitat Russian-Kyrgyz Development Fund (2015). Annual report. Russian-Kyrgyz Development Fund. Russian-Kyrgyz Development Fund (2015). Annual report. Russian-Kyrgyz Development Fund.
Zurück zum Zitat Ruziev, K., & Dow, S. (2013). A review of banking sector reforms in transition economies (Working Paper 03/13). Centre for Global Finance, University of the West of England. Ruziev, K., & Dow, S. (2013). A review of banking sector reforms in transition economies (Working Paper 03/13). Centre for Global Finance, University of the West of England.
Zurück zum Zitat Ruziev, K., & Majidov, T. (2013). Differing effects of the global financial crisis on the Central Asian countries: Kazakhstan, the Kyrgyz Republic and Uzbekistan. Europe-Asia Studies, 65(4), 682–716. Ruziev, K., & Majidov, T. (2013). Differing effects of the global financial crisis on the Central Asian countries: Kazakhstan, the Kyrgyz Republic and Uzbekistan. Europe-Asia Studies, 65(4), 682–716.
Zurück zum Zitat Ruziev, K., & Midmore, P. (2014). Informal credit institutions in transition countries: A study of urban money lenders in post-communist Uzbekistan. Post-Communist Economies, 26(3), 415–435.CrossRef Ruziev, K., & Midmore, P. (2014). Informal credit institutions in transition countries: A study of urban money lenders in post-communist Uzbekistan. Post-Communist Economies, 26(3), 415–435.CrossRef
Zurück zum Zitat Sanghera, B. (2020). Justice, power and informal settlements: Understanding the juridical view of property rights in Central Asia. International Sociology, 35(1), 22–44.CrossRef Sanghera, B. (2020). Justice, power and informal settlements: Understanding the juridical view of property rights in Central Asia. International Sociology, 35(1), 22–44.CrossRef
Zurück zum Zitat Sayer, A. (2007). Moral economy as critique. New Political Economy, 12(2), 261–270.CrossRef Sayer, A. (2007). Moral economy as critique. New Political Economy, 12(2), 261–270.CrossRef
Zurück zum Zitat Sayer, A. (2015). Why we can’t afford the rich. Policy Press. Sayer, A. (2015). Why we can’t afford the rich. Policy Press.
Zurück zum Zitat Sayer, A. (2016). Moral economy, unearned income and legalized corruption. In D. Whyte & J. Wiegratz (Eds.), Neoliberalism and the moral economy of fraud (pp. 44–56). Routledge. Sayer, A. (2016). Moral economy, unearned income and legalized corruption. In D. Whyte & J. Wiegratz (Eds.), Neoliberalism and the moral economy of fraud (pp. 44–56). Routledge.
Zurück zum Zitat Tawney, R. H. (1921). The acquisitive society. G. Bell and Sons. Tawney, R. H. (1921). The acquisitive society. G. Bell and Sons.
Zurück zum Zitat Tag El-Din, S., & Hassan, M. (2007). Islam and speculation in the stock exchange. In M. Hassan & M. Lewis (Eds.), Handbook of Islamic banking (pp. 240–255). Edward Elgar. Tag El-Din, S., & Hassan, M. (2007). Islam and speculation in the stock exchange. In M. Hassan & M. Lewis (Eds.), Handbook of Islamic banking (pp. 240–255). Edward Elgar.
Zurück zum Zitat Tombs, S. (2012). State-corporate symbiosis in the production of crime and harm. State Crime Journal, 1(2), 170–195. Tombs, S. (2012). State-corporate symbiosis in the production of crime and harm. State Crime Journal, 1(2), 170–195.
Zurück zum Zitat Weinrib, E. (2002). Corrective justice in a nutshell. University of Toronto Law Journal, 52, 349–356.CrossRef Weinrib, E. (2002). Corrective justice in a nutshell. University of Toronto Law Journal, 52, 349–356.CrossRef
Zurück zum Zitat Whyte, D., & Wiegratz, J. (2016). Neoliberalism and the moral economy of fraud. Routledge.CrossRef Whyte, D., & Wiegratz, J. (2016). Neoliberalism and the moral economy of fraud. Routledge.CrossRef
Zurück zum Zitat Wiegratz, J. (2016). Neoliberal moral economy: Capitalism, socio-cultural change and fraud in Uganda. Rowman and Littlefield. Wiegratz, J. (2016). Neoliberal moral economy: Capitalism, socio-cultural change and fraud in Uganda. Rowman and Littlefield.
Zurück zum Zitat Wolters, A. (2016). Islamic finance and the state in Central Asia. Central Asian Affairs, 3(4), 360–384. Wolters, A. (2016). Islamic finance and the state in Central Asia. Central Asian Affairs, 3(4), 360–384.
Metadaten
Titel
Financial Institutions: Interest, Power and Moral Justifications
verfasst von
Balihar Sanghera
Elmira Satybaldieva
Copyright-Jahr
2021
DOI
https://doi.org/10.1007/978-3-030-76303-9_4