The Unbanking of America by Lisa Servon

Author:Lisa Servon
Language: eng
Format: epub
Publisher: Houghton Mifflin Harcourt

Six percent of the US population over the age of fifteen saved in informal lending groups in 2011. This count is likely low; determining the size and scope of this sector is difficult because it is completely unregulated. The sociologist Viviana Zelizer hypothesizes that we dismiss or fail to notice practices like these, which she calls “circuits of commerce,” because “they don’t fit neatly into established frameworks.” They’ve been marginalized as a result. Our focus on firms and production systems limits our understanding of the complexity of economic structures.

Though the designation “informal” suggests a casual system, many of these financial practices are highly codified. Some, like a small loan to a family member or friend, might be more informal in the typical sense of the word. Others, like loan sharking—lending at illegal interest rates—have clear rules, and there are consequences for failing to abide by them. Some practices, like tandas, are perfectly legal, while others, like lending at prices above the usury rate, are not.

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