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Financial Institutions: Interest, Power and Moral Justifications

In: Rentier Capitalism and Its Discontents

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  • Balihar Sanghera

    (University of Kent)

  • Elmira Satybaldieva

    (University of Kent)

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.

Suggested Citation

  • Balihar Sanghera & Elmira Satybaldieva, 2021. "Financial Institutions: Interest, Power and Moral Justifications," Springer Books, in: Rentier Capitalism and Its Discontents, chapter 0, pages 55-78, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-76303-9_4
    DOI: 10.1007/978-3-030-76303-9_4
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