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Banking on a RevolutionWhy Financial Technology Won't Save a Broken System$
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Terri Friedline

Print publication date: 2021

Print ISBN-13: 9780190944131

Published to Oxford Scholarship Online: December 2020

DOI: 10.1093/oso/9780190944131.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 16 October 2021

Calibrating the Financial System

Calibrating the Financial System

(p.13) 1 Calibrating the Financial System
Banking on a Revolution

Terri Friedline

Oxford University Press

This chapter explores how the financial system was created and developed to recognize whiteness as a first credential of banking. Based on the theory of racial capitalism, this chapter reviews the origins of modern-day banks, redlining, and credit scoring to explain how the financial system confers advantages to whites. The financial system’s calibrations to whiteness have made it unable to render equal access to financial products and services. Whites have disproportionately higher bank account ownership rates, savings amounts, and accumulated wealth compared to their Black and Brown counterparts. Reports that decontextualize these differences from racial capitalism ignore the racist policies and practices responsible for these present-day renderings.

Keywords:   racial capitalism, redlining, credit score, racial wealth gap, financial inclusion

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