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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

Theorizing Moves to Financial Innocence

Theorizing Moves to Financial Innocence

(p.60) 3 Theorizing Moves to Financial Innocence
Banking on a Revolution

Terri Friedline

Oxford University Press

This chapter explores popular, normative theories that attempt to explain access to banking and finance by focusing on individuals and families. Theories such as financial socialization, development, behavioral economics, and financial capability try to explain racialized differences in access to banking and finance while ignoring the financial system’s calibrations to whiteness. This ignorance makes opaque the forces that wield power and opportunity and reinforces tropes of bootstraps and individual responsibility. Programs and policies built on normative theoretical traditions will not lead to a financial system revolution; instead, they will continue to exacerbate racialized inequality.

Keywords:   financial socialization, financial capability, behavioral economics, whiteness, racism, poverty

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