Diverse economies of debt : the possibilities for socially useful finance in peer-to-peer finance and reward-based crowdfunding

Ph. D. thesisIn the wake of the global financial crisis of 2007–8 and the persistence of mainstream forms of finance, this thesis aims to explore the possibilities for achieving more socially useful forms of finance with particular reference to case studies of peer-to-peer lending and reward-based crowdfunding in the United Kingdom. The thesis is situated within the diverse economies theoretical approach to human geography. Despite the centrality of finance to the wider economy, diverse economies theory has to date largely neglected finance. As such, the social relation of credit-debt that sits at the heart of money and finance has not been theorised in ways that foreground the diversity of ‘the social’ and open out political possibilities. The thesis analyses the diverse social relations of credit-debt as relatively discrete processes composed of spatial, temporal and subjectivity-creation practices. Peer-to-peer lending and reward-based crowdfunding are shown to assemble particular kinds of socialities that not only shift over time in relation to the mainstream, but which also exhibit the persistent tensions and possibilities that mark more socially useful forms of finance. The findings from this research strongly suggest that there are three main constraints on the ability of alternative forms of finance to reconstruct the sociality of the creditor-debtor relationship in different ways: the problem of creditworthiness; subjectivities of debt which privilege the creditor; and the power relations at work in the creation of alternative finance

Governing inclusive finance workshop: towards a manifesto for change

The Governing Inclusive Finance Workshop was designed to foster new conversations between academics and multiple stakeholder groups in response to problems of financial exclusion, and possibilities for fostering progressive change. On Wednesday 27 June 2018, a diverse group of credit unions, community banks, alternative lenders, local-, county- and regional- government officials, advisory organizations and academic researchers – each involved or interested in financial provision for historically excluded people, families and communities – joined one another in conversation around three core themes: Making visible the lived realities of financial exclusion in the UK; Alleviating financial hardship: organizational successes and ongoing governance challenges; and Developing a manifesto for financial justice. By coming together as a group around these themes – discussing them freely and sharing experiences, challenges and ideas – our overarching aim was to begin an ongoing conversation around financial inclusion in the UK with a view to imagining more socially just forms of financial inclusion: i.e. forms of finance that have 'inclusiveness' at their heart. The day was arranged around three sessions in which a panel of experts each spoke for ten minutes about their experiences and ideas. The goal was to keep the format as relaxed as possible (no power point presentations!) – just the participants sharing themselves, their organizations and the people they deal with day-to-day. An academic Chair kept the sessions moving and on time, firing animating questions at the panel members, then guiding all participants through the various breakout discussions and plenary conversations. All in all, the day was filled with lively conversation and mutual engagement as a sense of purpose and potential filled the air