Geography Financialized
The financialization of culture (the spread of money management into daily life) has expanded into the lives of the poor & excluded across the globe with the rise of microcredit. Microcredit may actually increase dependence rather than self-sufficiency, especially among women. As the World Bank extends microcredit to the poor in different countries, it is defining a new geographic continuity for poverty. New Internet-based technologies hold the promise to drive financialization by making communication faster & closer for the middle class, but self-managed finances put these households at risk. The visions of Bill Gates (eg, 1999) & George Soros (eg, 1991) on financializing wealth are discussed; the idea that philanthropists amassing wealth can solve the world's problems is questioned. A vision for pooling wealth without immeasurable risk is needed. M. Pflum