April 28th, 2021
Reconstructing the RFC
Like the world system as a whole, segregated cities in the United States have their own finance driven core-periphery dynamics. The world economy is structured by countries with competitive export sectors and trade surpluses, like Germany and China, who exhibit underconsumption and excess savings; the US's debt-fueled economy receives these savings through its domination of global financial markets. The dynamic strengthens the power of global finance at the expense of wages and living standards. And within the US, the allocation of credit and investment has exacerbated racial disparities and altered the municipal geography of debt. At the level of the city and the financial system, these developments warrant a powerful political response. But what form can that response take?