Financialization from the margins

Notes on the incorporation of Argentina's subproletariat into consumer credit (2009–2015)

in Focaal

This article investigates how the Argentine subproletariat perceives the recent consumer credit boom, based on several field visits carried out in one of Argentina’s industrial hubs between 2007 and 2016. It analyzes the credit boom in relation to the wider social transformations induced by the leftist Peronist governments during 2003–2015 (especially the incorporation of informal workers into the social protection system). It argues the rise of consumer credit is perceived by those who use it with ambivalence. While it has allowed the subproletariat to access a form of consumption that was previously restricted to upper classes, it also exposes this population to a new form of exploitation based on the discrepancy between the (monthly based) time of finance and the (erratic) time of work.

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