Two nonfiction books take critical views of bankruptcy and microlending systems

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4.2 • 671 Ratings

🗓️ 22 November 2024

⏱️ 24 minutes

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Summary

Two nonfiction books question the efficacy of financial systems that are meant to help lift people out of poverty. In Unjust Debts, law professor Melissa Jacoby argues that bankruptcy in the United States exacerbates existing racial and economic inequalities. While filing for bankruptcy is supposed to offer individuals and families a fresh start, Jacoby suggests that the system often benefits corporations instead. In today's episode, she speaks with Here & Now's Deepa Fernandes about the favorable treatment afforded to corporations and possible strategies of reform. Then, journalist Mara Kardas-Nelson's We Are Not Able to Live in the Sky takes a critical look at microcredit through the stories of women borrowers in Sierra Leone. Microcredit was introduced in the 1970s as an anti-poverty measure and ultimately won its creator the Nobel Peace Prize. But in today's episode, Kardas-Nelson talks with NPR's Fernandes about the way these loans have kicked off vicious cycles of debt.

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Transcript

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0:00.0	Hey, it's NPR's Book of the Day. I'm Andrew Limbong. Today we're going to talk about the
0:06.3	haves and the have-nots. In a bit, we'll hear about a woman being arrested after being unable to
0:12.2	pay back micro loans. We're talking $30 to $50. But first, Melissa Jacoby has written a book
0:18.7	titled Unjust Debt. And in it, she argues that the very
0:22.5	system of bankruptcy leads to more income inequality. And in this interview with here Nasdipa
0:28.7	Fernandez, she lays out how bankruptcy benefits corporations more than real people. That's coming
0:35.3	up. In the U.S., national security news can feel far away from daily life.
0:41.3	Distant wars, murky conflicts, diplomacy behind closed doors.
0:45.9	On our new show, Sources and Methods, NPR reporters on the ground bring you stories of real people,
0:51.7	helping you understand why distant events matter here at home.
0:55.5	Listen to sources and methods on the NPR app or wherever you get your podcasts.
1:00.9	You might have noticed a TGI Friday's location shutting its doors near you.
1:06.0	The restaurant chain is preparing to file for bankruptcy.
1:09.5	It's just the latest news of a company hitting the skids.
1:13.0	But our next guest wants us to take a closer look at the bankruptcy system.
1:17.2	She argues it's making America more unequal, helping corporations and hurting some struggling
1:23.6	families.
1:24.9	Melissa Jacoby is author of Unjust unjust debts, how our bankruptcy system makes
1:29.6	America more unequal. She's a professor of law at the University of North Carolina, Chapel Hill.
1:35.4	Melissa, welcome. Glad to be here. So, Melissa, this is a very complicated topic. But start by
1:41.5	explaining the purpose of a bankruptcy. What's the problem bankruptcy is trying
1:46.5	to alleviate? Bankruptcy is trying to alleviate the problem that we see in the Netflix show
	...

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