The Poors Wealth: The Case of Istanbuls Suburbs in Turkey
Published: 2019
Author(s) Name: Beyza Oba, Djamchid Assadi and Zeynep Kabadayi Kuscu |
Author(s) Affiliation: Professor, Faculty of Business Administration, Istanbul Bilgi University, Istanbul, Turkey
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Abstract
What constitutes the wealth of the poor and how
is it accumulated? The objective of this paper is
to appraise the assets that the poor might have
in the specific context of Turkey where the official
statistics might underestimate them. This question
is of crucial importance because of its contrast
with the accumulation of wealth that occurred
following the financialization of the economy in
this country and market-oriented policies. Based
on interviews with minimum wage earners about
the wealth of their households we identified major
categories of wealth prevalent among low-income
groups that might have been invisible to the
official statistical radars and how they are
accumulated. Our sample of low-income groups
and their wealth means having a house, a car
and ability to pay for the schooling of older
children. Our results indicate that lower-income
groups accumulated wealth mainly by debt which
makes them vulnerable to any financial crises and
negatively influences their living conditions.
Furthermore, we argue that accumulating wealth
through debt reproduces social inequality and high
interest debt of many low-income families leads
to wealth (dis)accumulation since they own less
of their material wealth.
Keywords: Wealth, income, Social stratification, Financialization, Financial inclusion, Turkey
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