Money from Nothing: Indebtedness and Aspiration in South Africa

305 Pages·2014·5.271 MB·English

by  Deborah James

Money from Nothing

Money from Nothing
Indebtedness and Aspiration in South Africa
Deborah James
Stanford University Press
Stanford, California
Stanford University Press
Stanford, California
© 2015 by the Board of Trustees of the Leland Stanford Junior University. All rights reserved.
No part of this book may be reproduced or transmitted in any form or by any means,
electronic or mechanical, including photocopying and recording, or in any information
storage or retrieval system without the prior written permission of Stanford University Press.
Printed in the United States of America on acid-free, archival-quality paper
Library of Congress Cataloging-in-Publication Data
James, Deborah, Dr., author.
Money from nothing : indebtedness and aspiration in South Africa / Deborah James.
pages cm
Includes bibliographical references and index.
ISBN 978-0-8047-9111-3 (cloth : alk. paper)—ISBN 978-0-8047-9267-7 (pbk. : alk. paper)
1. Debt—South Africa. 2. Consumer credit—South Africa. 3. Social mobility—South
Africa. 4. Social status—South Africa. 5. Consumption (Economics)—South Africa.
6. Blacks—South Africa—Economic conditions. 7. Blacks—South Africa—Social
conditions. 8. South Africa—Social conditions—1994- I. Title.
HG3756.S6J36 2015
332.70968—dc23
2014025920
ISBN 978-0-8047-9315-5 (electronic)
Published in southern African countries (Angola, Botswana, Democratic Republic of Congo,
Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa,
Swaziland, United Republic of Tanzania, Zambia, and Zimbabwe) by WITS UNIVERSITY
PRESS.
Typeset by Newgen in 10/14 Minion
To my parents, David and Jenepher James
And in memory of Colin Murray, mentor
and friend since my student days

Contents
List of Illustrations ix
Acknowledgments xi
Abbreviations xv
Non-English Words and Phrases xvii
A Note on Currency xix
Introduction: The Wellsprings of Consumption
and Debt in South Africa 1
1 Indebtedness, Consumption, and Marriage:
The New Middle Class 35
2 Regulating Credit: Tackling the Redistributiveness
of Neoliberalism 60
3 “Ride the Camel”: Borrowing and Lending in Context 92
4 “You Don’t Keep Money All the Time”: Savings Clubs
and Social Mobility 118
5 South Africa’s Credit Crunch: Narratives
and Neighborhoods 147
6 “The History of That House Keeps You Out”: Property
and the New Entrepreneur 173
viii Contents
7 New Subjectivities: Advice, Aspiration, and Prosperity 201
Conclusion 227
Notes 241
Bibliography 257
Index 273
Illustrations
Maps
1 Map of South Africa showing field sites and places mentioned
in the text xx
2 Map of Gauteng showing field sites and places mentioned
in the text xxi
Figures
2.1 Growth of microlending sector 66
2.2 Actions undertaken by debt counselor, June–October 2009 81
4.1 JHC budget form 121
4.2 Club members do kneeling dance and shoulder roll 132–33
4.3 Kneeling dance with plateful of money wrapped in plastic 134
4.4 Contribution cycle of Leoto “burial grocery” club 136
4.5 Excerpt from Dynamic Ladies Social Club constitution 144
5.1 Jet store branch with advertisement for store card 156
5.2 Woolworths branch with advertisement for store card 164
6.1 Sara Leroke’s household 185
6.2 Dora Usinga’s household 187
7.1 Cover of the Black Sash’s reference guide Debt and Credit 217
ix