Cartographies of Race and Class: Mapping the Class‐Monopoly Rents of American Subprime Mortgage Capital
Bibliographic record
Abstract
Abstract The worst global financial crisis since the Great Depression has drawn worldwide attention to America's subprime mortgage sector and its linkages with predatory exploitation in working‐class and racially marginalized communities. During nearly two decades of expansion, agents of subprime capital fought regulation and reform by (1) using the doctrine of risk‐based pricing to equate financial innovation with democratized access to capital, (2) appealing to the cultural myths of the ‘American Dream’ of homeownership, and (3) dismissing well‐documented cases of racial discrimination and predatory abuse as anecdotal evidence of rare problems confined to a few lost‐cause places in what is otherwise a benevolent free‐market landscape. In this article, we challenge these three tactics. Properly adapted and updated, Harvey's (1974 ) theory of class‐monopoly rent allows us to map and interpret the localized, neighborhood exploitations of class and race in several hundred US metropolitan areas as they were woven through Wall Street securitization conduits into global networks of debt and investment. Understanding the structural inequalities of class‐monopoly rent is essential for analysis, organizing, and policy responses to the crisis. Résumé La crise financière mondiale la plus grave depuis la Grande Dépression a attiré le regard de la planète sur le secteur américain des prêts hypothécaires à risque ( subprime ) et sur ses liens avec une exploitation abusive au sein des communautés ouvrières et raciales marginalisées. Durant près de vingt ans de prospérité, les établissements de crédit hypothécaire à risque ont combattu réglementations et réformes: ils ont appliqué une ‘tarification au risque’ pour rapprocher innovation financière et accès démocratisé au capital; ils ont tiré parti des mythes culturels liés au ‘Rêve américain’ de la propriété individuelle; ils ont écarté les cas vérifiés de discrimination raciale et de comportement abusif, sous prétexte d’anecdotes isolées circonscrites à de rares sites voués à l’échec dans ce qui est par ailleurs une sphère bienveillante du libéralisme de marché. L’article met en cause ces trois tactiques. Une fois adaptée et actualisée, la théorie de Harvey (1974) sur les rentes de monopole de classe permet de cartographier les exploitations localisées (quartiers) de classes et de races dans plusieurs centaines de zones métropolitaines américaines, et d’expliquer comment elles ont glissé, via les canaux de titrisation de Wall Street, jusqu’aux réseaux internationaux d’endettement et de placement. Il faut appréhender les inégalités structurelles des rentes de monopole de classe pour pouvoir analyser, organiser et répondre à la crise par des politiques publiques.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.003 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.007 | 0.008 |
| Science and technology studies | 0.003 | 0.003 |
| Scholarly communication | 0.003 | 0.003 |
| Open science | 0.000 | 0.002 |
| Research integrity | 0.000 | 0.001 |
| Insufficient payload (model declined to judge) | 0.011 | 0.001 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".