Banking on Community: The Caribbean's Alternative Economy with Dr. Caroline Shenaz Hossein
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The Caribbean's financial revolution has been quietly unfolding for generations. We delve into the powerful world of rotating savings and credit associations (ROSCAs) known throughout the region as Padna, Susu, Boxhand, and countless other names. Dr. Caroline Hossein joins us as we reveal how these grassroots financial systems challenge Western capitalism by prioritizing collective wellbeing over individual profit.
We trace these practices through the Middle Passage to contemporary Caribbean communities and their diasporas worldwide. Dr. Hossein shares fascinating insights from her research documenting these "banker ladies" who organize and manage these systems with remarkable financial acumen. These community banking practices aren't relics of the past but living demonstrations of alternative economic possibilities – showing how financial systems can be democratized and made to serve community needs. For anyone interested in economic justice, community building, or Caribbean cultural resilience, this episode offers profound insights into how ancient wisdom continues to create pathways to freedom and prosperity.
A multi-award-winning scholar, Dr. Caroline Shenaz Hossein is Canada Research Chair in Africana Development and Feminist Political Economy and Associate Professor of Global Development & Political Economy at the University of Toronto. Hossein is founder of the Diverse Solidarity Economies (DISE) Collective, which involves a wide range of feminist scholars concerned with building a human economy. Hossein’s research navigates solidarity economies–a movement started in the Global South–which prioritizes social profitability over financial gain. She is the author of over 50 scholarly publications, including The Banker Ladies: Vanguards of Solidarity Economics and Community-Based Banks (2024) and produced a documentary of the same name, both about Black women’s participation in mutual aid.
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