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Discussion 11: Classism

Discussion 11: Classism

Q Tasks 1. Identify and explain ways that financial institutions discriminate against and exploit the poor. 2. Justify if you believe this is just a part of free commerce that is inevitable in a capitalistic society. 3. Provide feedback to at least two classmates.

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Financial institutions such as the banks tend to exploit the poor people by various means and one of them is how they implement interest rates on people’s money. Banks generally use the money kept by people for businesses and in return they are supposed to pay the interest to the people. However, the turnover rates of the banks due to huge profit margin are designed in such ways that steals from the poor in a systematic order. Robinson (2012) noted “these banks impose additional fees with no additional services, while handing out high executive bonuses and lobbying against essential reform of the financial sector.”