This study addresses two largely unanswered questions about the United States subprime crisis: why were minority applicants, who had been excluded from equal access to mortgage credit prior to the spread of subprime loans, superincluded in subprime mortgage lending? And why didn't the flood of...

Economists' principal explanations of the subprime crisis differ from those developed by noneconomists in that the latter see it as rooted in the US legacy of racial/ethnic inequality, and especially in racial residential segregation, whereas the former ignore race. This paper traces this...

Despite decades of government reform, the American housing credit system continues to mirror long-standing patterns of racial segregation and inequality. Consistent with this trend, the current housing crisis reveals an unusually high concentration of subprime mortgage activity and property...

Robert Brenner outlines the long-term causes of the present economic meltdown. Rather than understanding the current downturn as solely a function of financial malpractice and incompetence, he demonstrates that the economy has been growing slower in most of the major indices with each passing...

This paper suggests one set of mechanisms that ties financial globalization processes to local dynamics of financial inclusion or exclusion. Specifically, this paper explores the worldwide reconsideration of financial firms' strategies that has accompanied financial globalization. It is shown...