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Human Worth as Collateral


Rashmi Dyal-Chand


Northeastern University - School of Law

October 2006

Northeastern University School of Law Research Paper No. 09-2006

Abstract:     
Human worth has taken on a surprising new role: that of market asset. Specifically, lenders in radically different contexts are using their borrowers' human worth as collateral in loan transactions. The two examples of this new collateralization that I examine are credit card lending in the United States and microlending programs in the Third World. I conclude that the use of human worth in these two contexts is too similar to be coincidental. Rather, this new collateralization is a product of globalization. For those interested in the effect of law on globalization, this convergence in the market for credit teaches important lessons. In both the contexts I examine, the laws governing secured and unsecured lending fail to recognize human worth as collateral. For this reason, the new collateralization serves as a counter-example to the claimed centrality of the rule of law in economic development.

Number of Pages in PDF File: 44

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Date posted: October 23, 2006  

Suggested Citation

Dyal-Chand, Rashmi, Human Worth as Collateral (October 2006). Northeastern University School of Law Research Paper No. 09-2006. Available at SSRN: http://ssrn.com/abstract=939587 or http://dx.doi.org/10.2139/ssrn.939587

Contact Information

Rashmi Dyal-Chand (Contact Author)
Northeastern University - School of Law ( email )
400 Huntington Ave.
Boston, MA 02115
United States
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