Abstract
This chapter argues that universal access to basic financial services can be defended as a human right. Its contribution is twofold. On the one hand it defines the content of this right, which I will call a human right to financial inclusion. On the other hand, it builds on two standard human rights justifications to defend this right. First it offers an interest-based argument emphasizing the value of this right to realize individual autonomy. Second, it elaborates a double linkage argument based on the supporting relationship between the proposed right and two other well-established human rights, namely, the right to an adequate standard of living and the right to development.
Previous versions of this chapter were presented at the University of Zurich and the University of Barcelona. I am grateful to these audiences, and especially to Julian Culp, Iñigo González Ricoy and Jonathan Fu, for very insightful comments and suggestions. Funding was provided by the Swiss National Science Foundation.
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- 1.
At the time of writing this article (August 2015) there is an ongoing discussion about whether financial inclusion should be included as a specific goal in the Post-2015 agenda.
- 2.
See, for example the recent defense of this right offered by Kimberly Brownlee and Zofia Stemplowska (2015).
- 3.
Islamic finance has been growing since the 1970s and is now considered one of the main channels to achieve financial inclusion in Muslims countries.
- 4.
Brownlee and Stemplowska (2015) provide a similar, albeit slightly different, definition.
- 5.
This is compatible with making the exercise of the right conditional upon fulfilling non-discriminatory requirements that reflect standard qualifications for the use of these services – e.g. having certain age and normal capacities. In this sense, financial rights are like voting rights or labor rights.
- 6.
A non-discriminatory legal framework is not sufficient to avoid all forms of financial discrimination against women. In the worst patriarchal societies, women might have the legal possibility to contract financial services by themselves and still be compelled by their husbands – using threat or force – to make certain financial choices. Eradicating these forms of interference requires a series of measures oriented at changing the structure of gender relationships within society and creating a gender-egalitarian ethos – of which broadening access to finance is only one.
- 7.
This is not just a consequence of the law of large numbers. Retail customers are often less likely to follow financial markets and to be exposed to rumors or media coverage about particular financial institutions.
- 8.
Broad access to credit has a similar effect on financial stability as losses associated with small loans pose less systemic risk than losses on large loans (Adasme et al. 2006).
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Queralt, J. (2016). A Human Right to Financial Inclusion. In: Gaisbauer, H., Schweiger, G., Sedmak, C. (eds) Ethical Issues in Poverty Alleviation. Studies in Global Justice, vol 14. Springer, Cham. https://doi.org/10.1007/978-3-319-41430-0_5
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