The Migration of West Indians
The migration of West Indians and other migratory groups in North American before and following the world war has been a center of discussion in the recent past. Notable among such migrations was that of the West Indians to Panama to aid in the reconstruction of both Panama and Cuba. Following World War, there was also an influx of emigrants into the territories of Britain that had to be curtailed by legislation. In the United States, the non-quota status enabled the West Indians to settle in the United States following the Nationality Act. These migrated with some of their cultures, for instance, the banking systems, notably, the Rotating Credit Associations as they settled in Brooklyn. The article thus presents a comprehensive discussion of the Rotating Bank Associations highlighting how they relate to the Brooklyn Banking system coupled with an analysis of their independence and likeness to similar institutions.
The Rotating Bank Associations refer to those financial associations that were formed by emigrants or core participants who agreed to make periodic contributions to a special fund whose money was to be given as a whole or part to every individual subscribing to the rotation (Bonnett 347). The article stresses that the regularity and rotations are the two most vital criteria that may be adopted for differentiating such associations from other similar associations like mutual benefits funds, lodges among others.
The article explains that the rotating credit associations originally established amongst the blacks that immigrated to New York have been around for more than 50 years. However, the article explains that there is an ambivalence surrounding their use and adoption among the Black from West Indies. They are indifferent about their use since they regard the manner in which these associations helped the West Indian Immigrants get validation for their numerous aspirations for being in the middle class as unfair. They also required down payments before purchase of businesses or other property like the houses. On the contrary, other West Indian Blacks considered these credit associations an artifact that lies in the past. They regarded these credit associations as anachronistic institutions that would not stand the test of time and financial turbulence driven by urbanization and several interpersonal environments of the individuals.
The article further reports that there existed no specific criteria to be fulfilled in order for members to be part of these financial institutions besides being part of the working class. Besides the fact that there was some degree of cultural assimilation prior to entering these credit rotations, the membership to the associations was not wholly limited to the blacks in the Brooklyn but rather to everyone who held similar concerns with the members of the organization and also satisfies the initial requirement. The article also explains that there was compelling evidence that the Blacks in Southern America had embarked on setting up similar organizations in their areas (Bonnett 348).
Regarding the general conduct of the members within the organization, the organizations did not have elaborate constitutions or …