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A sociological approach to dollarisation and culture in Ecuador

Abstract

This text explores the phases of informal and formal dollarisation of the Ecuadorian economy using the analytical framework of money sociology. There are two different monetary repertoires: first, the south-dollar cohabitation of the 1990s and then the hegemony of the dollar until today. At both times there are different relationships between money and its users, which reflect and build social orders through power relationships and which (re) produce inequalities between different socio-economic groups. The sucre-dollar repertoire of the 1990s is analysed as a case of monetary pluralism in which bank-driven deregulation played a key institutional role. The text also criticises the notion of spontaneous or homogenous dosage in Ecuadorian society as raised by several authors. With regard to the formal dollarisation phase, the social arrangements that have made it possible to consolidate the hegemony of the dollar into the imaginaries and practices of the population are analysed. One of those devices, although not the only one, is related to the role of the media. Finally, the text suggests that there has been a change in the roles of banking and entrepreneurship at the time of encouraging and taking advantage of formal dollarisation. In particular, banks engaged in a different way and defined new practices with respect to the phase of the south-dollar repertoire.

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