Financing Without Access

by bam

A cited, high-school-and-up course on the oldest problem in business: how do you finance anything when the credit system will not have you? It is not legal, tax, financial or religious advice, and it says so throughout. The through-line is a single idea, tested across the world: when the capital system excludes you, you invent an entity. You will meet the fraternal benefit society and the friendly society, the burial club and industrial insurance, the building and loan association that carried excluded families into homeownership, the rotating savings and credit association that runs under a dozen names on six continents (susu, tanda, chit fund, hui, kye, ekub, tontine), and the structures of Islamic finance that finance real things without charging interest at all (murabaha, ijara, mudaraba, musharaka, sukuk, takaful). This is the general case of which the shipped course 'What They Built' is a worked example, where fraternal orders and building-and-loans turned out to be entity choices, and it extends the method of course 1, 'What a Business Entity Actually Is': every one of these is a different answer to the four decisions. Along the way you will learn to read any financing workaround the same way, by asking which door was closed, what pool replaced it, and who bears the risk. The capstone asks you to document one real financing-without-access institution and show how its entity choice fit its constraint. Where accounts disagree, this course teaches the disagreement rather than smoothing it over.