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American ValueMigrants, Money, and Meaning in El Salvador and the United States$
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David Pedersen

Print publication date: 2013

Print ISBN-13: 9780226653396

Published to Chicago Scholarship Online: September 2013

DOI: 10.7208/chicago/9780226922775.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 17 September 2021

Immigrant Entrepreneurship

Immigrant Entrepreneurship

Chapter:
(p.167) Chapter Six Immigrant Entrepreneurship
Source:
American Value
Author(s):

David Pedersen

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226922775.003.0007

During the 1980s, the Washington DC metropolitan area was especially attractive to lenders of U.S. dollars and major U.S. banks that were seeking access to the regional money market. The largest Salvadoran banks began to consider how to move up the trail of remittances to obtain the U.S. dollars earlier in an effort to better control the market of floating exchange rates in El Salvador. Two such banks were Banco Cuscatlán and Banquito. This chapter examines competing conceptualizations of the pueblo of Intipucá in El Salvador, showing that they grew out of the contradictions of the remittance and migrant circuit which itself was a product of the coffee and cotton systems in the country. It looks at the collapse of Banquito and numerous other DC banks, along with the real estate market collapse in the DC area, pending changes in U.S. immigration law that threatened to deport illegal migrants in DC, and the violence which erupted in Mount Pleasant in May 1991 following the shooting of a young Salvadoran named Daniel Gómez.

Keywords:   banks, Washington DC, remittances, Banco Cuscatlán, Banquito, Intipucá, El Salvador, real estate market, illegal migrants, violence

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