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Interesting, I guess people re-invented the system all over the world. In Turkey at least, the system is analog of the "gold day" tradition of the housewives wh
by mrtksn 4y ago
Interesting, I guess people re-invented the system all over the world. In Turkey at least, the system is analog of the "gold day" tradition of the housewives who would gather in each others house in rotation and give the host money or gold to finance the purchase of things like fridges etc.
- govg 4y agoA similar system exists in the south Indian state of Kerala (and apparently across other places in South Asia, but I am only familiar with the Kerala model). It's called a Chit fund [0] and functions just like you describe. [0] - https://en.wikipedia.org/wiki/Chit_fund https://en.wikipedia.org/wiki/Chit_fund
- mrtksn 4y agoFun to see similar informal mechanisms popping up around the world with no connection.