When We Were Socially Distant, Money Brought Us Closer

When We Were Socially Distant, Money Brought Us Closer

International and Arab News

As the Covid-19 pandemic shattered lives and livelihoods, experts somberly anticipated a decline in philanthropic donations. The World Bank predicted an alarming drop of 20 percent in global emigrant remittances as a result of the economic crisis. After all, the 2008 Great Recession led to reductions in charitable giving as well as a downturn in those crucial monetary transfers that immigrants send home. Yet remarkably, both forecasts failed, as monetary donations surged during the early days of the pandemic and the flow of immigrant remittances proved resilient.

Why did direct cash donations surge and remittances remain stable at a time of such economic fragility and employment precarity? The best explanation is that money took on new social meanings during the pandemic. At a time of excruciating social distancing, when quarantine rules separated us from one another, money became a tangible social connector, bridging the physical gap by allowing us to express concern for intimates and strangers. Notice the paradox: cold cash, the ultimate transactional medium, alchemized into a warm social currency, strengthening multiple social bonds and affirming community solidarity.

Consider the wave of pandemic-inspired charitable giving. In 2020, donations in the United States by individuals, bequests, foundations and corporations