Report on the Life and Work of Nora Castañeda and the Women’s Development Bank (Banmujer)

Introduction: A Revolutionary Economist’s Contribution to Sustainable Development

A recent publication by historian Sandra Angeleri, ¿Una banca revolucionaria? La historia de Nora Castañeda y su liderazgo en el Banco de Desarrollo de la Mujer de Venezuela, documents the life and work of feminist economist Nora Castañeda (1942-2015). Castañeda was a pivotal figure in the Bolivarian Revolution, founding the Women’s Development Bank (Banco de Desarrollo de la Mujer, or Banmujer). Her work provides a significant case study in creating institutional frameworks to advance gender equality and economic justice, directly aligning with several United Nations Sustainable Development Goals (SDGs).

Early Life and Political Formation

Nora Castañeda’s political consciousness was forged by her upbringing in the working-class barrios of Caracas. Her early life experiences shaped her commitment to revolutionary change and social transformation.

• Born in Caracas in 1942, she grew up in communities organized primarily by women, observing firsthand their central role in sustaining the social fabric.
• As a high school student, she became involved in clandestine struggles against the Marcos Pérez Jiménez dictatorship (1952-58), affiliating with leftist political movements.
• Her political identity was rooted in the working-class experience and the daily struggles of women, forming the basis for her lifelong dedication to socialist feminism.

Theoretical Framework: Integrating Feminism, Marxism, and Development

Castañeda dedicated her intellectual life to bridging Marxist economic theory with feminist principles, arguing that the emancipation of women required a material and financial foundation. Her framework directly addressed the economic dimensions of gender inequality, a core concern of the SDGs.

• Dependency Theory and Superexploitation: Influenced by 1970s Dependency Theory, she analyzed the unpaid reproductive and domestic labor of women as a form of “superexploitation” that underpins the entire capitalist economy. This work sought to make visible the economic contributions of women, a key step toward SDG 5 (Gender Equality) and SDG 8 (Decent Work and Economic Growth).
• Socialist Feminism: She advocated for a socialist feminism focused on the collective transformation of social relations, challenging the marginalization of women’s issues within traditional leftist parties.
• Theory and Practice: Castañeda insisted that economic thought must translate into tangible action. Her work was defined by the integration of theoretical analysis with practical, on-the-ground organizing alongside working-class women.

Constitutional Advocacy and Advancing Gender Equality (SDG 5)

During the 1999 Constituent Assembly process in Venezuela, Castañeda was a key advocate for embedding women’s economic rights into the nation’s new constitution. This effort represented a significant push for institutionalizing gender equality.

1. Campaign for Recognition: Alongside other feminist activists, she fought for the inclusion of inclusive language and the recognition of unpaid domestic labor.
2. Article 88: Their efforts culminated in the passage of Article 88 of the Constitution, which recognized the economic value of unpaid care work and established the right to social security for those who perform it.
3. Impact on SDGs: This constitutional victory was a landmark achievement for SDG 5 (Gender Equality) and SDG 10 (Reduced Inequalities), providing the legal foundation for policies that value women’s labor and grant them access to social protections, such as pensions.

The Women’s Development Bank (Banmujer): An Institution for Sustainable Development

Recognizing that legal changes alone were insufficient, Castañeda founded Banmujer in 2001. The bank was designed as a revolutionary tool to dismantle patriarchal and capitalist structures by providing women with economic autonomy. Its model was a direct implementation of strategies aimed at achieving multiple SDGs.

Banmujer’s Operational Model

• Community-Centric Approach: Instead of waiting for women to visit a branch, the bank’s promoters went directly into barrios and rural communities, ensuring access for the most marginalized.
• Collective Empowerment: Financial support was provided to organized groups of women, not individuals, to foster collective action and solidarity, thereby avoiding non-transformative assistance.
• Integrated Support: The bank combined low-interest microcredits with comprehensive educational workshops on topics ranging from self-esteem and health to gender-based violence and political education.
• Focus on Ignored Sectors: Banmujer prioritized funding for sectors often overlooked by traditional finance, such as small-scale food production, garment making, and women’s agriculture.

Contribution to Sustainable Development Goals

Banmujer’s structure and mission were intrinsically aligned with the 2030 Agenda for Sustainable Development.

• SDG 1 (No Poverty): By providing microcredits and fostering entrepreneurship, the bank offered a direct pathway out of poverty for tens of thousands of women.
• SDG 5 (Gender Equality): The core mission was to empower women economically and politically, building a nationwide network of women with financial autonomy and challenging systemic gender discrimination.
• SDG 8 (Decent Work and Economic Growth): It promoted inclusive and sustainable economic growth by creating opportunities for decent work in community-based enterprises.
• SDG 10 (Reduced Inequalities): The bank explicitly targeted women in historically excluded working-class and rural communities, directly addressing intra-national inequality.
• SDG 16 (Peace, Justice and Strong Institutions): Banmujer represented an innovative, inclusive, and accountable institution designed to serve social transformation rather than profit, offering a model for just and effective governance.

Decline and Enduring Legacy

Nora Castañeda passed away in 2015, a period of escalating economic crisis and external pressures on Venezuela. The bank was subject to a government intervention shortly before her death and subsequently lost its operational vitality and funding. Despite the institution’s decline, Castañeda’s legacy remains highly relevant.

1. Fostering Political Agency: Her commitment to raising political consciousness and empowering working-class women continues to inspire feminist and social movements in Venezuela.
2. Innovative Institutional Models: Her work in designing Banmujer as an institution that breaks from capitalist and patriarchal logic provides a powerful example for creating alternative structures aimed at achieving genuine social and economic transformation.

Castañeda’s insistence on transforming the state, rather than being absorbed by it, remains a critical challenge for movements seeking to achieve the Sustainable Development Goals through structural change.

Analysis of Sustainable Development Goals in the Article

1. Which SDGs are addressed or connected to the issues highlighted in the article?

• SDG 1: No Poverty

  The article addresses poverty by focusing on Nora Castañeda’s work with women from working-class communities (“barrios”) who were economically excluded. The creation of Banmujer aimed to provide a material and financial basis for their emancipation, directly tackling economic vulnerability and poverty.

• SDG 5: Gender Equality

  This is the central theme of the article. It details Castañeda’s life as a feminist economist fighting against patriarchal structures. The article discusses the need for women’s economic autonomy, the political struggle for women’s rights in the constitution, the recognition of unpaid domestic labor, and the creation of a bank specifically for women’s development.

• SDG 8: Decent Work and Economic Growth

  The article connects to this goal through its discussion of creating economic opportunities and recognizing the value of all forms of work. Banmujer promoted entrepreneurship by funding women’s small-scale enterprises. Furthermore, the successful campaign to pass Article 88, which recognizes the economic value of unpaid care work, is a key issue related to achieving decent work for all.

• SDG 10: Reduced Inequalities

  The article highlights the struggle against the social and economic exclusion of specific groups, particularly women and the working class in urban barrios and rural areas. Banmujer was designed to reduce these inequalities by targeting sectors of society ignored by traditional capitalism and empowering them economically and politically.

• SDG 16: Peace, Justice and Strong Institutions

  This goal is relevant through the discussion of building new, inclusive, and transformative institutions. The article describes the fight for an inclusive constitution and the creation of Banmujer as an innovative institution that broke with traditional banking logic to be more responsive and participatory, aiming to transform the state from the bottom up.

2. What specific targets under those SDGs can be identified based on the article’s content?

1. SDG 1: No Poverty

   • Target 1.4: “ensure that all men and women, in particular the poor and the vulnerable, have equal rights to economic resources, as well as access to… financial services, including microfinance.” The article explains that Banmujer was created to provide “low-interest microcredits” to organized groups of women in barrios and rural communities, giving them access to financial resources they were previously denied.

2. SDG 5: Gender Equality

   • Target 5.4: “Recognize and value unpaid care and domestic work through the provision of public services, infrastructure and social protection policies.” This is directly addressed by the campaign to include Article 88 in the Venezuelan Constitution, which “recognizing the economic value of unpaid care work and establishing the right to social security for those who perform it.”
   • Target 5.5: “Ensure women’s full and effective participation and equal opportunities for leadership at all levels of decision-making in political, economic and public life.” The article mentions the struggle of women activists during the 1999 Constituent Assembly to have their proposals heard and Nora Castañeda’s leadership role as president of Banmujer.
   • Target 5.a: “Undertake reforms to give women equal rights to economic resources, as well as access to… financial services.” Banmujer’s entire mission was to provide women with financial support and economic autonomy, directly aligning with this target.

3. SDG 8: Decent Work and Economic Growth

   • Target 8.3: “Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity and innovation, and encourage the formalization and growth of micro-, small- and medium-sized enterprises, including through access to financial services.” Banmujer achieved this by providing microcredits that supported “small-scale food production, garment making, and women’s agriculture.”
   • Target 8.10: “Strengthen the capacity of domestic financial institutions to encourage and expand access to banking, insurance and financial services for all.” Banmujer is a prime example of a new domestic financial institution created to expand access to financial services for women, a group explicitly ignored by traditional banks. The article notes its innovative model where “the bank went to the women.”

4. SDG 10: Reduced Inequalities

   • Target 10.2: “empower and promote the social, economic and political inclusion of all, irrespective of… sex… or economic or other status.” The article describes how Banmujer was designed to foster “a nationwide network of women with economic autonomy and generating a new political subjectivity,” directly promoting the economic and political inclusion of marginalized women.

5. SDG 16: Peace, Justice and Strong Institutions

   • Target 16.7: “Ensure responsive, inclusive, participatory and representative decision-making at all levels.” The article highlights the activists’ efforts to ensure the 1999 Constituent Assembly was inclusive and the participatory nature of Banmujer, which was designed for “collective empowerment and political education” from the “bottom up.”

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

Yes, the article mentions several quantitative and qualitative indicators:

• Indicator for Targets 1.4, 5.a, and 8.10 (Access to Financial Services): The article provides a specific number: “At one point, the bank had around 40,000 women participating.” This serves as a direct indicator of the number of women who gained access to financial services through Banmujer.
• Indicator for Target 5.5 (Women’s Political Participation): The article states, “Only 17% of the elected delegates [in the 1999 Constituent Assembly] were women.” This is a direct measurement of the proportion of seats held by women in a key national body at that time.
• Indicator for Target 5.4 (Recognition of Unpaid Work): A key indicator is the existence of a legal framework. The article confirms this: “Article 88 of the Constitution was passed, recognizing the economic value of unpaid care work.” A further indicator is the outcome of this law: it is the “foundation for the current right of all women in Venezuela to receive a pension.”
• Implied Indicator for Target 8.3 (Support for Entrepreneurship): While no numbers are given, the article mentions the types of businesses supported: “small-scale food production, garment making, and women’s agriculture.” The number of enterprises created or sustained in these sectors would be a relevant indicator.
• Implied Indicator for Empowerment (Targets 5.5, 10.2): The article mentions that Banmujer provided “educational workshops” on topics like “self-esteem,” “health,” “gender-based violence,” and “political education.” The number of women attending these workshops and qualitative assessments of their impact on “political subjectivity” would serve as indicators of empowerment.

4. Table of SDGs, Targets, and Indicators

Source: mronline.org