The Rise and Fall of Global Microcredit: Development, debt and disillusion by Mi

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This book shines a light on many of the problems surrounding microcredit and microfinance, in particular the short and long-term impacts of dramatically rising levels of microdebt. Lively and provocative, The Rise and Fall of Global Microcredit is an accessible guide for students, academics, policy-makers and development professionals alike.

FORMATPaperback LANGUAGEEnglish CONDITIONBrand New Publisher Description

In the mid-1980s the international development community helped launch what was to quickly become one of the most popular poverty reduction and local economic development policies of all time. Microcredit, the system of disbursing tiny micro-loans to the poor to help them to establish their own income-generating activities, was initially highly praised and some were even led to believe that it would end poverty as we know it. But in recent years the microcredit model has been subject to growing scrutiny and often intense criticism. The Rise and Fall of Global Microcredit shines a light on many of the fundamental problems surrounding microcredit, in particular, the short- and long-term impacts of dramatically rising levels of microdebt. Developed in collaboration with UNCTAD, this book covers the general policy implications of adverse microcredit impacts, as well as gathering together country-specific case studies from around the world to illustrate the real dynamics, incentives and end results. Lively and provocative, The Rise and Fall of Global Microcredit is an accessible guide for students, academics, policymakers and development professionals alike.

Author Biography

Milford Bateman, Visiting Professor of Economics, Juraj Dobrila at Pula University, Croatia, and Adjunct Professor of Development Studies, St Mary's University, Halifax, Canada.Stephanie Blankenburg is Head of the Debt and Development Finance Branch, Division on Globalization and Development Strategies, UNCTAD.Richard Kozul-Wright is Director of the Division on Globalization and Development Strategies, UNCTAD.

Table of Contents

ContentsPrefaceAcronymsNotes on contributors Part I: An overview Introduction Milford Bateman, Stephanie Blankenburg and Richard Kozul-Wright Development prospects in an era of financialization Richard Kozul-Wright Impacts of the microcredit model: does theory reflect actual practice? Milford Bateman Part II: Country case studies Looking through the glass, darkly: microcredit in Peru Matthew D. Bird Brazil: Latin America's unsung hero Fernanda Feil and Andrej Slivnik Colombia: A critical look Daniel Munevar Mexico and the microcredit model Eugenia Correa and Laura Vidal Sustainability paradigm to paradox: a study of microfinance clients' livelihoods in Bangladesh Mathilde Maitrot Cambodia: the next domino to fall? Milford Bateman The instability of commercial microcredit: understanding the Indian crisis with Minsky Philip Mader 11. Collective resistances to microcredit in Morocco Solène Morvant-Roux and Jean-Yves Moisseron 12. Microcredit as post-apartheid South Africa's own US-style sub-prime crisis Milford BatemanPart III: Policy implications 13. Delivering development finance in 'the time of cholera': a 'bottom-up' agenda for pro-development financial resource mobilisation Stephanie Blankenburg 14. Conclusion Milford Bateman, Stephanie Blankenburg and Richard Kozul-Wright

Review

"This book provides a definitive, and much-needed, assessment of the microcredit movement: from the overselling of its modest initial promise, to its conversion into a new method of exploiting vulnerable people and communities, and to its misconceived embrace by global leaders and institutions. What cements this book's importance for development policy and practice is that its critique is accompanied by an affirmation of the role of productive, accessible financing in sustainable development." -- Gary Dymski, Professor of Applied Economics, Leeds University Business School, UK"This is a must-read book to understand the financialisation of the poor from the perspective of the global microcredit industry. The Post-2015 Agenda, supporting financial and digital inclusion to achieve development and to end with poverty, hides the profit obtained by microcredit institutions when granting credit to small entrepreneurs and to those with fewer resources. The problem with indebtedness and lack of payment of loans affects the poor, causing greater debt in crisis and recession periods. This provides important evidence and insight into what went wrong with microcredit." -- Alicia Girón, University Program of Asian and African Studies, UNAM, Mexico"This unfailingly courageous and carefully researched book shatters the mythology around the microcredit myth that has captured the imagination and funding of the global development industry for far too long. It shines a bright light on the links between microcredit and rising indebtedness and financialised, rentier capitalism. Microcredit boosters take heed!" -- Ilene Grabel, Josef Korbel School of International Studies, University of Denver, USA"This book provides the inconvenient truth about how market-based mechanisms are far from panaceas for today's development problems. With rigorous detail, the volume parades through case after case of failed micro-credit ventures in country after country—even in Peru the 'center of origin' for many of the financialization of the poor [this] has more often than not led to yet another case of the further transfer of wealth and power from the poor." -- Kevin P. Gallagher, Director at the Global Development Policy Center, Frederick S. Pardee School of Global Studies, Boston University, USA

Long Description

In the mid-1980s the international development community helped launch in Bangladesh what was to quickly become one of the most popular poverty reduction policies of all time. Microcredit, the system of disbursing tiny micro-loans to the poor to help them to establish their own income-generating activities, was initially highly praised, but in recent years it has been subject to rising scrutiny and criticism. Microcredit, Development and Over-indebtedness shines a light on many of the problems surrounding microcredit and microfinance, in particular the short and long-term impacts of dramatically rising levels of microdebt. Developed in collabortion with UNCTAD, this book covers the general policy implications of adverse microfinance impacts, as well as gathering together country-specific case studies from around the world to demonstrate the real dynamics, incentives and end results of the microfinance/financial inclusion movements. Lively and provocative, Microcredit, Development and Over-indebtedness is an accessible guide for students, academics, policy-makers and development professionals alike.

Review Quote

" The Rise and Fall of Global Microcredit provides a definitive, and much-needed, assessment of the microcredit movement: from the overselling of its modest initial promise, to its conversion into a new method of exploiting vulnerable people and communities, and to its misconceived embrace by global leaders and institutions.What cements this book's importance for development policy and practice is that its critique is accompanied by an affirmation of the role of productive, accessible financing in sustainable development."-- Gary Dymski, Professor of Applied Economics,Leeds University Business School, UK "Whenattemptingto understandthe financialisation process of the poorfrom the perspective of the global microcredit industry, The Rise and Fall of Global Microcredit is a must-read book. The Post-2015 Agenda, supporting financial and digital inclusion to achieve development and to end with poverty, hides the rentability obtained by microcredit institutions when granting credit tosmall entrepreneurs and tothose with fewer resources. The problem with indebtedness and lack of payment in what refers to loans, affects the poor, causing greater debt in crisis and recession periods. This provides important evidence and insight into what went wrong with microcredit."-- Alicia Gir

Details ISBN1138714127 Publisher Taylor & Francis Ltd Series Routledge Critical Development Studies ISBN-10 1138714127 ISBN-13 9781138714120 Format Paperback Imprint Routledge Place of Publication London Country of Publication United Kingdom Edited by Stephanie Blankenburg DEWEY 338.9 Year 2018 Author Richard Kozul-Wright Media Book Pages 290 Publication Date 2018-09-10 Short Title The Rise and Fall of Global Microcredit Language English UK Release Date 2018-09-10 AU Release Date 2018-09-10 NZ Release Date 2018-09-10 Illustrations 9 Tables, black and white; 11 Line drawings, black and white; 11 Illustrations, black and white Subtitle Development, debt and disillusion Alternative 9781138714083 Audience Postgraduate, Research & Scholarly We've got this

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