Microcredit: Fulfilling or Belying the Universalist Morality of Globalizing Markets?
American University - Washington College of Law; Stanford University - The Hoover Institution on War, Revolution and Peace; Brookings Institution - Governance Studies
Microcredit is a widely practiced, widely revered technique of international development. It aims to increase incomes of the poor by giving them access to capital which can be used to create small businesses or other productive economic activity. Microcredit, despite its partly "market" approach to the capital needs of the poor, has a deeply ambivalent relationship with global capital and globalizing markets. It is an open question whether microcredit is an activity aimed at extending global markets by drawing the world's poor into them, or whether instead it seeks to be a mechanism creating "faux" markets which compensate the poor for their exclusion from world markets. Microcredit is both an extension of, and remedy for, the logic of global markets.
Number of Pages in PDF File: 38
Keywords: Microcredit, globalization, global markets, microfinance, global capital, nonprofit, nongovernmental organizations, international development, poverty, world people, women and poverty, NGO
JEL Classification: I3, L3, N8, O1, O2, P1, Z1
Date posted: June 18, 2002
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