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Microfinancing the Developing World: how small loans empower local economies and catalyse neoliberalism's endgame

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  • Gregor Campbell

Abstract

Co-finance has steadily grown to provide credit to hundreds of thousands of individuals living in third world countries. The spreading of and innovation within the microfinance sector demonstrates a successful neoliberal initiative that is both socially conscious and economically beneficial. By connecting groups of poor individuals to lending institutions or affluent individuals in developed countries, microloans have been able to foster the strengthening of local economies, necessary for consuming life-improving technology, while incurring minimal risk to the lending party. Criticisms of microfinance—both non-profit and for-profit models—appear misguided as there are clear data demonstrating both a low incidence of default and modest interest rates. Moreover, credit has been the foundation for modern economic growth. Ethical lending to the Third World should therefore not be denied, but rather intensified through the faculty of microfinance.

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  • Gregor Campbell, 2010. "Microfinancing the Developing World: how small loans empower local economies and catalyse neoliberalism's endgame," Third World Quarterly, Taylor & Francis Journals, vol. 31(7), pages 1081-1090.
    • Handle: RePEc:taf:ctwqxx:v:31:y:2010:i:7:p:1081-1090
    DOI: 10.1080/01436597.2010.518785
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    Cited by:

    1. Arvind Ashta & Chandralekha Ghosh & Samapti Guha & Frank Lentz, 2021. "Knowledge in Microsocial Milieus: the Case of Microfinance Practices Among Women in India," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 12(1), pages 146-165, March.
    2. Adriana Ramírez Rocha & L. Arturo Bernal Ponce & Mauricio Cervantes Zepeda, 2019. "Differences in the interest rates of microfinance institutions in some emerging markets economies: An HLM approach/Diferencias en las tasas de interés entre instituciones financieras de algunas econo," Estudios Económicos, El Colegio de México, Centro de Estudios Económicos, vol. 34(2), pages 275-307.
    3. Rory Ridley‐Duff & Mike Bull, 2021. "Common pool resource institutions: The rise of internet platforms in the social solidarity economy," Business Strategy and the Environment, Wiley Blackwell, vol. 30(3), pages 1436-1453, March.

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