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From Microfinance to Inclusive Financial Markets: The Challenge of Social Regulation

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  • Susan Johnson

Abstract

Policy towards microfinance has undergone a shift away from building financial institutions focused on serving poor people to an "inclusive" agenda for financial sector development, operationalized by some donors in an approach entitled "Making Markets Work for the Poor". This approach is located in New Institutional Economics and the enabling environment focus of the post-Washington Consensus. Despite the way in which this inclusion agenda echoes social exclusion discourse, it engages with a residualist rather than relational understanding of poverty. This leads to an analytical disjuncture between its discourse and analysis, overlooking the root causes of poverty and exclusion in relational processes. Arising from this is the failure to recognize that developing institutions and "enabling" environments require an understanding of social institutions and their influence as social regulatory structures. The author illustrates how analysis can proceed to address this disjuncture using the example of gender relations.

Suggested Citation

  • Susan Johnson, 2013. "From Microfinance to Inclusive Financial Markets: The Challenge of Social Regulation," Oxford Development Studies, Taylor & Francis Journals, vol. 41(sup1), pages 35-52, August.
    • Handle: RePEc:taf:oxdevs:v:41:y:2013:i:sup1:p:s35-s52
    DOI: 10.1080/13600818.2012.734799
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    References listed on IDEAS

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    1. Gough,Ian & Wood,Geof & Barrientos,Armando & Bevan,Philippa & Davis,Peter & Room,Graham, 2004. "Insecurity and Welfare Regimes in Asia, Africa and Latin America," Cambridge Books, Cambridge University Press, number 9780521834193.
    2. Anthony J. Bebbington & Anis A. Dani & Arjan de Haan & Michael Walton, 2008. "Institutional Pathways to Equity : Addressing Inequality Traps," World Bank Publications - Books, The World Bank Group, number 6411, December.
    3. World Bank, 2008. "Finance for All? Policies and Pitfalls in Expanding Access," World Bank Publications - Books, The World Bank Group, number 6905, December.
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    1. Isabelle Guérin & Bert D'Espallier & G. Venkatasubramanian, 2015. "The Social Regulation of Markets: Why Microcredit Fails to Promote Jobs in Rural South India," Development and Change, International Institute of Social Studies, vol. 46(6), pages 1277-1301, November.
    2. Meagher, Kate, 2015. "Leaving no-one behind? Informal economies, economic inclusion, and Islamic extremism in Nigeria," LSE Research Online Documents on Economics 62140, London School of Economics and Political Science, LSE Library.
    3. Xiaoling Song & Jiaqi Li & Xueke Wu, 2024. "Financial inclusion, education, and employment: empirical evidence from 101 countries," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-11, December.
    4. Hao Fu & Yue Liu & Pengfei Cheng & Sijie Cheng, 2022. "Evolutionary Game Analysis on Innovation Behavior of Digital Financial Enterprises under the Dynamic Reward and Punishment Mechanism of Government," Sustainability, MDPI, vol. 14(19), pages 1-18, October.
    5. Omika Bhalla Saluja & Priyanka Singh & Harit Kumar, 2023. "Barriers and interventions on the way to empower women through financial inclusion: a 2 decades systematic review (2000–2020)," Palgrave Communications, Palgrave Macmillan, vol. 10(1), pages 1-14, December.

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