The solidarity economy between local and global levels : the case of micro-finance

Micro-finance, the subject of this article, encompasses financial services aimed at population groups with limited access to formal sources of finance and is characterized by small unitary amounts that are often considered in their local context. Following the example of solidarity economy initiatives, micro-finance's legitimacy and effectiveness depend on strong ties with the local community. The authors show, however, that micro-finance is globalized more than the other parts of the social economy in the sense that analogous models can be found in the world's most diverse regions. On the global level, micro-finance programs enable flows of technology information and capital that link together diverse public authorities and institutions. Community organizations, international NGOs, foundations, pressure groups, local, national and federal government, and bilateral and multilateral development agencies create an environment favorable to resource hybridization.