Microfinance

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A failed "free market" solution to poverty that libertarians and neoliberals trumpeted as better than government efforts. Also known as Microcredit.

Links

Confessions of a Microfinance Heretic: How Microlending Lost Its Way and Betrayed the Poor (book)
How microfinance was coopted by big banks to resemble payday loans with exorbitant interest rates.
Microfinance is mostly a scam [More...]
A review of Confessions of a Microfinance Heretic: how microfinance lost its way and betrayed the poor. "At the end of the book Sinclair adds a convincing “Microfinance 101” section that explains how most of the entrepreneurial efforts that the poor are likely to engage in are nothing more than microfinance arms races that do little to help the local economies but do one thing for sure, namely impose a tax on business that is taken out of the local community entirely and distributed back to the rich world in the form of the investors."
The rise and fall of microfinance [More...]
"Held up for decades as something of a "miracle cure" for global poverty, microfinance became one of the world's most high-profile and generously funded development interventions[...] Last year, a sweeping review of the evidence (pdf), funded by the UK government, concluded that the "enthusiasm [for microcredit] is built on ... foundations of sand"."

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