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The rise and fall of global microcredit development, debt and disillusion

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The rise and fall of global microcredit development, debt and disillusion

ROUTLEDGE CRITICAL DEVELOPMENT STUDIES SERIESTHE RISE AND FALL OF GLOBAL MICROCREDIT Development, Debt and DisillusionEDITED BY MILFORD BATEMAN, STEPH

The rise and fall of global microcredit development, debt and disillusionHANIE BLANKENBURG AND RICHARD KOZUL-WRIGHT‘This book provides a definitive, and much-needed, assessment of the microcredit movement: from the oversell

ing of its modest initial promise, to its conversion into a new method of exploiting vulnerable people and communities, and to its misconceived embrac The rise and fall of global microcredit development, debt and disillusion

e by global leaders and institutions. What cements this book’s importance for development policy and practice is that its critique is accompanied by a

The rise and fall of global microcredit development, debt and disillusion

n affirmation of the role of productive, accessible financing in sustainable development.’—Gary Dyntski, Professor of Applied Economics, Leeds Univers

ROUTLEDGE CRITICAL DEVELOPMENT STUDIES SERIESTHE RISE AND FALL OF GLOBAL MICROCREDIT Development, Debt and DisillusionEDITED BY MILFORD BATEMAN, STEPH

The rise and fall of global microcredit development, debt and disillusion The Post-2015 Agenda, supporting financial and digital inclusion to achieve development and to end with poverty, hides the profit obtained by microcr

edit institutions when granting credit to small entrepreneurs and to those with fewer resources. The problem with indebtedness and lack of payment of The rise and fall of global microcredit development, debt and disillusion

loans affects the poor, causing greater debt in crisis and recession periods. This provides important evidence and insight into what went wrong with m

The rise and fall of global microcredit development, debt and disillusion

icrocredit.*—Alìiia Girón, University Program of Asian and African Studies, UNAM, Mexico‘This unfailingly courageous and carefully researched book sha

ROUTLEDGE CRITICAL DEVELOPMENT STUDIES SERIESTHE RISE AND FALL OF GLOBAL MICROCREDIT Development, Debt and DisillusionEDITED BY MILFORD BATEMAN, STEPH

The rise and fall of global microcredit development, debt and disillusionshines a bright light on the links between microcredit and rising indebtedness and financialised. rentier capitalism. Microcredit boosters take heed!’

—Ilene Grabel, Josef Korhel School of International Studies, University of Denver, USAThis page intentionally left blankTHE RISE AND FALL OF GLOBAL MI The rise and fall of global microcredit development, debt and disillusion

CROCREDITIn the mid-1980s the international development community helped launch what was to quickly become one of the most popular poverty reduction a

The rise and fall of global microcredit development, debt and disillusion

nd local economic development policies of all time. Microcredit, the system of disbursing tiny micro-loans to the poor to help them to establish their

ROUTLEDGE CRITICAL DEVELOPMENT STUDIES SERIESTHE RISE AND FALL OF GLOBAL MICROCREDIT Development, Debt and DisillusionEDITED BY MILFORD BATEMAN, STEPH

The rise and fall of global microcredit development, debt and disillusionnt years the microcredit model has been subject to growing scrutiny and often intense criticism. lite Rise and Fall of Global Microcredit shines a lig

ht on many of the fundamental problems surrounding microcredit, in particular, the short- and long-term impacts of dramatically rising levels of micro The rise and fall of global microcredit development, debt and disillusion

debt.Developed in collaboration with UNCTAD, this book covers the general policy implications of adverse microcredit impacts, as well as gathering tog

The rise and fall of global microcredit development, debt and disillusion

ether country-speciiic case studies iroin around the world to illustrate the real dynamics, incentives and end results. Lively and provocative, The Ri

ROUTLEDGE CRITICAL DEVELOPMENT STUDIES SERIESTHE RISE AND FALL OF GLOBAL MICROCREDIT Development, Debt and DisillusionEDITED BY MILFORD BATEMAN, STEPH

The rise and fall of global microcredit development, debt and disillusionVisiting Prolèssor of Economics, Juraj Dobrila al Pula University, Croatia, and Adjunct Prolessor of Development Studies, St Mary’s University, I lali

íãx, Canada.Stephanie Blankenburg is Head of the Debt and Development finance Branch, Division on Globalization and Development Strategies, UNCTAD.Ric The rise and fall of global microcredit development, debt and disillusion

hard Kozul-Wright is Director of the Division on Globalization and Development Strategies. UNCTAD.ROUTLEDGE CRITICAL DEVELOPMENT STUDIESSeries Editors

The rise and fall of global microcredit development, debt and disillusion

Henry Veltmeyer is co-chair of the Critical Development Studies (CDS) network, Research Professor at ưniversidad Autónoma de Zacatecas, Mexico, and Pr

ROUTLEDGE CRITICAL DEVELOPMENT STUDIES SERIESTHE RISE AND FALL OF GLOBAL MICROCREDIT Development, Debt and DisillusionEDITED BY MILFORD BATEMAN, STEPH

The rise and fall of global microcredit development, debt and disillusion is Lecturer in Economics at SOAS University of London. UKThe global crisis, coming at the end of three decades of uneven capitalist development and n

eoliberal globalization that have devastated the economics and societies of people across the world, especially in the developing societies of the glo The rise and fall of global microcredit development, debt and disillusion

bal south, cries out for a more critical, proactive approach to the study of international development. The challenge of creating and disseminating su

The rise and fall of global microcredit development, debt and disillusion

ch an approach, to provide the study of international development with a critical edge, is the project of a global network of activist development sch

ROUTLEDGE CRITICAL DEVELOPMENT STUDIES SERIESTHE RISE AND FALL OF GLOBAL MICROCREDIT Development, Debt and DisillusionEDITED BY MILFORD BATEMAN, STEPH

The rise and fall of global microcredit development, debt and disillusionries will provide a forum and outlet for the publication of books in the broad interdisciplinary' field of critical development studies—to generate ne

w knowledge that can be used to promote transformative change and alternative development.The editors of the series welcome the submission of original The rise and fall of global microcredit development, debt and disillusion

manuscripts that focus on issues of concern to the growing worldwide community of activist scholars in this field.To submit proposals, please contact

The rise and fall of global microcredit development, debt and disillusion

the Development Studies Editor, Helena H urd (HeIena. H urd@tandf.co.u k).4Reframing Latin American DevelopmentEdited by Ronaldo Muncli and Raid Delg

ROUTLEDGE CRITICAL DEVELOPMENT STUDIES SERIESTHE RISE AND FALL OF GLOBAL MICROCREDIT Development, Debt and DisillusionEDITED BY MILFORD BATEMAN, STEPH

The rise and fall of global microcredit development, debt and disillusiond by Milford Bateman, Stephanie Blanhenburg and Richard Kozid-Wright

ROUTLEDGE CRITICAL DEVELOPMENT STUDIES SERIESTHE RISE AND FALL OF GLOBAL MICROCREDIT Development, Debt and DisillusionEDITED BY MILFORD BATEMAN, STEPH

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