> developmentalists all tumid and/or wet. It's a very weak substitute
> for what the poor really need, which is serious public investment in
> schooling, health, and infrastructure.
Agreed, but there is a slight problem with public investment in Africa - monumental corruption (The Nation had a piece on that a few weeks ago). This is not just a recent phenomenon, but endemic to post-colonial Africa. In fact corruption was rampant the so-called African socialism that offered a chance of such public investment that was literally stolen or squandered by officials.
In that light, microfinancing - while obviously having a limited impact - at lest gets some money to the people instead of the pockets of corrupt officials.
Wojtek