Wojtek
On Thu, May 20, 2010 at 11:32 PM, Patrick Bond <pbond at mail.ngo.za> wrote:
> Why Doesn't Microfinance Work?
> by Milford Bateman
>
> published by Zed Books, priced £18.99/$34.95, ISBN 9781848133327. For more
> information or to request a review copy please contact Ruvani de Silva on
> 020 7837 8466 or ruvani.de_silva at zedbooks.net
>
> Since its emergence in the 1970s, microfinance has risen to become one of
> the most high-profile policies to address poverty and under-development in
> developing and transition countries. It is beloved of rock stars, royalty,
> movie stars, high-profile politicians and 'trouble-shooting' economists. Its
> most famous pioneer, Muhammad Yunus, was awarded the Nobel Peace Prize in
> 2006.
>
> In this provocative and controversial analysis, Milford Bateman reveals
> that microfinance doesn't actually work. That, in fact, the case for it has
> largely been built on a desire to advance a particular free market ideology,
> on hype and egregious half-truths, and - latterly - on the Wall Street-style
> greed, deception and individual self-interest of those promoting and working
> in microfinance. Using a multitude of case studies from across the globe -
> from India to Cambodia, Bolivia to Uganda, Serbia to Mexico amongst many
> others - he exposes why many of its most fundamental building blocks are
> largely myths. In doing so, he demonstrates that microfinance actually
> constitutes a major barrier to sustainable economic and social development,
> and thus also to sustainable poverty reduction.
>
> As developing and transition countries attempt to repair the devastation
> wrought by the global financial crisis, Bateman argues forcefully that the
> role of microfinance in development policy needs to be urgently and
> fundamentally reconsidered.
>
> Why Doesn't Microfinance Work? by Milford Bateman is published by Zed
> Books, priced £18.99/$34.95, ISBN 9781848133327. For more information or to
> request a review copy please contact Ruvani de Silva on 020 7837 8466 or
> ruvani.de_silva at zedbooks.net
>
> ‘For some time, there has been fragmented evidence that microcredit is way
> over-hyped as an instrument of development, but Bateman pulls it all
> together and connects the microfinance fad with the underlying neoliberal
> themes of so much official development assistance. It's a timely,
> much-needed, and must-read book for anyone interested in the problems of
> development assistance.'
>
> David Ellerman, author of Helping People Help Themselves: From the World
> Bank to an Alternative Philosophy of Development Assistance
>
> ‘Microfinance has suffered too long from unthinking enthusiasm, but some
> negative views are beginning to make themselves heard. Bateman is the first,
> however, to examine microfinance critically and coherently as a whole, and
> to take a sceptical long term view of its social and economic effects. Few
> readers will agree with everything he writes, but anyone who has any
> connection with microfinance should read this book.’
>
> Malcolm Harper, Cranfield School of Management
>
> ‘DO NOT READ THIS BOOK - if you wish to retain the myths attached to
> microfinance rather than enjoy and appreciate the best available scholarly,
> reasoned and readable critique.’
>
> Ben Fine, SOAS
>
> ___________________________________
> http://mailman.lbo-talk.org/mailman/listinfo/lbo-talk
>