Confessions of a Microfinance Heretic : How Microlending Lost Its Way and Betrayed the Poor
(eBook)
Author
Published
[Place of publication not identified] : Berrett-Koehler Publishers, 2012.
Physical Desc
1 online resource (264 pages)
Status
Description
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Format
eBook
Language
English
ISBN
9781609945206
UPC
9781609945206
Notes
Restrictions on Access
Access limited to subscribing institutions.
Description
Very little solid evidence exists that microloans make a dent in long-term poverty. Sadly, evidence does exist for negligence, corruption, and methods that border on extortion. Part exposé, part memoir, and part financial detective story, this is the account of a one-time true believer whose decade in the industry turned him into a heretic. Hugh Sinclair worked with several microfinance institutions around the world. He couldn't help but notice that even with a booming $70 billion industry on their side, the poor didn't seem any better off. Exorbitant interest rates led borrowers into never-ending debt spirals, and aggressive collection practices resulted in cases of forced prostitution, child labor, suicide, and nationwide revolts against the microfinance community. Sinclair weaves a shocking tale of a system increasingly focused on maximizing profits-particularly once large banks got involved. He details his discovery of several scandals, one of the most disturbing involving a large African microfinance institution of questionable legality that charged interest rates in excess of 100 percent per year and whose investors and supporters included some of the most celebrated leaders of the microfinance sector. Sinclair's objections were first met with silence, then threats, attempted bribery, and a court case, and eventually led him to become a principal whistleblower in a sector that had lost its soul. Microfinance can work-Sinclair describes moving experiences with several ethical and effective organizations and explains what made them different. But without the fundamental reforms that Sinclair recommends here, microfinance will remain an "investment opportunity" that will leave the poor with hollow promises and empty pockets.
System Details
System requirements: Adobe Digital editions.
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Citations
APA Citation, 7th Edition (style guide)
Sinclair, H. (2012). Confessions of a Microfinance Heretic: How Microlending Lost Its Way and Betrayed the Poor . Berrett-Koehler Publishers.
Chicago / Turabian - Author Date Citation, 17th Edition (style guide)Sinclair, Hugh. 2012. Confessions of a Microfinance Heretic: How Microlending Lost Its Way and Betrayed the Poor. Berrett-Koehler Publishers.
Chicago / Turabian - Humanities (Notes and Bibliography) Citation, 17th Edition (style guide)Sinclair, Hugh. Confessions of a Microfinance Heretic: How Microlending Lost Its Way and Betrayed the Poor Berrett-Koehler Publishers, 2012.
MLA Citation, 9th Edition (style guide)Sinclair, Hugh. Confessions of a Microfinance Heretic: How Microlending Lost Its Way and Betrayed the Poor Berrett-Koehler Publishers, 2012.
Note! Citations contain only title, author, edition, publisher, and year published. Citations should be used as a guideline and should be double checked for accuracy. Citation formats are based on standards as of August 2021.
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Grouped Work ID
fd8d89d8-b003-2a2d-d407-08a249c1143c-eng
Grouping Information
Grouped Work ID | fd8d89d8-b003-2a2d-d407-08a249c1143c-eng |
---|---|
Full title | confessions of a microfinance heretic how microlending lost its way and betrayed the poor |
Author | sinclair hugh |
Grouping Category | book |
Last Update | 2023-11-04 21:03:13PM |
Last Indexed | 2024-04-17 05:10:25AM |
Book Cover Information
Image Source | coce_google_books |
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First Loaded | Dec 26, 2023 |
Last Used | Dec 26, 2023 |
Marc Record
First Detected | Sep 03, 2021 09:56:11 AM |
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Last File Modification Time | Jul 05, 2023 02:19:54 PM |
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538 | |a System requirements: Adobe Digital editions. | ||
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650 | 0 | |a Finance|z Developing countries. | |
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