Confessions of a Microfinance Heretic (eBook)

How Microlending Lost Its Way and Betrayed the Poor

Hugh Sinclair (Autor)

eBook Download: EPUB

2012
264 Seiten
Berrett-Koehler Publishers (Verlag)
978-1-60994-520-6 (ISBN)

Infos

A microfinance Industry insider offers a shocking account of corruption and betrayal of the poor by an industry supposedly dedicated to doing good. Hugh SInclair is one of the rare field workers who has seen microloans at ground level; he concludes that predatory lending and profit pressure are causing most microloans to do far more harm than good. This is the sad tale of a good idea gone horribly bad.

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This memoir by a microfinance insider “is essential reading for anyone interested in development economics, a disturbing and yet ultimately hopeful exposé” (John Perkins, New York Times bestselling author of Confessions of an Economic Hitman).   This is the account of a microfinance true believer whose decade in the industry turned him into a heretic. Working with several microfinance institutions around the world, Hugh Sinclair realized that the $70 billion industry wasn’t doing much to help the people it claimed to serve. In fact, 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 one hundred 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.

Produkt-Details

• Erscheint lt. Verlag: 9.7.2012
• Vorwort: David C. Korten
• Verlagsort: Oakland
• Sprache: englisch
• Themenwelt: Literatur ► Biografien / Erfahrungsberichte
• Themenwelt: Literatur ► Romane / Erzählungen
• Themenwelt: Sachbuch/Ratgeber ► Beruf / Finanzen / Recht / Wirtschaft ► Wirtschaft
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre ► Mikroökonomie
• Schlagworte: GLOBAL SUSTAINABILITY, ACTIVISM, ETHICS, CHANGE METHODS, CURRENT AFFAIRS, ECONOMICS, SOCIAL & ECONOMIC JUSTICE, PERSONAL FINANCE, ORGANIZATION DEVELOPMENT
• ISBN-10: 1-60994-520-4 / 1609945204
• ISBN-13: 978-1-60994-520-6 / 9781609945206