PDF Ebook Why Doesn't Microfinance Work?: The Destructive Rise of Local Neoliberalism, by Milford Bateman
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Why Doesn't Microfinance Work?: The Destructive Rise of Local Neoliberalism, by Milford Bateman
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Since its emergence in the 1970s, microfinance has risen to become one of the most high-profile policies to address poverty in developing and transition countries. It is beloved of rock stars, movie stars, royalty, high-profile politicians and ‘troubleshooting’ economists. In this provocative and controversial analysis, Milford Bateman reveals that microfinance doesn’t actually work. In fact, the case for it has been largely built on hype, on egregious half-truths and – latterly – on the Wall Street-style greed of those promoting and working in microfinance. Using a multitude of case studies, from India to Cambodia, Bolivia to Uganda, Serbia to Mexico, Bateman demonstrates that microfi nance 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, Why Doesn’t Microfinance Work? argues forcefully that the role of microfinance in development policy urgently needs to be reconsidered.
- Sales Rank: #1394468 in eBooks
- Published on: 2010-06-10
- Released on: 2012-11-15
- Format: Kindle eBook
Review
"Microfinance has been so successfully hyped to the general public that people with no experience in development will ask me (upon finding out about my background in development): "Oh, you must really be excited about microfinance?!" Instead of going into a "long story," I can now refer them to Milford Bateman's comprehensive survey and expos � of the microfinance business. When so much of the finite aid resources are diverted into such feel-good programs with little, if any, developmental impact, then the whole fad becomes something of an anti-development trap. 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. It should make us all think more clearly about what we are doing." -- 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
About the Author
Milford Bateman is a freelance consultant specializing in local economic development policy, particularly in relation to the Western Balkans. He has worked as a consultant for most of the major international development agencies and for several of the major international NGOs. He is also currently a Visiting Professor of Economics at the University of Juraj Dobrila at Pula, Croatia.
Most helpful customer reviews
10 of 12 people found the following review helpful.
Weak empirical support
By Maceo Eric Culberson
This book has a weak empirical basis for its attack on microfinance. A more recent text by Lamia Karim does a much better job of demonstrating the reasons microfinance, particularly in Bangladesh, has not lived up to expectations.
11 of 15 people found the following review helpful.
Why Doesn't Microfinance Work?: The Destructive Rise of Local Neoliberalism
By Paul L. Sparks
This is less a thoughtful analysis of the microfinance industry and more an all out assault on it. While many of the view expressed by Bateman are based on valid insight, he pushes the argument past what can be reasonably concluded from the evidence presented. Bateman nitpicks his cases to illustrate his points and thus does not adequately review a representative sample of microfinance outcomes. The deepest fallacy of the book is the assumption of a zero-sum game in aid funding. In essence, he argues that funds directed toward microfinance draw money away from more productive development activities. The evidence supporting this claim is dubious. It should not be assumed that taking money away from microfinance projects would make it available for other types of development work. That said, the book is worth reading if you work in the field or have only heard the positive spin on the subject in the past.
9 of 14 people found the following review helpful.
Courageous, well written, and informative
By Elbow Patch
It is refreshing to see that there are still writers and publishing companies out there that are willing to challenge fashionable trends. Microfinance as a model for economic development has become very fashionable, particularly among Western developed nations. This is, in part, because it was held to be a kind of "pull yourself up by your bootstraps" model of economic development in poor countries. This means reducing government subsidies and letting the market take care of things--a key economic principle in free-market, neoliberal ideology. Milford Bateman does an excellent job of demonstrating how the core mission of microfinance institutions (MFIs) shifted from poverty reduction to profit maximization as part of the neoliberal movement in the banking industry starting in the 1990s. As we have seen from the Mexican peso crisis, the East Asian crisis, and the Russian Ruble crisis in the late 1990s and the banking crisis of 2008, the results of neoliberal financial market deregulation have been disastrous. Microfinance is no exception. Bateman's book is accessible, informative and an crucial resource for anyone interested in microfinance or economic development. Highly recommended.
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