The Age of Microfinance: Destroying Latin American Economies from the Bottom Up
Centrally, the author argues that the microfinance model is responsible for embedding and giving continued impetus to an adverse ‘anti-development’ trajectory in Latin America’s economies, one that has progressively helped to de-industrialise, infantilise and informalise the overall local economic and social structure. Until recently, the extent and precise nature of this ‘anti-development’ trajectory has been ignored for fear of undermining and delegitimizing the global microfinance model and, with it, the dominant political-economic philosophy – neoliberalism – that essentially gave life to it. Effective local industrial policies and ‘pro-development’ local financial institutions are now urgently required in Latin America to build genuinely sustainable and equitable solidarity-driven local economies from the bottom up.
Author: Milford Bateman
Orginal publication date: May 2013
Publisher: Austrian Research Foundation for International Development (ÖFSE)
Other ELLA knowledge materials relating to Microfinance:
GUIDES AND BRIEFS