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v Contents Foreword vii James K. Galbraith Introduction Setting the Scene 1 Milford Bateman and Kate Maclean Part One Background Chapter One The Political Economy of Microfinance 17 Milford Bateman Chapter Two Poverty Reduction or the Financialization of Poverty? 33 Maren Duvendack and Philip Mader Part Two Seduction Chapter Three Pop Development and the Uses of Feminism 49 Meena Khandelwal and Carla Freeman Chapter Four Petit Bourgeois Fantasies: Microcredit, Small-­ Is-­ Beautiful Solutions, and Development’s New Antipolitics 69 Elliott Prasse-­Freeman Chapter Five Kiva’s Staging of “Peer-­ to-­ Peer” Charitable Lending: Innovative Marketing or Egregious Deception? 87 Domen Bajde Chapter Six Muhammad Yunus’s Model of Social Business: A New, More Humane Form of Capitalism or a Failed “Next Big Idea”? 103 Milford Bateman and Sonja Novković Part Three Betrayal Chapter Seven Bosnia’s Postconflict Microfinance Experiment: A New Balkan Tragedy 127 Milford Bateman and Dean Sinković CHapter eIGHt From Tigers to Cats?: The Rise and Crisis of Microfinance in Rural India 147 Marcus Taylor viContents Chapter Nine The Destructive Role of Microcredit in Post-­ apartheid South Africa 161 Milford Bateman and Khadija Sharife Chapter Ten Public Goods Provision Aided by Microfinance: Groupthink, Ideological Blinkers, and Stories of Success 183 Philip Mader Chapter Eleven The “Scandal” of Grameen: The Nobel Prize, the Bank, and the State in Bangladesh 203 Lamia Karim Chapter Twelve Agricultural Microfinance and Risk Saturation 219 Charlotte Heales Part Four Alternatives Chapter Thirteen Banking on the Difference: Credit Unions as Superior Local Financial Institutions for the Poor 237 Jessica Gordon Nembhard Chapter Fourteen Microfinance and the “Woman” Question 251 Kate Maclean Chapter Fifteen Moral and Other Economies: Nijera Kori and Its Alternatives to Microcredit 265 Kasia Paprocki Chapter Sixteen The “Solidarity Economy” Model and Local Finance: Lessons from New Left Experiments in Latin America? 279 Milford Bateman and Kate Maclean Conclusion It’s the Politics, Stupid 297 Milford Bateman and Kate Maclean References 303 Contributors 357 Index 359 ...


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