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Seduced and Betrayed EXPOSING THE CONTEMPORARY MICROFINANCE PHENOMENON Edited by Milford Bateman and Kate Maclean Foreword by James K. Galbraith school for advanced research advanced seminar series Seduced and Betrayed contributors Domen Bajde Milford Bateman Maren Duvendack Carla Freeman Charlotte Heales Lamia Karim Meena Khandelwal Kate Maclean Philip Mader Jessica Gordon Nembhard Sonja Novković Kasia Paprocki Elliott Prasse-Freeman Khadija Sharife Dean Sinković Marcus Taylor Microfinance, the disbursement of tiny loans to the poor so that they can undertake income-generating activities, is the most popular international development policy of recent years. The contributors to this multidisciplinary volume consider the origins and outcomes of microfinance from a variety of perspectives and contend that it has not been a successful approach to development. Over the last twenty years, the contributors note, microfinance policies have exacerbated poverty and exclusion, undermined gender empowerment, underpinned a massive growth in inequality, destroyed solidarity and trust, and, overall, manifestly weakened those local economies of the global South in which it has reached critical mass. By exploring historically successful alternatives that deploy “collective capabilities”—including cooperatives, credit unions, and state-led development strategies—the book brings the politicized nature of microfinance into sharp relief. The authors expose the intimate relationship between neoliberalism and microfinance as the overarching rationale that keeps the microfinance model alive in spite of all the evidence of its failure. This timely and comprehensive analysis, founded on qualitative anthropological research, unpacks the ideas and values that have allowed microfinance to “seduce” the world and blind so many to its corrosive effects. economics • anthropology milford bateman is a Visiting Professor of economics in the Faculty of Economics and Tourism at Juraj Dobrila University of Pula and an adjunct professor in international development studies at Saint Mary’s University. kate maclean is a Senior Lecturer in the Department of Geography , Environment and Development Studies at Birkbeck, University of London. 9 0 0 0 0 9 780826 357960 > university of new mexico press • 800-249-7737 isbn 978-0-8263-5796-0 school for advanced research advanced seminar series bateman • maclean ...


Subject Headings

  • Rural development -- Developing countries.
  • Microfinance -- Developing countries.
  • Small business -- Developing countries -- Finance.
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