Democracy in Development: Bangladeshi Politics and the Grameen Bank’s Uncertain Future
Bangladeshi Nobel laureate Muhammad Yunus arrives in court for a hearing in Dhaka, Bangladesh, March 7, 2011 (Andrew Biraj/Courtesy Reuters).
Microfinance undoubtedly figures among the most important development innovations in the past several decades. Beginning in the 1970s, microfinance pioneers promoted the radical idea that it was possible to unlock the talents and energies of the poor themselves by providing them with small loans without collateral – a concept dismissed by traditional financial institutions. Over the years, as the industry has grown and evolved, it has also attracted substantial critical attention, including in books like David Roodman’s Due Diligence: An Impertinent Inquiry into Microfinance. Today, as debates over regulation and best practices continue, microfinance is regarded as one tool for poverty reduction, women’s empowerment, and financial inclusion, but far from a silver bullet for development. Read more »
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