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Ananya Roy on Poverty Capital

July 11, 2011 by and tagged , , ,

Ananya Roy provides critical assessment of microfinances:

In particular, she challenges the idea that microfinance represents the democratization of finances as a form of bottom billion capitalism, but rather represents the extension of capitalist accumulation and markets to previously excluded populations.

She also discusses the role of the World Bank in managing and controlling the poverty agenda and the way microfinance is done through the World Bank agency, CGAP.

Bottom line: as it is done, microfinance is predatory lending rather than financial inclusion, and may very well be the next sub-prime meltdown as it is a perfect example of sub-prime market.

Posted in Development, Economy, Global Governance, Microcredit, Poverty | 1 Comment »



One Response to “Ananya Roy on Poverty Capital”

  1.   Jan Botha Says:

    Democracy has turned this world into a slum as politicians do what is politically correct to attrack more votes rather than what is ethically and morally right.

    Poverty creates jobs and adds to the GDP of all countries. People serve capitalism and not
    compassion. If only people had realized that whatever they do in this life will determine their future incarnations. The scriptures are about reincarnation but nobody seems to notice it.

    Reply

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