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Microfinance: high hopes and grim realities

By A S H Smyth  

Monday December 6th 2010

Microfinance: high hopes and grim realities with Milford Bateman

Thirty years after its emergence, microfinance still lays claim to being one of the most important poverty reduction and sustainable ‘bottom-up’ local economic development policies of all. Milford Bateman explodes this myth. He shows that to the contrary, microfinance has largely undermined sustainable local economic and social development, and has essentially been valued and promoted because of its supreme ideological and political usefulness in the era of neoliberalism. Until joining the Overseas Development Institute as a senior research fellow in the summer of 2010, Milford was for…

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