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In this work, Caroline Shenaz Hossein explores the politics, histories and social prejudices that have shaped the legacy of microbanking in Grenada, Guyana, Haiti, Jamaica and Trinidad.
According to the author, rather than alleviating poverty, microfinance financialises poverty. By indebting poor people in the Global South, it drives financial expansion and opens new lands of opportunity for the crisis-ridden global capital markets. This book raises fundamental concerns about this widely-celebrated tool for social development.
Knowledge-making in the field of alternative economies has limited the inclusion of Black and racialized people's experience. In Beyond Racial Capitalism the goal is close that gap in development through a detailed analysis of cases in about a dozen countries where Black people live and turn to co-operatives to manage systemic exclusion. Most cases focus on how people use group methodology for social finance. However, financing is not the sole objective for many of the Black people who engage in collective business forms; it is about the collective and the making of a Black social economy. Systemic racism and anti-Black exclusion create an environment where pooling resources, in kind and money, becomes a way to cope and to resist an oppressive system. This book examines co-operatives in the context of racial capitalism-a concept of political scientist Cedric J. Robinson's that has meaning for the African diaspora who must navigate, often secretly and in groups, the landmines in business and society. Understanding business exclusion in the various cases enables appreciation of the civic contributions carried out by excluded racial minorities. These social innovations by Black people living outside of Africa who build co-operative economies go largely unnoticed. If they are noted, they are demoted to an “informal” activity and rationalized as having limited potential to bring about social change. The sheer determination of Black diaspora people to organize and build co-operatives that are explicitly anti-racist and rooted in mutual aid and the collective is an important lesson in making business ethical and inclusive.
Microcredit programmes, long considered efficient development tools, now face unprecedented crises in a number of countries. Is this the end of microcredit or rather an essential step in its expansion? Should we stop microcredit altogether or rethink the way it is implemented? Drawing on extensive empirical research conducted in various parts of the world - from Morocco to Senegal to India - this important volume examines the whole chain of microcredit to provide the answers to these questions. In doing so, the authors highlight the diversity of crises, both in intensity and in nature, while also shedding light on a diversity of causes, be it microcredit organizations unprepared for massive growth, saturated local economies or greedy investors and shareholders attracted by profits. Crucially, the authors demonstrate that microcredit is not a monolithic project, and the crises should also be analysed in the light of national histories and policies. An original and necessary intervention in what has become one of the most contentious topics within the development world.
This is an open access title available under the terms of a CC BY-NC-ND 4.0 License. It is free to read, download and share on Elgaronline.com. This work has been funded by the Government of the Grand Duchy of Luxembourg Edward Elgar Publishing Ltd in partnership with United Nations Inter-Agency Task Force on SSE (UNTFSSE) The Encyclopedia of the Social and Solidarity Economy is a comprehensive reference text that explores how the social and solidarity economy (SSE) plays a significant role in creating and developing economic activities in alternative ways. In contrast to processes involving commodification, commercialisation, bureaucratisation and corporatisation, the SSE reasserts the place of ethics, social well-being and democratic decision-making in economic activities and governance. Identifying and analysing a myriad of issues and topics associated with the SSE, the Encyclopedia broadens the knowledge base of diverse actors of the SSE, including practitioners, activists and policymakers.
Why it takes more than microloans to empower women and promote sustainable, inclusive economic growth. Nearly one billion women have been completely excluded from the formal financial system. Without even a bank account in their own names, they lack the basic services that most of us take for granted—secure ways to save money, pay bills, and get credit. Exclusion from the formal financial system means they are economic outsiders, unable to benefit from, or contribute to, economic growth. Microfinance has been hailed as an economic lifeline for women in developing countries—but, as Mary Ellen Iskenderian shows in this book, it takes more than microloans to empower women and promote sustainable, inclusive economic growth. Iskenderian, who leads a nonprofit that works to give women access to the financial system, argues that the banking industry should view these one billion “unbanked” women not as charity cases but as a business opportunity: a lucrative new market of small business owners, heads of households, and purchasers of financial products and services. Iskenderian shows how financial inclusion can be transformative for the lives of women in developing countries, describing, among other things, the informal moneylenders and savings clubs that women have relied on, the need for both financial and digital literacy (and access) as mobile phones become a means of banking, and the importance of women’s property rights. She goes on to make the business case for financial inclusion, exploring the ways that financial institutions are adapting to help women build wealth, access capital, and manage risks. Banks can do the right thing—and make money while doing so—and all of us can benefit.
When Grameen Bank was awarded the Nobel Peace Prize in 2006, microfinance was lauded as an important contributor to the economic development of the Global South. However, political scandals, mission-drift, and excessive commercialization have tarnished this example of responsible or inclusive financial development. Politicized Microfinance insightfully discusses exclusion while providing a path towards redemption. In this work, Caroline Shenaz Hossein explores the politics, histories and social prejudices that have shaped the legacy of microbanking in Grenada, Guyana, Haiti, Jamaica and Trinidad. Writing from a feminist perspective, Hossein’s analysis is rooted in original qualitative data and offers multiple solutions that prioritize the needs of marginalized and historically oppressed people of African descent. A must read for scholars of political economy, diaspora studies, social economy, women’s studies, as well as development practitioners, Politicized Microfinance convincingly deftly argues for microfinance to return to its origins as a political tool, fighting for those living in the margins.
People across the globe engage in social and solidarity economics to help themselves, their community, and society on their own terms. Community Economies in the Global South examines how people who conscientiously organize rotating savings and credit associations (ROSCAs) bring positive changes to their own lives as well as others. ROSCAs are a long-established and well documented practice, especially those organized by women of colour. Members make regular deposits to a fund as a savings that is then given in whole or in part to each member in turn based on group economics. This book spotlights women in Latin America, the Caribbean, Africa, and Asia who organize and use these associations, composed of ordinary people belonging to similar class origins who decide jointly on the rules to suit the interests of their members. The case studies show how they vary greatly across countries in the Global South, demonstrating that ROSCAs are living proof that diverse community economies do exist and have been around for a very long time. The contributors recount stories of the self-help, activism, and perseverance of racialized people in order to push for ethical, community-focused business, and to hold onto local knowledge, grounded theory, and lived experience, reducing the need to rely on external funding as people find ways to finance sustainable, debt-free business ventures. The first collection on this topic edited by two women of colour with roots in the Global South, this volume is a rallying call to other scholar-activists to study and report on how racialized people come together, pool goods, and diversify business in the Global South.
Economic diversity abounds in a more-than-capitalist world, from worker-recuperated cooperatives and anti-mafia social enterprises to caring labour and the work of Earth Others, from fair trade and social procurement to community land trusts, free universities and Islamic finance. The Handbook of Diverse Economies presents research that inventories economic difference as a prelude to building ethical ways of living on our dangerously degraded planet. With contributing authors from twenty countries, it presents new thinking around subjectivity and methodology as strategies for making other worlds possible.
Challenging the simplistic story by which feminism has become complicit in neoliberalism, this book traces the course of globalization of women’s economic empowerment from the Global South to the Global North and critically examines the practice of empowering low-income women, primarily migrant, indigenous and racialised women. The author argues that women’s economic empowerment organizations become embedded in the neoliberal re-organization of relations between civil society, state and market, and in the reconfiguration of relations between the personal and the political. Also examined are the contractual nature of institutional arrangements in neoliberalism, the ontological divide between economy and society, and the marginalisation of feminist economics that persists in the field of women’s economic empowerment. The book will be of interest to scholars and students of social sciences, gender studies, sociology, and economics. This book is based on the author’s doctoral dissertation at the Humboldt University of Berlin, Faculty of Humanities and Social Sciences.