Microfinance: Fortune at or also for the bottom of the pyramid?

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Jon Jachimowicz


As globalization increasingly becomes recognized as a major driver of an increasing gap between rich and poor (Soros, 2002); scholars and policy makers alike have responded to the pressure to create a more inclusive system of capitalism that better responds to the needs of the poor (Hart & London, 2005) in part by proposing an increased role of commercial businesses. This paper outlines the positives and negatives of microfinance, concluding that it is no panacea for poverty alleviation.

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