Home   FAQs   New Arrivals   Specials   Pricing & Shipping   Location   Corporate Services   Why Choose Bookware?  
 Search:   
Call our store: 9955 5567 (from within Sydney) or 1800 734 567 (from outside Sydney)
 View Cart   Check Out   
 
Browse by Subject
 TAFE Accounting
 TAFE I.T./Computing
 TAFE - Other
I.T
 .NET
 Windows 8
 Adobe CS6
 Cisco
 CCNA 2012
 CCNP 2012
 Java
 VB
 ASP
 Web Design
 E-Commerce
 Project Management
 ITIL
 Macintosh
 Mobile Devices
 Linux
 Windows Server 2012
 SQL Server 2012
 SAP
Certification
 MCITP
 MCTS
Economics and Business
 Accounting
 Business Information Systems
 Economics
 Finance
 Management
 Marketing
 TAX
 Human Resources
Academic
 Law
 Nursing
 Medical
 Psychology
 Engineering

Confessions of a Microfinance Heretic by Hugh Sincla

by: Hugh Sinclar

Notify me when in stock

On-line Price: $28.95 (includes GST)

Paperback package 0

18%Off Retail Price

You save: $6.00

Usually ships within 3-4 business days.

Retail Price: $34.95

Publisher: BERRETT-KOEHLER PUBL,01.08.12

Category: ECONOMICS Level:

ISBN: 1609945182
ISBN13: 9781609945183

Add to Shopping Cart

Offering inspiring success stories, the microfinance industry depends on the faith of investors that small loans can transform the lives of the poor. But as Hugh Sinclair points out, very little solid evidence exists that microloans make a dent in long- term poverty. Evidence does exist for negligence, corruption, and methods that border on extortion.

Part expose, part memoir, and part financial detective story, this is the account of a one-time true believer whose decade in the industry turned him into a heretic. Sinclair worked with several microfinance institutions and funds as he traveled from Mexico to Mongolia, with Nigeria, Holland, and Mozambique in between. He couldn't help but notice that even with a booming $70 billion industry on their side, the poor didn't seem any better off in practice. Exorbitant interest rates led borrowers into never-ending debt spirals, and aggressive collection practices resulted in cases of forced prostitution, child labor, suicide, and nationwide revolts against the microfinance community.

With characteristic intelligence and biting wit, Sinclair weaves a shocking tale of a system increasingly focused on maximizing profits. The situation worsened when large banks, attracted by the high repayment rates of overpriced loans, hijacked the sector and created a microfinance bubble. Sinclair details his discovery of several scandals, one of the most disturbing involving a large African Microfinance institution of questionable legality which charged interest rates in excess of 100% per year, and whose investors and supporters included some of the most celebrated leaders of the microfinance sector. Sinclair's objections were first met with silence, then threats and attempted bribery, a court case, and eventually led him to become a principle whistleblower in a sector that had lost its soul.

Microfinance can work-Sinclair describes moving experiences with several ethical and effective organizations and analyzes what made them different. But without the fundamental reforms that Sinclair recommends here, microfinance will remain an "investment opportunity" that will leave the poor with hollow promises and empty pockets.

A deeply personal story written by a microfinance insider who was once tapped as an anonymous source for a New York Times expose Reveals the shocking truth of the industry once hailed as the miraculous solution to world poverty Profiles the few shining exceptions to industry-wide corruption and offers solutions to clean up the rest