On the website CounterPunch there is an article titled "The Myth of Microloans; A Nobel Peace Prize for Neoliberalism?" In this article Alexander Cockburn, a radical political journalist, who criticizes microloans as having outlived their usefulness. Cockburn says that while it was a radical idea in the '70's when it was first introduced it has failed to live up to its promise of changing how first and third world countries relate. Furthermore he compares them to a micro-band aid on a macro-wound.
To prove his case he quotes economist Robert Pollin who says, "Bangladesh and Bolivia are two countries widely recognized for having the most successful micro credit programs in the world. They also remain two of the poorest countries in the world."
He also quotes P. Sainith, author of "Everybody Loves a Good Drought" who says that microlending can be useful but it shouldn't be romanticized or made out to be a transformational activity. Because transformationally speaking, its relatively useless.
Furthermore, Cockburn argues the Nobel Peace Prize is a joke, because at one point Henry Kissinger, father of the atomic bomb, won it. He continues to argue that Mohammed Yunus should not have won the award because the idea that microloans can help is just as ridiculous as linking "Kissinger" with "Peace".
Below is the link to an article ;
http://www.counterpunch.org/cockburn10202006.html
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1 comment:
Hah, Emily will like this; she loves microloaning. I wonder how she'll defend it from this criticism.
Keep up the good work Kat!
I have my own blog I maintain for fun, but I've stopped lately, if Everist needs examples, she can look at mine, since I've had it for a long time.
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