Lecture by Prof Milford Bateman
Freelance consultant and visiting Professor of Economics at Juraj Dobrila University of Pula, Croatia
Microfinance has been celebrated as the most powerful development intervention of our time, a 'bottom-up' approach that enables the poor to pull themselves up by their own bootstraps. Milford Bateman argues that this view of microfinance has no basis in reality, instead microfinance is an ideology-driven narrative devised by the international development community. In his talk Bateman will lay out the fundamental errors made by microfinance's most influential proponent, Nobel peace laureate Dr. Muhammad Yunus. He will argue that subsequent moves to commercialize microfinance have been even more disastrous for the poor, and he will show that microfinance has been impacting very negatively almost everywhere around the world. International donors should finally begin to encourage genuinely 'empowering' local financial institutions - such as credit unions, financial cooperatives and development banks - which have all been wrongly delegitimized.
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