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Books > Social sciences > Sociology, social studies > Social issues > Unemployment
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Financial Exclusion and the Poverty Trap - Overcoming Deprivation in the Inner City (Hardcover)
Loot Price: R4,833
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Financial Exclusion and the Poverty Trap - Overcoming Deprivation in the Inner City (Hardcover)
Series: Routledge Advances in Social Economics
Expected to ship within 12 - 17 working days
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The persistence of poverty hurts us all, and attacking poverty is a
major policy objective everywhere. In Britain, the main political
parties have an anti-poverty mandate and in particular an agreed
commitment to eliminate child poverty by 2020, but there is
controversy over how this should be done. This book addresses one
of the main causes of poverty, financial exclusion - the inability
to access finance from the high-street banks. People on low or
irregular incomes typically have to resort to loan sharks,
'doorstep lenders' and other informal credit sources, a predicament
which makes escape from the poverty trap doubly difficult. Over the
last fifteen years, a strategy of breaking down the poverty trap
has been implemented, known in the UK as community development
financial institutions (CDFIs), typically non-profit lending
institutions focussed on the financially excluded, and seeking to
learn from the achievements of microfinance around the world.
Focussing on the period 2007-09, during which the UK went into a
global recession, this book investigates how CDFIs work and how
well they have helped low-income people and businesses to weather
that recession. Based on a study of eight CDFIs in four UK cities,
we ask: what ideas for overcoming financial exclusion have worked
well, and which have worked badly? What can we learn from the
experience of these CDFIs which can help reduce poverty in this
country and globally? We assess the impact of CDFIs using a range
of indicators (including income, assets, education, health) and ask
what changes in policy by both CDFIs and government agencies (for
example, benefits agencies) might be able to increase impact. Some
of the key lessons are: CDFIs need to work with appropriate
partners to build up savings capacity in their clients; the
community environment is vital in determining who escapes from the
poverty trap; and CDFIs can never function properly unless they
learn how to control their overdue debts. This book will be vital
reading for those concerned with social policy, microfinance and
anti-poverty policies in industrialised countries and around the
world.
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