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Poverty Traps and Microfinance - From Financial Inclusion to Sustainable Development. (Paperback)
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Poverty Traps and Microfinance - From Financial Inclusion to Sustainable Development. (Paperback)
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Microfinance is a successful financial innovation to help the poor
to sort out credit exclusion, which is one of the poverty traps
that prevent billions of underserved, especially women, from
escaping atavistic misery. Interconnected poverty traps range from
misuse of natural resources (from blood diamonds to the oil curse)
to conflict traps, demographic booming, being landlocked with bad
neighbors or exposed to unfreedom. Other traps concern cultural
backwardness, unsafe drinking and sanitation, food shortage up to
starvation, illnesses or climatic shocks, causing mass migrations
and unfair globalization. Microfinance, a grass-roots movement to
provide credit to the neediest, can greatly help to dismantle at
least some of these poverty traps, and thousands of mostly small
institutions are competing in a market where demand from the
poorest for financial services is potentially unlimited - while
supply is not. While the success of microfinance, often ignited by
foreign aid funding, has gone beyond any expectation, enormous
problems are still on the ground. The road towards what is now
considered microfinance's optimal goal - maximization of outreach
to the poorest, combined with financial self-sustainability - is
still full of obstacles. Prof. Moro Visconti's book, covering a
vacuum in the existing literature, considers state-of-the-art
microfinance within a broader framework of sustainable and
long-term socio-economic development. With an innovative and reader
friendly approach, Moro Visconti introduces the reader to the
multidimensional causes of poverty and possible remedies. A
cultural approach to the poverty traps, mixing its anthropological
causes with possible bottom-up remedies, including microfinance,
emerges as a stunning innovation. The book aims at a broad
readership from practitioners to students and academics, as well as
readers simply interested in solutions to the world-wide poverty
problems.
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