Financializing Poverty: Labor and Risk in Indian Microfinance

(Author)
Available

Description

Microfinance is the business of giving small, collateral-free loans to poor borrowers that are paid back in frequent intervals with interest. While these for-profit microfinance institutions (MFIs) promise social and economic empowerment, they have mainly succeeded at enfolding the poor-especially women-into the vast circuits of global finance. Financializing Poverty ethnographically examines how the emergence of MFIs has allowed financial institutions in the city of Kolkata, India, to capitalize on the poverty of its residents.

This book reveals how MFIs have restructured debt relationships in new ways. On the one hand, they have opened access to new streams of credit. However, as the network of finance increasingly incorporates the poor, the "inclusive" dimensions of microfinance are continuously met with rigid forms of credit risk management that reproduce the very inequality the loans are meant to alleviate. Moreover, despite being collateral-free loans, the use of life insurance to manage the high mortality rates of poor borrowers has led to the collateralization of life itself. Thus the newfound ability of the poor to use MFI loans has entrapped them in a system dependent not only on their circulation of capital, but on the poverty that threatens their lives.

Product Details

Price
£22.99  £21.38
Publisher
Stanford University Press
Publish Date
Language
English
Type
Paperback
EAN/UPC
9781503605886

Earn By Promoting Books

Earn money by sharing your favourite books through our Affiliate programme.

Become an Affiliate
We use cookies and similar methods to recognize visitors and remember their preferences. We also use them to help detect unauthorized access or activity that violate our terms of service, as well as to analyze site traffic and performance for our own site improvement efforts. To learn more about these methods, including how to disable them view our Cookie Policy.