Milford Bateman

2

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Informal traders at Cape Town ‘s Grand Parade. Survival businesses that are here today and gone tomorrow cannot further long term devemlopment. Reuters/Mike Hutchings

How microcredit has hurt the poor and destroyed informal business

Milford Bateman, Juraj Dobrila University of Pula, Croatia

After 1994 the microcredit movement helped plunge large numbers of black South Africans into heavy debt and poverty while enriching a few white elites who provided the loans.
Muhammad Yunus, founder of the Grameen Bank. The micro credit revolution he started has not been a panacea for poverty. EPA/Ulrich Perrey

From Zorro to Zombie: the rise and fall of the microcredit movement

Milford Bateman, Juraj Dobrila University of Pula, Croatia

Microcredit, which was viewed as a perfect market-affirming solution to poverty in developing countries, has collapsed. In 30 years it’s gone from Zorro to Zombie.

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