Politicized Microfinance by Caroline Shenaz Hossein download in pdf, ePub, iPad
In examining the Black experience in microfinance, where I interviewed over people in the Caribbean, I found that microfinance to low-income entrepreneurs to be a political topic. There, we saw how political power over time has resided with certain racial groups to oppress other groups. This is their mark in financial development because they are resisting exclusionary practices in finance to reach excluded groups.
My work is timely as it coming out during the U. Educated and privileged Indo-Guyanese misuse this multiracial environment to incite conflict between cultural groups to attain power for their own group. The legacy of African business traditions has influenced the development of cooperation and group economics in the Americas.
And to do so will take courageous people to be activist in their orientation, and to politicize banking so that it thinks about the oppressed. Economic Co-operation among Negro Americans.
The Guyana case shows powerful racial elites in a pluralistic society who restrict access to finance to Black people. Home-grown solutions to bring economic democracy. African people in the Caribbean region were tortured and humiliated for centuries during enslavement and colonization, and as a people they have endured the legacy of the plantation economics.
Without these cookies, we won't know if you have any performance-related issues that we may be able to address. Lenders have developed financial programs that fit with this social context. In addition to her academic work, she has a decade of experience as a development practitioner in global non-profits, including managing a community bank in Niger. And the misuse of power in such social economy adds to the resentment between the masses toward local elites. Indo-Guyanese lenders, mostly educated men, perpetuated stereotypes of Afro-Guyanese, which undoubtedly affects how they make loans.
My work exposes the exclusionary aspect of micro-banking through cultural and partisan politics. These local microfinance managers know the social divisions in their own society, and they have misused microfinance to fit in with their own prejudices. Microfinance, the goal of which was to make micro-credit accessible to the entrepreneurial poor, is in reality not easily accessible.
Activism and a deliberate stand against cultural bias is needed in this region. When local elites corrupt microfinance, they are actually back-tracking from microfinance goals. Partisan and identity politics are deeply embedded within targeted economic development programs.
African people in the region have been continuously alienated by the state and the business elites have turned inward to create collective systems to help one another. The cases of Jamaica, Guyana, and Trinidad underline the disconnectedness of the decision-makers from those marginalized people seeking micro-loans. Politicized microfinance forces many business people to make calculated decisions to exclude themselves from loan programs to avoid clientelist practices. Black thinkers like Booker T.
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