In this deeply researched and compelling narrative, journalist Mara Kardas-Nelson examines the complex history and impact of microfinance - the practice of giving small loans to poor people, particularly women, that was once hailed as a revolutionary solution to global poverty. Through intimate portraits of borrowers in Sierra Leone and extensive interviews with key figures in the microfinance movement, Kardas-Nelson reveals how an idea that began with noble intentions became a multi-billion dollar industry with sometimes devastating consequences for the very people it aimed to help.
We Are Not Able to Live in the Sky: The Seductive Promise of Microfinance (Metropolitan Books, 2024) weaves together two parallel narratives: the stories of women in Sierra Leone struggling with high-interest microloans while trying to support their families, and the history of how microfinance evolved from a small experiment into a global phenomenon championed by the likes of Hillary Clinton and Muhammad Yunus. Through careful reporting and historical analysis, Kardas-Nelson explores how problematic ideologies about poverty, entrepreneurship, and individual responsibility shaped the development of microfinance programs, often overlooking local economic realities and existing informal lending practices.
What makes this book particularly valuable is how it challenges conventional narratives about microfinance without dismissing the real needs that drive people to seek these loans. Through detailed portraits of women in Sierra Leone, Kardas-Nelson shows how borrowers navigate a complex web of debt, social obligations, and economic pressures. The author raises important questions about whether encouraging poor people to take on high-interest debt is truly the best way to address poverty, while also examining alternative approaches like direct cash transfers and comprehensive social services.
This timely investigation offers crucial insights for anyone interested in international development, poverty alleviation, and the often unintended consequences of well-meaning interventions in the lives of the world's poor. Through meticulous reporting and thoughtful analysis, Kardas-Nelson challenges readers to think more critically about how we approach poverty alleviation and what truly constitutes meaningful economic development.
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Mara Kardas-Nelson, "We Are Not Able to Live in the Sky: The Seductive Promise of Microfinance" (Metropolitan Books, 2024) | New Books in Economic and Business History podcast - Listen or read transcript on Metacast
