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Microfinance – a tentative neo-Marxist diagnosis, and what next?

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Abstract:

Karl Marx postulated that the owners of capital could use it to exploit those who only have their labour to sell; this article demonstrates private capital can use micro finance lending to extract the surplus from poor people in developing countries by charging high interest rates on loans that they use for running microbusinesses. The author makes recommendations that may help to make micro finance less exploitative.

Keywords: COMPARTAMOS; INTEREST RATES; MARX; MICROFINANCE; SAVINGS

Document Type: Research Article

DOI: http://dx.doi.org/10.3362/1755-1986.2009.035

Publication date: December 1, 2009

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