Friday, April 4, 2008
Yeah, so it's Friday. And in that spirit, I bring you something to exercise your brain: an article from (where else?) the NYT on the transition of microlending to profit-generating business. Now, I'm a fan of microlending, having first learned about it during my time at Mount Holyoke in one of my women's studies class. Women are often the recipients of microlending, using it to create independence and self-sufficiency, and is no doubt a welcome alternative to prostitution for many. It has revolutionized certain areas of the developing world, and in 2006 the Nobel Peace Prize was awarded to Muhammed Yunus and the Grameen Bank of Bangladesh for this very reason. To me, this is the sort of endeavor that would be more suited to a non-profit situation, with profits being reinvested. On the other hand, I see the point of being able to expand, rapidly, the available credit.