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Ramesh S. Arunachalam, 2011: The Journey of Indian Micro-Finance: Lessons for the Future. Chennai: Aapti Publications.
The microfinance crisis in India which broke out in fall 2010, first imperiling numerous borrowers and then an entire industry, is the most fundamental event in the world of microfinance since the Nobel Peace Prize in 2006. In hindsight, it may even turn out to be the defining moment of microfinance history – never before has the dark side of microfinance, and the vulnerability of the industry, been so brutally exposed to a global audience.
Naturally, these events have attracted a host of opinions and analyses ranging from simply blaming the Andhra government for bringing down a healthy microfinance industry, to accusing microfinance of having become worse than loan sharks. And yet, so far, we understand very little of why India’s vast microfinance sector went so far astray. Thankfully, people like Ramesh S. Arunachalam are out to change this.
Arunachalam has earned the respect of many a reader (me too) with his candid and incredibly well-researched blogging on the Indian microfinance sector. He posts prolifically, but despite (or perhaps because of) his over 20 years of work experience in development and rural finance, he has otherwise kept a low profile. He is not an outspoken critic.
Now Ramesh Arunachalam has applied his sharp analytical approach and evident knack for writing to publishing the first book about the Indian microfinance crisis. The result is a meticulous, evidence-based piece of research which brings clarity into what so far has mostly been an interest-driven and polemical battle of explanations.
In some ways what Arunachalam has produced is, in fact, more than a book; it is a dossier of evidence and analysis of how the Indian microfinance sector functions at the deepest levels, and where its errors lie. It is a biography of an industry in identity crisis, and also a handbook on how Indian microfinance might (perhaps) still be saved. Above all, as the book’s (wonderfully illustrative) cover implies, it is a search for the Faustian, troubled soul of Indian microfinance. Read the rest of this entry »
Steven Johnson, 2010: Where Good Ideas Come From: The Natural History of Innovation. New York: Riverhead Books.
Steven Johnson is all about crossing borders. His books deal with a great variety of topics, ranging from London’s most terrifying cholera epidemic (“The Ghost Map“) to a praise of popular culture (“Everything Bad is Good for You“). And also in his most recent book, Steven Johnson crosses disciplinary and historical borders, when he, in his own words, “analyzed 300 of the most influential innovations in science, commerce and technology — from the discovery of vacuums to the vacuum tube to the vacuum cleaner”.
The list of reviews and summaries of the book availble online is endless, including a TED talk given by the author himself and a great video summary featured above. So I am not going to reproduce any of these but very selectively refer to one of the examples presented in the book that relates most to the issues discussed in this blog. This example is the web-based patent marketplace GreenXChange, where Nike publicly released more than 400 of its patents that involve environmentally friendly materials or technologies. Johnson discribes rationale and realization of the project as follows (p. 125):
“By keeping its eco-friendly ideas behind a veil of secrecy, Nike was holding back – without any real commercial justification – ideas that might, in another context, contribute to a sustainable future. In collaboration with Creative Commons, Nike released its patents under a modified license permitting use in ‘non-competitive’ fields. (They also created a standardized, pre-negotiated contract for patents, thereby reducing the transaction costs of haggling over each patent license individually.)”
This is the first example, at least to my knowledge, where Creative Commons was active in standardizing licenses outside of the field of copyright regulation (see the respective announcement on its blog). Moreover, it demonstrates how similar problems and solutions in both so-called “hemispheres” of intellectual proporty – patents and copyright – might be after all. Hopefully, I will soon find the time to do some comparative studies on private regulation in both these fields.
(leonhard)
Book review:
Milford Bateman, 2010: Why Doesn’t Microfinance Work? The destructive rise of local neoliberalism. London: Zed Books.
Since the inception of this blog, one issue which has been critically explored again and again is the dominant position of microfinance in the field of international development. For instance, a series of blog posts in early 2009 was aimed at unmasking the popular myths spun by microcredit’s advocates, from presumed gender empowerment to the purported win-win situation in which profits would go hand-in-hand with social impacts. More recently, we followed how, in the wake of two high-profile randomised studies which failed to show increases in poor people’s income, even some mainstream media have begun taking a more critical view of microfinance.
Indeed, 2009 and 2010 may have brought some disillusionment to many who believed that small loans would create “a world without poverty”. But still the microfinance industry and its epistemic community remain fiercely defensive of the reputation as a solution to poverty; still the international donor community unquestioningly pours money into a concept with much promise but little proof; and still Muhammad Yunus’ award shelf continues to fill up with precious metal as the hype around microfinance continues to enthrall the socially-concerned masses.
A few full-fledged books critiquing present microfinance practices may have been published to date, but these have addressed themselves mainly to microfinance insiders and development experts. Milford Bateman’s brand-new book (released this summer) however is the first critical book capable of crossing the border between academia and the lay world; it reaches out to convince a wider audience of questioning those accepted wisdoms which underlie the first big development hype of the 21st century. Read the rest of this entry »
