Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/128135 
Year of Publication: 
2015
Series/Report no.: 
Bath Papers in International Development and Wellbeing No. 40
Publisher: 
University of Bath, Centre for Development Studies (CDS), Bath
Abstract: 
This paper is concerned with the recent history of microfinance, both for itself and as a case study of the evolution of development ideas and activities. Doing justice to this history, and to all those involved in it will not be easy. Rather than aiming for a full narrative this paper asks what kinds of histories might be told, and with what evidence. The paper contrasts two dominant but oppositional narratives: a mainstream account rooted in neo-classical economics that has applauded the successes of microfinance in expanding financial market opportunities; and a political economy critique that highlights new opportunities for exploitation. We illustrate the differences with particular reference to recent developments in India, before turning to the potential for a more inductive and plural account. A more plural history of microfinance emphasises geographical variation in the expansion of financial services, the influence of prior social relations among users, the organisational culture of suppliers and the political economy of regulation. It is also consistent with the variability and contestability of available empirical evidence about the impact of microfinance over space and time. We illustrate this by drawing on a selection of doctoral research studies, and conclude by cautioning against universal narratives of either successful financial inclusion or adverse incorporation.
Subjects: 
microfinance
financial inclusion
adverse incorporation
international development
social relations
organisational culture
financial regulation
Document Type: 
Working Paper

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