Confessions of a Microfinance Heretic: How Microlending Lost Its Way and Betrayed the Poor
Language: English
Published by Berrett-Koehler Publishers, 2012
- Hardcover
- Used
Seller: World of Books Inc, Montgomery, IL, U.S.A.World of Books Inc
AbeBooks seller since March 23, 2026
Condition: Used - Very good
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Add to basketItem description from seller
This memoir by a microfinance insider "is essential reading for anyone interested in development economics, a disturbing and yet ultimately hopeful expose" (John Perkins, New York Times bestselling author of Confessions of an Economic Hitman). This is the account of a microfinance true believer whose decade in the industry turned him into a heretic. Working with several microfinance institutions around the world, Hugh Sinclair realized that the $70 billion industry wasn't doing much to help the people it claimed to serve. In fact, exorbitant interest rates led borrowers into never-ending debt spirals, and aggressive collection practices resulted in cases of forced prostitution, child labor, suicide, and nationwide revolts against the microfinance community. Sinclair weaves a shocking tale of a system increasingly focused on maximizing profits-particularly once large banks got involved. He details his discovery of several scandals, one of the most disturbing involving a large African microfinance institution of questionable legality that charged interest rates in excess of one hundred percent per year and whose investors and supporters included some of the most celebrated leaders of the microfinance sector. Sinclair's objections were first met with silence, then threats, attempted bribery, and a court case, and eventually led him to become a principal whistleblower in a sector that had lost its soul. Microfinance can work-Sinclair describes moving experiences with several ethical and effective organizations and explains what made them different. But without the fundamental reforms that Sinclair recommends here, microfinance will remain an "investment opportunity" that will leave the poor with hollow promises and empty pockets.…
Seller Inventory # CIN1609945182VG
- Title
- Confessions of a Microfinance Heretic: How Microlending Lost Its Way and Betrayed the Poor
- Author
- Hugh Sinclair
- Publisher
- Berrett-Koehler Publishers
- Publication year
- 2012
- Condition
- Very Good
- Binding
- Hardback
- Language
- English
- ISBN 10
- 1609945182
- ISBN 13
- 9781609945183
Hugh Sinclair worked with several microfinance institutions around the world. He couldn’t help but notice that even with a booming $70 billion industry on their side, the poor didn’t seem any better off. Exorbitant interest rates led borrowers into never-ending debt spirals, and aggressive collection practices resulted in cases of forced prostitution, child labor, suicide, and nationwide revolts against the microfinance community.
Sinclair weaves a shocking tale of a system increasingly focused on maximizing profits—particularly once large banks got involved. He details his discovery of several scandals, one of the most disturbing involving a large African microfinance institution of questionable legality that charged interest rates in excess of 100 percent per year and whose investors and supporters included some of the most celebrated leaders of the microfinance sector. Sinclair’s objections were first met with silence, then threats, attempted bribery, and a court case, and eventually led him to become a principal whistleblower in a sector that had lost its soul.
Microfinance can work—Sinclair describes moving experiences with several ethical and effective organizations and explains what made them different. But without the fundamental reforms that Sinclair recommends here, microfinance will remain an “investment opportunity” that will leave the poor with hollow promises and empty pockets.
"Synopsis" may belong to another edition of this title.
About the Author
Among his accomplishments are being the first to deliver a Harvard Business School case study in Mongolian and achieving the Guinness World Record for the fastest motorcycle tour from Prudhoe Bay, Alaska, to the tip of South America. He speaks frequently at business schools and microfinance conferences.
"About the title" may belong to another edition of this title.
World of Books Inc
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AbeBooks seller since March 23, 2026
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