Comments on: Banker to the Poor: Micro-Lending and the Battle Against World Poverty http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/ Common sense advice on money saving tips, how to get out of debt, high interest savings accounts, cd rates, money market accounts, mortgage rates, money management and more. Wed, 19 Jun 2013 19:03:33 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: MB http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/comment-page-1/#comment-98877 MB Sun, 30 Sep 2007 04:02:38 +0000 http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/#comment-98877 I haven't had the chance to read this book yet, and I don't know enough about economic theory to have a firm opinion. That said, it should be noted that there have rercently been some major criticisms of Yunus. There have been accusations that Grameen Bank has drastically misstated its default rate. Also, there is a line of reasoning that argues that these microfinance loans are getting recipients in over their head and trapped in a debt cycle. I haven’t had the chance to read this book yet, and I don’t know enough about economic theory to have a firm opinion. That said, it should be noted that there have rercently been some major criticisms of Yunus. There have been accusations that Grameen Bank has drastically misstated its default rate. Also, there is a line of reasoning that argues that these microfinance loans are getting recipients in over their head and trapped in a debt cycle.

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]]> By: Mariette http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/comment-page-1/#comment-98618 Mariette Thu, 27 Sep 2007 04:31:19 +0000 http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/#comment-98618 Thanks for reviewing this book J.D. I'm a big fan of microfinance, so I definitely need to read it! The discussion has been great too - I wasn't aware of all of these resources, so good to know. Thanks for reviewing this book J.D. I’m a big fan of microfinance, so I definitely need to read it! The discussion has been great too – I wasn’t aware of all of these resources, so good to know.

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]]> By: Home of the Wanderer » Blog Archive » Banker to the Poor: Micro-Lending and the Battle Against World Poverty ? Get Rich Slowly http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/comment-page-1/#comment-98591 Home of the Wanderer » Blog Archive » Banker to the Poor: Micro-Lending and the Battle Against World Poverty ? Get Rich Slowly Wed, 26 Sep 2007 22:06:01 +0000 http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/#comment-98591 [...] Banker to the Poor: Micro-Lending and the Battle Against World Poverty ? Get Rich Slowly [...]

[...] Banker to the Poor: Micro-Lending and the Battle Against World Poverty ? Get Rich Slowly [...]

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]]> By: Minimum Wage http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/comment-page-1/#comment-98537 Minimum Wage Wed, 26 Sep 2007 06:47:32 +0000 http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/#comment-98537 Probably a lot of your readers are familiar with The Heifer Fund, where you contribution is a gift of livestock. this is a form of microfinancing, too. ----------------------------------------- Hey, looks like JD fixed something (ditched WordPress is my guess), turns out now I actually CAN post here in Firefox. As I was trying to say... So instead if giving a man a fish (thereby feeding him for a day), you're giving him an ox, or a cow, of some other sort of livestock. (Hey Bart, it's ok to have a cow!) Probably a lot of your readers are familiar with The Heifer Fund, where you contribution is a gift of livestock. this is a form of microfinancing, too.
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Hey, looks like JD fixed something (ditched WordPress is my guess), turns out now I actually CAN post here in Firefox.

As I was trying to say…

So instead if giving a man a fish (thereby feeding him for a day), you’re giving him an ox, or a cow, of some other sort of livestock.

(Hey Bart, it’s ok to have a cow!)

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]]> By: Minimum Wage http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/comment-page-1/#comment-98536 Minimum Wage Wed, 26 Sep 2007 06:42:12 +0000 http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/#comment-98536 Probably a lot of your readers are familiar with The Heifer Fund, where you contribution is a gift of livestock. this is a form of microfinancing, too. Probably a lot of your readers are familiar with The Heifer Fund, where you contribution is a gift of livestock. this is a form of microfinancing, too.

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]]> By: Minimum Wage http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/comment-page-1/#comment-98535 Minimum Wage Wed, 26 Sep 2007 06:41:04 +0000 http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/#comment-98535 Hey, how come copy-and-paste doesn't work here? Actually, copy-and-paste does work on this website in Firefox, but WordPress won't let me post in Firefox. I can post to this blog in IE, but the copy-and-paste doesn't work. What's up with that? Hey, how come copy-and-paste doesn’t work here?

Actually, copy-and-paste does work on this website in Firefox, but WordPress won’t let me post in Firefox. I can post to this blog in IE, but the copy-and-paste doesn’t work.

What’s up with that?

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]]> By: Minimum Wage http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/comment-page-1/#comment-98534 Minimum Wage Wed, 26 Sep 2007 06:34:28 +0000 http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/#comment-98534 Sorry, I had a cynical moment there...I was thinking of payday loans. Sorry, I had a cynical moment there…I was thinking of payday loans.

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]]> By: Skellie http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/comment-page-1/#comment-98533 Skellie Wed, 26 Sep 2007 06:24:20 +0000 http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/#comment-98533 I made my first $25 loan with Kiva a few weeks ago. It's a really rewarding experience -- and probably the future of charity. I made my first $25 loan with Kiva a few weeks ago. It’s a really rewarding experience — and probably the future of charity.

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]]> By: Evan http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/comment-page-1/#comment-98531 Evan Wed, 26 Sep 2007 04:24:05 +0000 http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/#comment-98531 Great post JD. Grameen announced the launch earlier this year of Grameen America, starting in NYC. (See http://www.paymentsnews.com/2007/03/grameen_america.html and http://defeatpoverty.com/2007/02/grameen-comes-to-usa.html). The Grameen Foundation of course already did fundraising work in the US, but this is going to be a microlending arm for low-income folks here in the US using the best of the Grameen model. I can't wait to hear more about it. Great post JD. Grameen announced the launch earlier this year of Grameen America, starting in NYC. (See http://www.paymentsnews.com/2007/03/grameen_america.html and http://defeatpoverty.com/2007/02/grameen-comes-to-usa.html). The Grameen Foundation of course already did fundraising work in the US, but this is going to be a microlending arm for low-income folks here in the US using the best of the Grameen model. I can’t wait to hear more about it.

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]]> By: Jenny http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/comment-page-1/#comment-98525 Jenny Wed, 26 Sep 2007 01:57:35 +0000 http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/#comment-98525 Thank you for this post. I have been looking at kiva for a long time now and I think I may finally have some money to start lending (I am just a college student). I am really interested in the stories these people have to offer, and would love to be part of an amazing business venture that helps out many people. Thanks for using your blog presence to give the website some more attention. Thank you for this post. I have been looking at kiva for a long time now and I think I may finally have some money to start lending (I am just a college student). I am really interested in the stories these people have to offer, and would love to be part of an amazing business venture that helps out many people. Thanks for using your blog presence to give the website some more attention.

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]]> By: MoneyChangesThings http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/comment-page-1/#comment-98522 MoneyChangesThings Wed, 26 Sep 2007 01:29:48 +0000 http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/#comment-98522 Probably a lot of your readers are familiar with The Heifer Fund, where you contribution is a gift of livestock. this is a form of microfinancing, too. Just more ancient - animals instead of capital. Two points about Kiva: as another commenter pointed out, you are making a 0% loan. So instead of donating say, $100, you are really donating the % you would make on it for a year, maybe around 5% unless you're an investment wiz. By loaning, the recipient gets to use the whole $100, and all you are giving up is the $5. You get the $100 back. It really leverages your impact, provided you can get along without the $100 for the 18 month kiva term. I just got my first Kiva loan paid off - ahead of schedule! 2. Even though in the microfinance world the vast majority - over 90% I believe - are women, men and women are there in numbers equal on the Kiva site. I heard this is because many women are uncomfortable having their pictures and bios on line, though I don't recall if I actually heard that from Kiva. Probably a lot of your readers are familiar with The Heifer Fund, where you contribution is a gift of livestock. this is a form of microfinancing, too. Just more ancient – animals instead of capital.
Two points about Kiva: as another commenter pointed out, you are making a 0% loan. So instead of donating say, $100, you are really donating the % you would make on it for a year, maybe around 5% unless you’re an investment wiz. By loaning, the recipient gets to use the whole $100, and all you are giving up is the $5. You get the $100 back. It really leverages your impact, provided you can get along without the $100 for the 18 month kiva term. I just got my first Kiva loan paid off – ahead of schedule!
2. Even though in the microfinance world the vast majority – over 90% I believe – are women, men and women are there in numbers equal on the Kiva site. I heard this is because many women are uncomfortable having their pictures and bios on line, though I don’t recall if I actually heard that from Kiva.

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]]> By: Mrs. Micah http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/comment-page-1/#comment-98512 Mrs. Micah Tue, 25 Sep 2007 23:18:15 +0000 http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/#comment-98512 I love the opportunity here for reloaning! Making a difference over and over again using the same money. I plan to add money, but isn't it great that the same money can give and give, so that we start out by putting in, say $25 a month and we're eventually giving $600 or more. I love the opportunity here for reloaning! Making a difference over and over again using the same money. I plan to add money, but isn’t it great that the same money can give and give, so that we start out by putting in, say $25 a month and we’re eventually giving $600 or more.

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]]> By: Millionaire Mommy Next Door http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/comment-page-1/#comment-98509 Millionaire Mommy Next Door Tue, 25 Sep 2007 22:46:29 +0000 http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/#comment-98509 When I heard about Kiva on the Oprah show, I was struck by the concept of micro-lending as a form of empowerment. The lender can participate with just $25 and the Kiva website makes it super easy. All of your money goes directly to an entrepreneur of your choosing. The entrepreneur's success lifts his or her family as well as their community. The lender gets paid back-- and can reloan those funds once again, over and over and over again. Brilliant! I was so inspired by the concept that I decided right then to use my blog's revenue for microloans. When I announced my decision to my readers, a few folks "paid it forward" by making microloans, too. I love the ripple effect! Thanks for sharing your review of the book, JD. It'll be next on my reading list. When I heard about Kiva on the Oprah show, I was struck by the concept of micro-lending as a form of empowerment. The lender can participate with just $25 and the Kiva website makes it super easy. All of your money goes directly to an entrepreneur of your choosing. The entrepreneur’s success lifts his or her family as well as their community. The lender gets paid back– and can reloan those funds once again, over and over and over again. Brilliant!

I was so inspired by the concept that I decided right then to use my blog’s revenue for microloans. When I announced my decision to my readers, a few folks “paid it forward” by making microloans, too. I love the ripple effect!

Thanks for sharing your review of the book, JD. It’ll be next on my reading list.

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]]> By: MoneyChangesThings http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/comment-page-1/#comment-98493 MoneyChangesThings Tue, 25 Sep 2007 19:20:07 +0000 http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/#comment-98493 Microfinance is a wonderful hybrid of socialism and capitalism, as you point out, JD. Women receive loans in groups and have regular meetings. If one of the women is short for her repayment, others help her, and in general they learn together, and provide support for one another. But of course each is an individual entrepreneur, selling her wares and running her business. Often as a result, the participants see how literacy would improve their skills and they learn to read, too! Microfinance is a wonderful hybrid of socialism and capitalism, as you point out, JD. Women receive loans in groups and have regular meetings. If one of the women is short for her repayment, others help her, and in general they learn together, and provide support for one another. But of course each is an individual entrepreneur, selling her wares and running her business. Often as a result, the participants see how literacy would improve their skills and they learn to read, too!

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]]> By: dong http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/comment-page-1/#comment-98492 dong Tue, 25 Sep 2007 19:11:55 +0000 http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/#comment-98492 Great post on a great topic. Microfinance is the proper intersection of capitalism and socialism. I think we often take for granted how important financial markets are for creating wealth. Money that sits in mattress does no good. Great post on a great topic. Microfinance is the proper intersection of capitalism and socialism.

I think we often take for granted how important financial markets are for creating wealth. Money that sits in mattress does no good.

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]]> By: J.D. http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/comment-page-1/#comment-98491 J.D. Tue, 25 Sep 2007 19:11:48 +0000 http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/#comment-98491 <b>Minimum Wage</b>, I don't understand your question. I don't think anyone said that microlending makes the poor in developed countries worse off. Is this what you're saying? It's an interesting notion, but I've seen nothing on the subject. <i>Banker to the Poor</i> briefly mentions microlending pilot programs in the U.S., and implies that they've met with some success, too. I'd love to know more about it. But, really, I don't understand your question... Minimum Wage, I don’t understand your question. I don’t think anyone said that microlending makes the poor in developed countries worse off. Is this what you’re saying? It’s an interesting notion, but I’ve seen nothing on the subject. Banker to the Poor briefly mentions microlending pilot programs in the U.S., and implies that they’ve met with some success, too. I’d love to know more about it. But, really, I don’t understand your question…

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]]> By: sfordinarygirl@gmail.com http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/comment-page-1/#comment-98490 sfordinarygirl@gmail.com Tue, 25 Sep 2007 19:09:28 +0000 http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/#comment-98490 I saw this book at the Vanderbilt University bookstore last week while on vacation! I'm fascinated by micro-lending and have looked into giving back in this way instead of to charities such as the Red Cross. Thanks for the post! I saw this book at the Vanderbilt University bookstore last week while on vacation! I’m fascinated by micro-lending and have looked into giving back in this way instead of to charities such as the Red Cross. Thanks for the post!

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]]> By: The Decision Strategist http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/comment-page-1/#comment-98489 The Decision Strategist Tue, 25 Sep 2007 19:08:29 +0000 http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/#comment-98489 I keep hearing more and more about this. The idea of micro-credit is fascinating. Kiva is also cool, but I wish they would present themselves as more of a charity. From what I can tell you don't actually get a return on money that you invest. It's more like lending at 0% interest. Still, all around the micro-credit meme seems to be taking hold. I'd like to see expansion of the same idea into depressed regions of the U.S. I'm going to have to buy that book now... I keep hearing more and more about this. The idea of micro-credit is fascinating.

Kiva is also cool, but I wish they would present themselves as more of a charity. From what I can tell you don’t actually get a return on money that you invest. It’s more like lending at 0% interest.

Still, all around the micro-credit meme seems to be taking hold. I’d like to see expansion of the same idea into depressed regions of the U.S.

I’m going to have to buy that book now…

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]]> By: Kevin Worthington http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/comment-page-1/#comment-98485 Kevin Worthington Tue, 25 Sep 2007 18:25:00 +0000 http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/#comment-98485 Kiva.org is a great site that makes it dead simple to offer micro-loans. It is done in $25 increments and you can do this easily through a credit card or PayPal. I am happy to report that a loan that I helped finance was disbursed today! It is a great feeling to help someone out. I will continue using Kiva.org and keep re-investing in other folks in need. I am on my way to check out grameenfoundation.org right now. Thanks for the post J.D. Kiva.org is a great site that makes it dead simple to offer micro-loans. It is done in $25 increments and you can do this easily through a credit card or PayPal. I am happy to report that a loan that I helped finance was disbursed today! It is a great feeling to help someone out. I will continue using Kiva.org and keep re-investing in other folks in need. I am on my way to check out grameenfoundation.org right now. Thanks for the post J.D.

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]]> By: MoneyChangesThings http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/comment-page-1/#comment-98483 MoneyChangesThings Tue, 25 Sep 2007 18:18:24 +0000 http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/#comment-98483 Great to see you highlighting the phenom of microcredit! I volunteered at the Microcredit Summit V in NYC a few years back and it was one of the most inspiring few days of my life. If you are in a position to invest money in CD's for a 3 year term, you can become a microcredit lender through Equal Exchange, a FairTrade coffee cooperative. Here's the skivvy on that: http://moneychangesthings.blogspot.com/2007/08/equal-exchange-cd-exciting-way-to-make.html I look forward to the time when we can all put our money in microfinance institutions like the Grameen bank and get fair returns on it, knowing that the money is being lent to individuals, not to developers overbuilding condos on the Gulf Coast.... Microcredit is particularily efficacious for women, and their children are the major beneficiaries, by their improved standard of living and education. Great to see you highlighting the phenom of microcredit! I volunteered at the Microcredit Summit V in NYC a few years back and it was one of the most inspiring few days of my life. If you are in a position to invest money in CD’s for a 3 year term, you can become a microcredit lender through Equal Exchange, a FairTrade coffee cooperative. Here’s the skivvy on that: http://moneychangesthings.blogspot.com/2007/08/equal-exchange-cd-exciting-way-to-make.html
I look forward to the time when we can all put our money in microfinance institutions like the Grameen bank and get fair returns on it, knowing that the money is being lent to individuals, not to developers overbuilding condos on the Gulf Coast….
Microcredit is particularily efficacious for women, and their children are the major beneficiaries, by their improved standard of living and education.

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]]> By: Minimum Wage http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/comment-page-1/#comment-98479 Minimum Wage Tue, 25 Sep 2007 17:50:56 +0000 http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/#comment-98479 Why and how is it that microlending makes the poor in developing countries better off, and the poor in developed countries worse off? Why and how is it that microlending makes the poor in developing countries better off, and the poor in developed countries worse off?

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]]> By: Paul J. http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/comment-page-1/#comment-98475 Paul J. Tue, 25 Sep 2007 16:47:56 +0000 http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/#comment-98475 Peter Kropotkin had a term "Mutual Aid" that may apply here. Although he was a Russian Anarchist...See also, Bookchin, Murray. Peter Kropotkin had a term “Mutual Aid” that may apply here. Although he was a Russian Anarchist…See also, Bookchin, Murray.

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]]> By: English Major http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/comment-page-1/#comment-98468 English Major Tue, 25 Sep 2007 15:05:32 +0000 http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/#comment-98468 I think the word you're looking for, J.D., may be <a href="http://en.wikipedia.org/wiki/Communitarianism" rel="nofollow">communitarianism</a>. I think the word you’re looking for, J.D., may be communitarianism.

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]]> By: Starving Artist http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/comment-page-1/#comment-98462 Starving Artist Tue, 25 Sep 2007 14:21:17 +0000 http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/#comment-98462 Hey JD, Thanks for writing this article. I was getting depressed about the time it takes to pay down debt, and this put things into perspective. I set up a recurring payment with the Grameen Bank, over at www.grameenfoundation.org. It feels great to help out a worthy organization. Hey JD,
Thanks for writing this article. I was getting depressed about the time it takes to pay down debt, and this put things into perspective. I set up a recurring payment with the Grameen Bank, over at http://www.grameenfoundation.org. It feels great to help out a worthy organization.

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]]> By: J.D. http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/comment-page-1/#comment-98461 J.D. Tue, 25 Sep 2007 14:20:22 +0000 http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/#comment-98461 <i><b>Michael wrote:</b> I don’t believe this is communism at all, because the community isn’t being required to give all of their possessions into a “pool” where some committee decides...</i> Ah, but I mean communism in theory rather than communism in practice. There <i>is</i> a strong community element to Grameen's system, and the individual borrowers are accountable to the group. This is one of the reasons the repayment rate is so high. All the same, maybe I ought to have said "communalism" instead. Michael wrote: I don’t believe this is communism at all, because the community isn’t being required to give all of their possessions into a “pool” where some committee decides…

Ah, but I mean communism in theory rather than communism in practice. There is a strong community element to Grameen’s system, and the individual borrowers are accountable to the group. This is one of the reasons the repayment rate is so high.

All the same, maybe I ought to have said “communalism” instead.

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]]> By: April http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/comment-page-1/#comment-98460 April Tue, 25 Sep 2007 14:19:03 +0000 http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/#comment-98460 I'm going to have to read this book. I am a big believer in microfinance. I currently donate monthly to Women for Women International, which is similar to Grameen. When I first joined, it was because I wanted to give back, and I think there's a lot to be said for "teaching a man (or woman) to fish." But after being in the program for a year, I also see the reverse side. The people who get these loans don't want hand-outs. They want to be successful, they want to earn their own living, and that's something I think we as Americans can identify with. I’m going to have to read this book. I am a big believer in microfinance. I currently donate monthly to Women for Women International, which is similar to Grameen.

When I first joined, it was because I wanted to give back, and I think there’s a lot to be said for “teaching a man (or woman) to fish.” But after being in the program for a year, I also see the reverse side. The people who get these loans don’t want hand-outs. They want to be successful, they want to earn their own living, and that’s something I think we as Americans can identify with.

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]]> By: Michael http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/comment-page-1/#comment-98459 Michael Tue, 25 Sep 2007 14:12:09 +0000 http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/#comment-98459 I don't believe this is communism at all, because the community isn't being required to give all of their possessions into a "pool" where some committee decides who gets what (and eventually exempts themselves from the same rules and expectations they force everyone else to follow). This is the true spirit of capitalism where one becomes successful by working diligently to encourage and grow success in others around him or her. Mr. Yunus is a true capitalist as he used free market ideas to motivate and invest in those who will work - not use the power of a police state to take away and redistribute. I don’t believe this is communism at all, because the community isn’t being required to give all of their possessions into a “pool” where some committee decides who gets what (and eventually exempts themselves from the same rules and expectations they force everyone else to follow).

This is the true spirit of capitalism where one becomes successful by working diligently to encourage and grow success in others around him or her.

Mr. Yunus is a true capitalist as he used free market ideas to motivate and invest in those who will work – not use the power of a police state to take away and redistribute.

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]]> By: Meg http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/comment-page-1/#comment-98455 Meg Tue, 25 Sep 2007 13:26:35 +0000 http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/#comment-98455 Thanks for highlighting this issue. I have heard great things about change in third-world villages where these micro-loans are being extended. By the way, it's very easy for individuals to extend micro-loans; you can actually lend small amounts through various organizations and receive pictures and updates updates on how your borrower is doing. Thanks for highlighting this issue. I have heard great things about change in third-world villages where these micro-loans are being extended.

By the way, it’s very easy for individuals to extend micro-loans; you can actually lend small amounts through various organizations and receive pictures and updates updates on how your borrower is doing.

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]]> By: Leslie http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/comment-page-1/#comment-98452 Leslie Tue, 25 Sep 2007 12:43:23 +0000 http://www.getrichslowly.org/blog/2007/09/25/banker-to-the-poor-micro-lending-and-the-battle-against-world-poverty/#comment-98452 I read this book several months ago and also found it very inspiring. Micro-lending is really an amazing concept that addresses and helps to solve so many social and economic problems. Poverty is not just about the lack of money and Grameen and other micro-lending organizations are successful because their concept recognizes and adresses that. His Nobel Prize was well deserved... I read this book several months ago and also found it very inspiring. Micro-lending is really an amazing concept that addresses and helps to solve so many social and economic problems. Poverty is not just about the lack of money and Grameen and other micro-lending organizations are successful because their concept recognizes and adresses that.

His Nobel Prize was well deserved…

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