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In his book Banker to the Poor: Micro-Lending and the Battle Against World Poverty [my review], Nobel Peace Prize-winner Muhammad Yunus argues that one of the most effective ways to reduce poverty and overpopulation is to boost the economic status of women. When you empower women — especially poor women — their communities are improved in many subtle ways.
The International Museum of Women has just launched their new global online exhibition, Economica: Women and the Global Economy. Economica features slideshows, interviews, podcasts, and more. Here’s a sample of what’s available:
- A slideshow highlighting microfinance in South America.
- An article about the food crisis in Egypt.
- A variety of topics, including business leadership, marriage and money, and family and fertility.
The exhibition includes lists of books and films that explore the role of women in the global economy. (There’s also a discussion forum, though it’s a little barren at the moment.) Finally, if you’d like to contribute to the Economica exhibition, you can. The Your Voices section allows visitors to share their stories with the community.
This article is about Economics, News Tuesday, 27th October 2009 (by J.D. Roth)
October 27th, 2009 at 3:09 pm
Hi J.D., thanks for highlighting this. One of my favorite charities is Heifer International, and what they have found supports Mr. Yunus’ argument. When microfinance companies tried giving loans to men, the men would often spend the money on intoxicants, gambling, and prostitutes instead of on building a business or improving their infrastructure. Default rates were very high and the projects did not thrive. But place the tools of development in the hands of women, and not only are the loans used as intended and quickly repaid, but communities as a whole prosper.
October 27th, 2009 at 8:26 pm
JD Thanks for the lead on this site. I’ve highlighted it myself, giving you credit of course.
It is truly amazing what can be completed and success made when ‘we’ take our time to invest and teach. The slide shows were amazing and as a viewer, you could not only visit but feel the paid and success that these ‘women of the world’ are experiencing.
Thanks again!
October 27th, 2009 at 8:56 pm
Thanks for highlighting this book. Microfinance has been HUGE in India, and we did a lot of work during business school on this topic. One of the main things was selling bags of cement for people to building their own houses. Another project we studied were cheap prosthetics.
Empowering women is key! Women make up half the world’s population!
October 27th, 2009 at 9:02 pm
Great to see a post like this on your blog. Women’s rights advocates have been saying this for years…I hope that this idea of investing in women, educating women, and trusting women to do what is best for themselves and their families catches on globally and here in the U.S., and not just in theory but in practice. I wouldn’t say that communities are changed in subtle ways (as mentioned above)…I would say they are changed in overwhelmingly noticeable and significant ways, particularly for the women themselves and their own sense of agency. Now if we could just stop the systematic oppression of women, end the epidemic that is men’s violence against women, and confront institutionalized sexism we might be getting somewhere!
October 27th, 2009 at 11:38 pm
JD, Thanks so much for this post! Consider it stumbled! We have been swept up by the idea of microfinancing so much that we are trying to raise awareness through our site. We firmly believe that microfinancing continues to be an instrumental tool for international development and ignoring half the human population just isn’t right.
Actually this is impeccable timing, because starting Thursday, for every person that joins our FB fan page http://www.facebook.com/pages/MintingPennies/165843004713 we will will lend $1 through Kiva.org. ($100/mo cap for now…we haven’t yet made it to financial independence
)
October 28th, 2009 at 3:17 am
I hope this post attracts as many comments as all your other personal finance posts. We all (including me) could stand to spend a little more time thinking about the finances of persons less fortunate than ourselves/ Judging by the response so far, it seems sadly that may not be the case. Having this as a reminder of the wonderful initiative that a lot of people are taking to empower women around the world to dig themselves, their families, and their communities out of crushing poverty is wonderful!
It puts it all in perspective a little bit, where we discuss how to cut our cell phone bills down to $40/month and that same amount is a full year’s fortune to somebody else.
Thanks for bringing up this topic JD. I think microfinancing is an excellent charity for the frugal, budget loving readers of GRS, as the money management side of the concept mirrors what we are all here for!
October 28th, 2009 at 4:23 am
There is a saying in India that “God regularly visit places where women are respected”. The book and the views of Yunus is absolutely true. Most of the backward countries have a very bad condition of women. They are not allowed to work outside and is forced to live in home for their entire life. Especially in sub-urban areas. So there is a need to increase this awareness about women uplift and education.
October 28th, 2009 at 5:47 am
Thanks for this post - for highlighting again the opportunity created through microlending, and for touching on the positive role money can play in helping to shape our communities. I’d love to hear more on this topic, intentionally defined broadly.
For our recent marriage we asked people, if they really wanted to give us something, to consider Kiva gift certificates. It has been our first exploration in microlending - and we really enjoyed sitting down together and figuring out (though it was a bit overwhelming) where to lend the money.
October 28th, 2009 at 8:45 am
JD thanks so much for highlighting this. Evidence shows that where women are educated and empowered, fewer people live in poverty. Also, I know you’re starting to think about the giving side of personal finance, and this area might be right up your alley. There are different ways to contribute, too: donation (Heifer International, FINCA); interest-free lending (Kiva); and micro-lending for interest (MicroPlace). Not to mention the myriad organizations that support women in other ways: education, family planning, violence prevention, equal rights, and others.
For Mothers Day one year I made donations to FINCA for my stepmother and grandmother. That touched them more than any other gift.
October 28th, 2009 at 8:47 am
Thanks for covering women and finance. Even in the U.S. women, still earn, save and retire with less than men. Please tap us over at DailyWorth.com if you’d like us to write more about this subject.
I just signed up for womenforwomen.org and am deciding where my next microloan will go. Investing more in women is the smartest thing we can do.
October 28th, 2009 at 11:02 am
Thanks for highlighting this topic. My SIL works for a company assisting in health and sex education in impoverished countries, particularly in Africa. When you educate and empower women it improves their lives, the lives of their children and the community they live in. Unfortunately there are many cultural and religious barriers to prevent this from happening but it is very worthy work.
October 28th, 2009 at 3:32 pm
Bringing this topic to America, one of the disasters that has hit the Middle Class is the NEED for two incomes to make ends meet. My parents were able to live my lifestyle with one income. With limited resources, the two income family in America has been hit by Income Inflation where we have pushed up the Cost of Housing, Cars, and other “necessities”.
November 11th, 2009 at 11:32 pm
Great topic. I think what these microlenders are doing is fantastic. It is empowering these women and creating life changing opportunities for these women, which will have an affect on families of these women and and people around them.