Poverty Capital Microfinance and the Making of Development
Winner of the 2011 Paul Davidoff award!
This is a book about poverty but it does not study the poor and the powerless; instead it studies those who manage poverty. It sheds light on how powerful institutions control "capital," or circuits of profit and investment, as well as "truth," or authoritative knowledge about poverty. Such dominant practices are challenged by alternative paradigms of development, and the book details these as well. Using the case of microfinance, the book participates in a set of fierce debates about development – from the role of markets to the secrets of successful pro-poor institutions. Based on many years of research in Washington D.C., Bangladesh, and the Middle East, Poverty Capital also grows out of the author's undergraduate teaching to thousands of students on the subject of global poverty and inequality.
I. Small Worlds 1. An Encounter in a Grocery Store, and in a Classroom 2. Millennial Development 3. From the End of History to the End of Poverty 4. From Markets to Market Failure 5. Africa Works 6. Microfinance and the Frontiers of Millennial Development 7. Credit as a Human Right 8. Creative Capitalism 9. Microsharks 10. Poverty Capital 11. Centralities and Multiplicities 12. Millennials and the Politics of Knowledge II. Global Order: Circuits of Capital and Truth 13. At Lookout Mountain, Microfinance Evangelicals 14. Global Order 15. The Globalization of Microfinance 16. The Democratization of Capital 17. The Creation of an Asset Class 18. "The Accomplishments of Truth" 19. The End of Political Economy 20. Markets for the New Millennium 21. The Convertibility of Capital 22. In Her Name 23. Money, Not Work 24. A Kinder and Gentler World Bank 25. Global Liberals at the Bank 26. A Knowledge Bank 27. Moving Money 28. Ethical Capitalism III. Dissent at the Margins 29. Fall from Grace? 30. The Bangladesh Consensus 31. Bringing Bangladesh to Washington D.C. 32. Homegrown Institutions 33. The Bangladesh Paradox 34. Poverty Truths 35. Microfinance Multiplied 36. The Conditions of Protections 37. Globalizing the Bangladesh Consensus 38. A Unique History 39. The Performance of Dissent IV. The Pollution of Free Money 40. Microfinance at Empire’s Frontier 41. "Weapons of Mass Salvation" 42. Discipline and Debt 43. An Ecology of Dependence 44. The Pollution of Free Money 45. The Benevolent Loan 46. The Camps V. Subprime Markets 47. Dead Aid 48. Double Agents 49. A New Common Sense 50. Securitization 51. A Financial Katrina 52. Bad Money in the Age of Responsibility 53. Markets are Planned 54. The Subprime Frontier
"Poverty Capital is a must read for those interested in issues of poverty and inequality around the world. In taking an unflinching look at "bottom billion capitalism," it shows how development actually works and how global markets are actually constructed. Although concerned with practices of microfinance in the global South, the book provides an analysis that is strikingly relevant for discussions of subprime markets, the financial crisis, and social justice here in America."
-Robert Reich, Public Policy, University of California, Berkeley, USA
"Examining development as poverty management, Roy brings a unique focus to the contradictory relations of global microfinance. Her reflexive observations from local sites offer a provocative perspective on the 'democratization of development' via webs of knowledge spun in the World Bank's circuits of credit."
-Philip McMichael, Development Sociology, Cornell University, USA
"Poverty Capital sends readers on a fascinating journey across Washington, D.C., Beirut, Cairo, and rural Bangladesh, with little choice but to rethink the whole project of development. Along the way, Roy crafts a brilliant study on the seductions of microfinance, the travelling circuits (and circus) of poverty capital, and the ‘end of political economy’. A pure joy to read!"
-Michael Goldman, Sociology and Global Studies, University of Minnesota, Twin Cities, USA
"Thoughtful, probing look at the economic development industry and its received wisdom. The popular microfinance movement is the book's motif. The author thinks like an academic and writes like a poet."
-Jonathan Lewis, Huffington Post, USA
"...a thought-provoking work for those interested in microfinance, poverty, and development economics."
-J. E. Weaver, Drake University, Choice, December 2010
'Ananya Roy's Poverty Capital is a fascinating book: an invigorating study of the practices and discourses of "microfinance".'
'...an important and impressive book....It is an admirable overview of contemporary microfinance in all its proliferating diversity and considerable complexity.'
-Brett Christophers, Uppsala University, in Environment and Planning D, vol 29 2011
'This book has many strengths. It is a well-conceived, timely, thorough study of a crucial issue; it is grounded by extensive fieldwork; and each chapter is full of nuanced observations on the histories and dynamics of microfinance institutions in Bangladesh, Afghanistan, the USA and elsewhere.'
-Joel Wainwright, Ohio State University, in Environment and Planning D, vol 29 2011