Money Wisdom #428

"...in the Global South microcredit grew thanks to state welfare retrenchment, deregulation, and the globalisation of financial markets, but also due to the moral promise of mass empowerment through small enterprise. This promise was anchored in the public imaginary among other things through the Gandhi-esque presence of Muhammad Yunus, who promised a poverty-free world by ending “financial apartheid”, and argued that credit was a “human right” (Mader 2015, 62). In short, changes in the moral narratives around money and finance go hand-in-hand with changes in the forms and boundaries of money and finance."

Philip Mader Card Crusaders, Cash Infidels and the Holy Grails of Digital Financial Inclusion in BEHEMOTH A Journal on Civilisation 2016 Volume 9 Issue No. 2