Class Notes 11-3

Class Notes 11-3 - November 3, 2011 Global Challenges:...

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November 3, 2011 Global Challenges: Money II Tuesday: Casino capitalism and the subprime crisis Today: Microfinance-an alternative form of financial globalization? A “Bangladesh Consensus?” Muhammad Yunus—pioneer of Microfinance Microcredit Small, short term loans (to poor women) self employment self sufficiency self respect ^Cycle! (Prof. looked at how microcredit affected a small town in rural south India) Controlling the ‘Commanding Heights’ Post-Independence, banking and finance subject to various forms of national regulation Banks given lending targets for rural areas and low caste populations Mixed results: continuing exclusions but decreasing dependency on ‘moneylenders’ in some areas Interconnection: Financial Liberalization Financial liberalization measures greatly expanded in 1991-92 Rolling-back of national regulations India becomes one of the largest “ emerging markets” Disconnection 1: Acquisition of Agricultural Land (See Slides) Disconnection 2: Retreat of State from welfare Share of development expenditure in revenue expenditure
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Class Notes 11-3 - November 3, 2011 Global Challenges:...

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