{"title":"The microcredit mousetrap: A long way from fighting poverty in Mexico","authors":"Antonio Orozco Ramos","doi":"10.1177/09213740221120304","DOIUrl":null,"url":null,"abstract":"In Mexico microcredit has deviated from its original purpose of fighting poverty to oppress those whom it was supposed to help through high interest rates and over-indebtedness. There 42% of the population is poor, fighting poverty is paramount. Three decades ago, microcredit (which is different from microfinance), took root as a new, promising tool to help millions of people, who have historically been excluded from the traditional financial system, emerge from the grip of poverty. From the outset, microcredit usurped the place of microfinance in the fight against poverty, as it set aside the most effective financial tool: savings.","PeriodicalId":43944,"journal":{"name":"CULTURAL DYNAMICS","volume":"34 1","pages":"213 - 221"},"PeriodicalIF":0.5000,"publicationDate":"2022-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"CULTURAL DYNAMICS","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1177/09213740221120304","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"SOCIAL SCIENCES, INTERDISCIPLINARY","Score":null,"Total":0}
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Abstract
In Mexico microcredit has deviated from its original purpose of fighting poverty to oppress those whom it was supposed to help through high interest rates and over-indebtedness. There 42% of the population is poor, fighting poverty is paramount. Three decades ago, microcredit (which is different from microfinance), took root as a new, promising tool to help millions of people, who have historically been excluded from the traditional financial system, emerge from the grip of poverty. From the outset, microcredit usurped the place of microfinance in the fight against poverty, as it set aside the most effective financial tool: savings.
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Our Editorial Collective seeks to publish research - and occasionally other materials such as interviews, documents, literary creations - focused on the structured inequalities of the contemporary world, and the myriad ways people negotiate these conditions. Our approach is adamantly plural, following the basic "intersectional" insight pioneered by third world feminists, whereby multiple axes of inequalities are irreducible to one another and mutually constitutive. Our interest in how people live, work and struggle is broad and inclusive: from the individual to the collective, from the militant and overtly political, to the poetic and quixotic.
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