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FOSTERING SUSTAINABLE COMPLEXITY IN THE MICROFINANCE INDUSTRY: WHICH WAY FORWARD?
Author(s) -
ChamleeWright Emily
Publication year - 2005
Publication title -
economic affairs
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.24
H-Index - 18
eISSN - 1468-0270
pISSN - 0265-0665
DOI - 10.1111/j.1468-0270.2005.00544.x
Subject(s) - microfinance , popularity , order (exchange) , economics , sustainable development , business , economic system , political science , market economy , economic growth , finance , law
The microfinance movement has gained tremendous popularity over the past 30 years, but it is still far from meeting its full potential. The industry stands at a crossroads between increased commercialisation and increased philanthropic aid. Standard economic discourse does little to resolve the debate. F. A. Hayek's concept of the‘extended order’ sheds new light on how we might understand the future development of microfinance.