From Boom to Bust: How Different Has Microfinance Been from Traditional Banking?

This article presents in‐depth analysis of developments in the microfinance sector before and after the collapse of Lehman Brothers in 2008, by comparing them with developments in the traditional banking sectors of emerging markets and developing countries. Its findings indicate that microfinance has been part of the same credit boom observed in the traditional banking sector, and that the boom was also fostered by substantial inflows of foreign capital. Further, that risks associated with credit booms in the traditional sector also evolved in the microfinance sector. The article comes to the conclusion that, by becoming part of the global financial system, microfinance has lost one of the characteristics distinguishing it from traditional banking, namely, its greater resilience to crises in domestic and global financial markets.     

The unaccountable risks of LIBOR

One of the on‐going consequences of recent financial crises seems to be that the conventional ‘anchor’ measures of global finance (such as the US dollar, treasury bonds and AAA rated securities) are no longer playing the anchoring role once believed of them. LIBOR now needs to be added to this list and not just because it has been tarnished by illegal practices, but because it is looking increasingly surpassed by financial market practices. LIBOR was believed to provide a risk‐free rate of interest, but has been revealed to be risk‐laden. Moreover, LIBOR is a measure of the costs of borrowing, whilst market concern is increasingly with measures of interest rate volatility. This paper looks at why, in the context of crisis, financial market focus on interest rates is turning towards other benchmarks, notably the overnight indexed swap (OIS) market, and what this shift might be telling us about the anchoring requirements of global financial markets.     

The risks and incentives of disciplinary neoliberal feminism: the case of microfinance

This article develops an analysis of the concept of disciplinary neo-liberal feminism through a focus on gendered poverty alleviation strategies and illustrates the value of this through a discussion of microfinance. By locating this study within an analysis of the expansion of global capital accumulation, the article argues that the liberal frameworks of female empowerment and entrepreneurialism that are central to these programs and to feminism in this form, mask their underlying political, social and economic objectives. In contrast, a Marxist Feminist approach more adequately explains the interplay of class and gender that underpins poverty alleviation strategies. This article argues that in the context of financial crisis and reduced social provision, women living in poverty in the Global South were identified as targets for the expansion of global finance. Their integration into global financial networks via microfinance and other pro-poor strategies has facilitated the expansion of markets for credit while at the same time disciplining market participation through the twin forces of risk and incentive. Disciplinary neo-liberal feminism has underpinned this incorporation of women into global capital accumulation creating profound effects for households and families, with microfinance programs representing important sites of contestation for the politics of class and gender.     

On the Social and Financial Effects of the Transformation of Microfinance NGOs

This article examines the social and financial performance of an international sample of non-governmental organizations (NGOs) which transformed into microfinance institutions (TMFI). It shows that recent calls for the transformation of NGOs into TMFIs help improve the financial sustainability and the breadth of outreach of microfinance activities. However, this transformation hinders the depth of the services provided by TMFIs. This is especially significant in the case of bank-TMFIs and suggests that although the transformation might increase the financial independence of TMFIs, it might cause a mission drift that both NGOs and policy-makers ought to consider.     

Inclusive Financial Markets: Is Transformation Under Way in Kenya?

Policy emphasis on financial‐sector development has shifted away from microfinance and towards the development of ‘inclusive financial markets’. But, for inclusion to take place, policy must address barriers to access. This article analyses the socio‐economic, demographic and geographical factors associated with financial‐service use across formal, semi‐formal and informal financial services in Kenya between 2006 and 2009, including the new and rapidly growing mobile‐phone‐based payments service – M‐PESA. It finds that, despite an expansion of services, evidence of access barriers is now clearer than it was in 2006. However, there is some evidence that M‐PESA is reversing age as a barrier to inclusion, but, as yet, it is more of a complement than a substitute for formal services.     

伊斯兰文化的金融约束与微型金融发展

本文利用文化维度理论,剖析了伊斯兰地区的人文特征,深入研究了伊斯兰文化的金融约束及当地微型金融服务的现实需求与人文嵌入方式。伊斯兰文化具有权利差距小、不确定性规避强、集体主义、阴柔气质以及长期取向等五大特征;伊斯兰文化对微型金融服务具有强力的约束效应,不但反对高利贷和利率,而且强调借贷双方的道德准则;伊斯兰微型金融服务通过成本加融资、利润共享及慈善贷款三种方式融入伊斯兰社区,因展现出形式灵活、运作高效等优越性而普受欢迎;微型金融服务与社区人文环境的有效交融是伊斯兰微型金融取得成功的关键之处。     

A response to paper "systems thinking" by D. Cabrera et al.: additional thoughts on systems thinking

The paper by Cabrera, Colosi, and Lobdell presents a valuable explanation of ST and its relationship to evaluation. Given the complexity of the processes addressed by evaluators, it seems evident that ST is a valuable perspective and tool for evaluators as it facilitates the perception, analysis, and communication of complex issues and topics. It is my interpretation that the practice of evaluation may be becoming increasingly oriented to the future. I want to thank the authors for sharing their insights regarding ST and evaluation. I hope newcomers to ST find my comments useful.     

Making disability conferences more actively inclusive

In this article I explore how generic disability conferences can become more inclusive of participants with intellectual disability. Increased inclusivity entails adapting to the support needs of people with intellectual disability, in line with the principles and practice of inclusive research. In the article I consider three specific areas where there can be more inclusion – access to information related to the conference, access to knowledge imparted during the conference, and financial issues. While many good practices have been developed in these areas, it is important to ensure that inclusion is catered for in a systematic and pro-active manner, so that people with intellectual disability have increasingly more meaningful and active roles within disability studies and disability research.     

Creating intentional spaces for sustainable development in the Indian trans-Himalaya: reconceptualizing globalization from below

In an era of globalization, multifaceted and complex changes have increasingly interconnected geographically dispersed places. A central question of globalization studies concerns whether top-down forces of globalization are forging a global culture or whether processes of globalization from below are able to push back against homogenization by appropriating global forces rather than simply being overwhelmed by them. In this paper, I develop the concept of intentional spaces to show how ideas move globally and how local communities appropriate these ideas, revealing the actual practices that happen in the middle of top-down and bottom-up processes of globalization. I identify three types of ‘intentional spaces’ – physical, pedagogical, and ideological – to document the middle: where top down global forces meet local responses, and how these processes unfold. These intentional spaces enable processes of globalization from below, particularly the development of a mode of critical education that is both political and anti-hegemonic. This critical education empowers local people to adapt global/Western perspectives and influences to indigenous perspectives and practices, creating its own discourses of globalization. I use the context of the trans-Himalayan region of Ladakh to consider how national and international forces intersect with the local, and how local communities re-envision their participation in a modern, global economy.     

Remittances for Financial Access: Lessons from Latin American Microfinance

The potential of migrant remittances to foster access to financial services for low‐income households has been largely unexplored. Comparing three Latin American countries – the Dominican Republic, El Salvador and Mexico – this inter‐disciplinary study links research on remittances and microfinance with multi‐actor governance approaches. While the context of high remittance‐dependence provides similar challenges in all cases, it finds remarkable variety both in the structure of the remittances market and the actors involved in microfinance and in the role governments play. It explains the diverging success of MFIs in remittance markets by pointing to the interplay of for‐profit, non‐profit and state actors embedded within the specific market structures of each country.     

Innovative models of aging in place: Transforming our communities for an aging population

As the proportion of the global population over 60 continues to grow, the issue of where and how elders are going to live becomes increasingly pressing. The idea or “aging in place” – in which elders remain in their own homes and communities – is becoming an increasingly popular alternative to age-segregated retirement communities. This article documents three new models of aging in place – naturally occurring retirement communities (NORC-SSPs), villages and campus-affiliated communities – and explores how they seek to provide both services and meaningful connections among members. Data from interviews and site visits reveal both promising practices as well as challenges such as how to ensure access for low and moderate-income elders, integrating elders from diverse cultural and linguistic back grounds, and building the leadership and participation of elders. By looking critically at these models, the author argues that many previously held theories and assumptions about the aging process and social capital formation must be reexamined in light of the agency of elders and the new organizational models. Ultimately the design of our communities – both physically and socially – and our approach to retirement must be restructured to support the needs of an aging population.     

Uneasy passages between neoliberalism and feminism: Social inclusion and financialization in Israel's empowerment microfinance

This article focuses on feminist non‐governmental organizations advocating for economic empowerment of women (EEW) through microfinance, using Israel as a case study. Through fieldwork, interviews and documents, we investigate the institutional practices, cultural discourses and struggles that EEWs develop in order to expose the particular ways in which feminist organizations interact with the world of finance and state institutions. Our analysis points to the complex power dynamics of mediation, suggesting that there are ‘uneasy passages' between neoliberalism and feminism, ones that help re‐signify the meaning of financial discourses while re‐politicizing women's social and economic exclusions. Simultaneously, however, this relation induces a series of compromises, whereby EEWs adopt neoliberal modes of governance. Rejecting the notion that contemporary feminism has simply been co‐opted by neoliberalism or the perception of EEW microfinance as a mere expansion of neoliberal rationalities, we reveal new sites and ways in which feminism both colludes and collides with neoliberalism.     

Continental transnational activism and women workers' networks within NAFTA

In this article, I present some experiences of transnational networking among women workers, women's groups, and feminist organizations at both the transcontinental and transborder level in the FTAA and NAFTA areas. These transnational efforts are analyzed as forms of resistance to the encroachments of global capital. The record of these networks is both encouraging and problematic. Encouraging because certain issues have received greater attention from both the state and multinational companies, and Mexican organizations have received strategic support to empower themselves and even, in some cases, develop a feminist workers' perspective. The record is also problematic as cooperation is not always free from conflict, or asymmetric relations, among the organizations. Asymmetries often reflect unequal access to power and financial resources. In spite of this, it seems undeniable that transnational networks among women's organizations are modeling new forms of resistance to the processes of global restructuring.     

Alleviating poverty or reinforcing inequality? Interpreting micro‐finance in practice,with illustrations from rural China

Academic and political discussions about micro‐finance have been found lacking in predictive power, because they are based on orthodox economic theory, which does not properly comprehend the social components of credit. I take a better approach, utilizing credit theory – specifically, Ingham's explication of how the nature of money as credit leads to social inequality. I also expound the perspective that morality is not separate from considerations borrowers make in micro‐finance programmes on the micro level. I draw upon illustrations from my fieldwork in rural China, where a group‐lending micro‐finance programme was administered as part of a larger government‐initiated effort across the country.     

Uneven and combined development and sub-imperialism: the internationalization of Brazilian capital

This paper examines the political-economic outgrowth of Brazilian capitalism in the global south after the outset of the global financial crisis. In analysing the public-sector finance policy of the Workers’ Party (PT) during the crisis, I argue that a structuration of investment was established. Utilizing theoretical premises of uneven and combined development and sub-imperialism, this paper traces the motions of the industrial financing processes that perpetuate Brazilian capitalism outside of the boundaries of the nation-state to shed light on the relationship between ‘emergent’ economies, their state structures, and the developing world. I argue that such structures represent a policy to accelerate capital accumulation abroad.     

Sent home: mapping the absent child into migration through polymedia

Migrants and their transnational families document their children and child‐rearing practices on social networking sites (SNS) to enhance their social mobility. In this article, I identify a new group of migrant children, namely those sent home to their parents’ countries of origin for an imagined ‘good childhood‘. I demonstrate that polymedia – SNS and other platforms – sustain these children and create new norms of publicness and visibility in transnational parenting. Exploring how families document child‐raising across international boundaries, I show how the trajectories of parenting relationships remain open ended. I counter the predominant focus on transnational parenting as a kind of abandonment attached to left‐behind children. Instead, I refocus the research on the opportunities polymedia give families to create and sustain intimacies, thus making the trajectories of migrant families and children increasingly dynamic. Polymedia create important shifts in global migration – a transformation that requires changes in the way scholars approach transnational families and long‐distance parenting.     

Shoplifters of the World Unite! Law and Culture in Financialized Times

The last two decades have seen significant growth and change in the character of the interactions between working-class households and financial markets. Individuals and households are bearing more and more of the risks that were once managed by governments and employers, and financial markets have developed a vast range of products to facilitate that risk transfer. This has put households at the centre of financial innovation, requiring the extension of regulation and consumer protection into a whole new suite of financial products and a project of financial literacy and advice. Along with this financial development and its associated regulatory demands has come a new cultural project of capital seeking to normalize the expanded integration of individuals and households into capital's frontiers of accumulation. The project invites and invokes new forms of subjectivity (and subjugation) on the part of households. The developmental project required of state regulatory regimes is increasingly articulating not just a discourse of financial literacy but subordination to the individualism and discipline implicit in financial calculation. Contrary to its conception as spontaneous and individualist, this is an intentional and universalizing project of producing and managing labour's financial risks. In the collective self-management of these risks, the household is now not just a site of risk absorption; it is a major source of investment products (and, therefore, at the frontier of accumulation). Increasingly also, in the name of financial stability, households – not just those reliant on state support – are becoming subjects of surveillance and administration in their internal financial functioning. It is these dual aspects of households as both consumers and producers of financial claims that give materiality to conceptual and historical claims about the financialization of everyday life.     

Climate riskscapes in world port cities: situating urban‐cosmopolitan risk communities via Ulrich Beck's comparative tactics

Building on empirical research into translocal connections among world port cities in addressing shared challenges of climate risk mitigation and adaptation, in this article I review two widespread tendencies in urban studies – methodological city‐ism and methodological globalism respectively – as a springboard for articulating a methodologically cosmopolitan alternative. This alternative, I argue, involves epistemological issues of how to interrogate ‘the urban’ as assemblages that constitutively draw together the near and the faraway, as well as more practical issues of mobile, multisited, and comparative urban research methods. Empirically, I compare the ways in which urban actors stage global climate risks on the waterfronts of four world cities – Hong Kong, Rotterdam, Yokohama and Copenhagen – to argue that such a comparative tactic of variable ‘riskscapes’ helps situate Ulrich Beck's notion of urban cosmopolitan risk communities more thoroughly into urban studies. In such ways, I suggest, Beck's methodological cosmopolitanism is germane to studying ongoing and far ranging transformation in world political geography, in which transurban networks, communities, and governance arrangements come to complement nation‐state centred institutions. Such conclusions must be tempered, however, by the deployment of Beck's equally strong impetus towards comparative attention to the varieties of second modernity; and doing so, I conclude, aligns well with ongoing transformations in urban studies itself.     

Two dynamics of globalization in the context of a sports mega-event: the case of UEFA EURO 2012 in Poland

ABSTRACT

The article uses the theoretical framework of Saskia Sassen’s two dynamics of globalization in order to analyse the relations between a nation-state and a non-state global actor when applying and preparing for a sports mega-event, namely UEFA Euro 2012 in Poland. The first dynamic of globalization is created by global institutions, organizations – such as global sport organizations, regimes, and processes. UEFA used the application process, and preparation, to confirm and consolidate its role as a global governor of an increasingly important area of globalization. The way Polish public institutions accommodated the UEFA requirements illustrates the second dynamic of globalization. The context of sports mega-events – ‘organized’ by global sports organizations and ‘hosted’ by nation-states – merges the two dynamics and makes it possible to emphasize the mechanisms involved in forming the new global order, defined by the complex interplay between the nation-state and non-state actors.