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CHAPTER 36 Economic Growth in Developing and Transitional Economies
Economic Development: Sources and Strategies
Strategies for Economic Development
Microfinance: A New Idea
In the mid 1970s, Muhammad Yunus, a young
Bangladeshi economist created the Grameen
Bank in Bangladesh.
Microfinance is the practice of lending very small
amounts of money, with no collateral, and
accepting very small savings deposits. It is aimed
at introducing entrepreneurs in the poorest parts of
the developing world to the capital market.
Relative to traditional bank loans, microfinance
loans are much smaller, repayment begins very
quickly, and the vast majority of the loans are
made to women (who, in many cases, have been
underserved by mainstream banks).
© 2009 Pearson Education, Inc. Publishing as Prentice Hall Principles of Economics 9e by Case, Fair and Oster
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