As someone who specializes in the field, I’m always a little bit surprised when I discover how little my friends who don’t work in development know about microfinance. Some may argue that the question is irrelevant but, without trying to sound too Marxist, I would argue that it’s important to pay attention to what the middle and upper classes know and think because they determine the agenda of the media.
So what exactly does the urban middle class know about microfinance? Have they heard of Grameen style lending or of Self-Help Groups? And for those who are at least semi-aware of the phenomenon, what do they think about it? Do they think interest rate caps should be put in place? What do they see as the primary benefits (and negatives) of microfinance?
2 comments:
When I told my friends back in Washington, DC, that I was leaving to take a position in microfinance, about a third asked, "what's that?" Of the remaining two-thirds, almost everyone asked me, "is that the thing with that guy who won the Nobel Prize?" Most weren't exactly sure what "that thing" was but heard it was "pretty cool."
Generally, my friends back in DC are entry-to-mid-level professionals in the domestic policy community -- so they tend to be well-read, informed folk, though not with any specific interest in international issues. I would venture a guess to say that most of the American urban middle class knows even less about microfinance. However, if it's considered "cool" and trendy among the urban middle class, perhaps there will be more interest in the future.
People, at least in TN, know more about SHG and less (in fact, far less) about microfinance. Please dont ask which came first - microfinance or SHG, I dont know. But in TN, SHG has gained public knowledge as it has been very very highly politicised. I have a hunch that in the last assembly elections in TN, particularly in the rural areas, the victory was decided by which side the major SHGs were alligned with.
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