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Microcredit in Third World Economies: Rural Poverty in The Less Developed Economies - Essay Example

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An essay "Microcredit in Third World Economies: Rural Poverty in The Less Developed Economies" claims that coupled with the inefficient delivery of aid to the poor nations, has only increased corruption, high and persistent inflation and unemployment debts…
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Microcredit in Third World Economies: Rural Poverty in The Less Developed Economies
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Microcredit in Third World Economies: Rural Poverty in The Less Developed Economies

Download file to see previous pages... This paper is divided into two parts. Part one looks at the latest strategy, microcredit floated as a possible solution to ending rural poverty in Third World countries. Microcredit embodies the specific recognition that the lack of access to credit can be a limiting factor for significant numbers of the economically active poor. The second part seeks out a way through which the West can deliver aid effectively, efficiently and accountable to help combat rural poverty. Since the end of World War II, few countries have moved from underdeveloped to developed status with the exception of the Asian tiger economies. Though the reasons for this remain numerous and complex, Woller and Wordsworth (268) attribute a large portion of the blame to widespread macro development policy failure. In the past, it was believed that the best way to tackle poverty is through top-down, state-led development policies modeled on the experience of the Western industrial nations. These policies favored large-scale industrialization and concentration of economic power on elite groups. To make matters worse the international aid community reinforced the ills of these policies by pouring billions of dollars into numerous, and often dubious, large-scale state development projects (Woller and Wordsworth 268). Worse still, from the late 1960s, a rural alternative to the state-led modernization drive called the Green Revolution was initiated. The Green Revolution essentially forced Western agricultural practices on indigenous Third World peasant farmers, with many small family plots being expropriated by central governments and leased out to huge multinationals in the Europe and America. The end result of all these policies was uneven industrialization, high and persistent inflation and unemployment, endemic corruption, political repression and burdensome external and public sector debts (Woller and Wordsworth 269). ...Download file to see next pagesRead More
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