Creating a World without Poverty - Essay Example

Exploring microfinance was a worthwhile exercise, but it was never a model to be studied in the context of the American banking industry. In the light of the economic recession that continues to plague America, the idea of microfinance as the banking methodology that just might help a good number of today's jobless and financially distraught Americans does not sound so far-fetched. Despite the prevailing economic scarcity in America, however, a lot of questions arise concerning the applicability of microfinance in the country.

It is not enough that there is a growing number of poverty-stricken cities at this time; microfinance cannot be offered to such places solely on the basis of the rising economic difficulties therein. There has to be a sufficient degree of compatibility between the Americans as clients and microfinance as a service. There has to be a sort of matching between what Americans need at this time and what microfinance can offer. The answer to these questions might come in handy as the country's economic leaders have been trying out one solution after another in search of one that would really work.

This topic would cover the possible micro-enterprises that Americans can get into using proceeds of microfinance loans, the identified sectors that microfinance can cater to, and, if applicable, the specific places in the country where microfinance can thrive and can benefit many. Prof. Yunus has said that while the government must do its part to alleviate the burgeoning economic problems of the citizens of a country, the government alone cannot do all that there is to be done (Yunus 9). There is so much to be accomplished at this time when numerous problems have to be solved.

The private sector must help the government in its efforts to send aid to the suffering members of society. Through it all, microfinance can be an avenue to economic improvement.