Microcredit Meltdown

The Rise and Fall of South Sudan's Post-conflict Microcredit Sector

Inbunden, Engelska, 2018

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Established to help people jumpstart their lives and economy after over a half century of conflict, the South Sudanese microcredit sector collapsed in 2012, six years after its takeoff, to the detriment of some 80,000 participants. Microcredit Meltdown is an account of the ambitious launch and premature downfall of the Southern Sudanese microcredit industry.Through a mixed methods ethnographic approach, the book charts the state and non-state actors that embarked upon economic development after war, the assumptions built into microlending, and the impact of ideologies and social norms on economic practice. The text compares industry theories with the experiences of borrowers and finds that microcredit failed in South Sudan due to false assumptions that were inapplicable to this post-conflict environment. Yet the over promising and under-delivering commercial microcredit was not isolated to South Sudan or even post-conflict settings. The Juba microcredit story is an instance of the broader global shift toward the commercial microcredit model. Initiated to get badly needed capital into the hands of poor people, instead the focus became sustaining a lending program. The text shows how the ideological and material constraints of the commercial microcredit paradigm were woefully misaligned with local socio-cultural realities, and created the collapse in South Sudan.

Produktinformation

Utgivningsdatum2018-12-03
Mått157 x 239 x 21 mm
Vikt494 g
FormatInbunden
SpråkEngelska
Antal sidor270
FörlagBloomsbury Publishing Plc
ISBN9781498577380

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Chapter One: From a Galaxy Far, Far Away to the Souq: Tracing the Neoliberal TraditionChapter Two: Does Microcredit Work? The Limits of What We Know 73Chapter Three: I Can’t Exchange for Dollars but Will You Talk With Me?: Learning in a Different WayChapter Four: Blueprints And Architects: The Beginnings of South Sudan MicrocreditChapter Five: Cookie Cutters And Meeting People: The Role of Postwar Social Ties In Acquiring MicrocreditChapter Six: What’s Trust Got To Do With It? The Value Of Postwar Social Ties Within The Group Chapter Seven: Borrower Breakdowns: Diagnosing Postwar AilmentsChapter Eight: “They Think Food Grows On Trucks”: An Industry Diagnosis Chapter Nine: Autopsy: The Fall Of South Sudan's Microcredit SectorConclusion: Can We Learn From The Parable Of South Sudan?

This study of post-independence Juba, its depressed and challenged economy in post-war South Sudan, describes how people survive and how microcredit institutions can learn from this case. It argues that South Sudan is not the Grameen Bank’s Bangladesh and that there is no “cookie cutter” model for success in microcredit loans. It critiques neoliberal economics and is valuable for practitioners, addressing the controversy between lending to the ultra-poor or to marginally prosperous. In a social context where social ties are valued over borrower repayment and are weakened by hyperinflation and import dependence, the author concludes that microfinance is in need of accommodation to specific contexts. It argues that microfinance institutions are beholden to debt ratings, problematic metrics and external constraints from non-local lenders and calls for revisiting microfinance in post-conflict environments.

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