Blog #3


The article of "Economic Empowerment of Women as a Global Project" was very interesting to read. I did not know that there existed such a micro-loan for women in the third world countries. I think that is a really great idea and opportunity to help people and specially women. This program gives opportunity to women to start something and make a living and also support their family. They could open a small home owned business such as making poetry, making jewelry, growing vegetables and selling them to make some profit. However, there is a down side of this program - that women have to pay back the loan plus the interest added to it. Opening a small home owned business it is easy but hard to make profit out of it. Therefore, this makes it hard for the women to make such a great profit to be able to pay back the loan with interest, have set money aside to continue their little business and also have money to support their family with daily necessity food. In class on Wednesday we discussed that the banks which issue these loans make a higher profit than the women do. Is this right? Using poor people to became richer? I say no if we live in an ideal world. However we don't live in one. There exists poor people which do not have opportunities and will try everything to survive and there exist rich people that want to expand their wealth. Therefore using poor people to get richer is not right but we live in a world based on credit - borrow money today from people/firms that have it and return it back to them with interest. This is not fair but sometimes it is the only way to make the day go by and hope for a next day to come, that's why I think that the system of loans will always exist. And poor people will try to find a way to survive. Below, is a pictures, it shows that poor people trying to get what they to survive from people in power



I definitely agree with you about that down side of these loans. These women need something to help them get on their feet and with the pressure of not only having to pay back the loan, but to have to pay interest seems a little bit unfair. I feel like it would be such a challenge for them to really be able to have any type of success because they will just continue to owe more and more money.

I really love your picture that you uploaded. I think it comically represents the shift from microloans as an altruistic form of empowerment to yet another scam that allows the wealthy to take advantage of the poor and continually contribute to their own economic greed, instead of the original intent for the loans.

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This page contains a single entry by topuz001 published on October 14, 2012 11:07 PM.

Microcredit Loans was the previous entry in this blog.

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