From Poverty to Power Green, Oxfam 2008 - weman

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4 RISK AND VULNERABILITY FINANCEwill be forced to rent them at extortionate rates. The same goes for arickshaw driver without his own rickshaw or a seamstress without herown sewing machine. A family without a secure place to hold savingsmay store its wealth in much riskier investments such as livestock.Since the early 1970s a number of non-profit microfinanceorganisations have stepped into this gap, led by the most famous,Bangladesh’s Grameen Bank, whose founder Muhammad Yunus wasawarded the Nobel Peace Prize in 2006. The growth of microfinanceinstitutions has been spectacular, with the total number of borrowersrising from 13.5 million in 1997 to 113.3 million in 2004, of whomtwo-thirds were people living on less than $1 a day. The vast majorityof these people are in Asia, where over one-third of poor families haveaccess to microfinance. 27Although microfinance is generally equated with micro-credit(small loans), in many cases the availability of well-designed, safe, andaccessible savings products for poor people is just as important – if notmore so – in reducing poverty. The very poorest people are oftenunwilling to take the risk of a micro-credit loan, but are keen to savesmall amounts to reduce future vulnerability. Savings groups of 20 orso individuals provide one effective approach, lending to individualmembers of the group, with the interest going back to the group fundas well as the savings account of each member.A revolving savings andloan scheme of this type can earn members 20–40 per cent a year ontheir savings, as well as providing the benefits of a micro-creditscheme to those who take out loans. 28Other providers are developing ‘micro-insurance’ along the linesof micro-credit, charging from as little as 50 cents to insure anythingfrom television sets to burial costs. In India, the largest comprehensivecontributory social security scheme for informal economy workers isthe Integrated Social Security Programme set up by the Self EmployedWomen’s Association (SEWA) (see Part 3, page 162). SEWA’s programmeinsures more than 100,000 women workers and covers health insurance(including a maternity component), life insurance, and asset insurance. 29Micro-insurance providers often forego traditional documentationrequirements, sometimes selling life insurance to people who do notknow their date of birth. As with micro-credit, micro-insurance isincreasingly moving into the mainstream, attracting big players such221
FROM POVERTY TO POWERas the insurance multinational AIG. Insurance markets are saturatedin many rich countries and growth prospects are limited, so insurancecompanies are looking for long-term growth in emerging markets.More than four out of every five microfinance customers arewomen, often female heads of households, or elderly women, andusually grouped together into groups of three to six, who collectivelyguarantee loans. With loans, the result has been astonishingly highrepayment rates – Grameen claims that over 98 per cent of its loans arerepaid – making microfinance both self-sustaining and profitable.Although typically loans are in the order of $100, some are muchsmaller: Grameen Bank’s interest-free loans for urban beggars average$9, and include credit lines with local shops that allow items to bebought for resale, allowing beggars to upgrade to become street-sellers.The growing commercial interest in such ‘bottom-of-the-pyramid’ 30markets has seen the entrance of a number of large commercial banks,often in partnership with existing microfinance organisations, andthis has greatly increased the numbers of poor women with access tocredit and savings. The first private multinational microfinance bankis Procredit, founded in 1996 and backed by investment from theInternational Finance Corporation (IFC), the commercial arm of theWorld Bank. 31 Procredit has set up banks in 22 countries and has takenover institutions in four others.By 2008 it had 17,000 employees,€4.1bn($6bn) in assets, and an investment grade rating that allows it to raisemoney in the German bond market.Long-established commercial banks, such as Citigroup andStandard Chartered, are also getting in on the act, as are domesticbanks such as Indonesia’s Bank Rakyat Indonesia (BRI). The muchemulatedBRI converted itself in the 1970s from a failing state bankinto a microfinance institution and became one of the most profitablebanks in the country, with 32 million depositors and three millionborrowers. Still 70 per cent state-owned, BRI shows what effectivestate action can achieve in reducing vulnerability.Since as many as three billion people worldwide still do not haveaccess to financial services, there is plenty of room for expansion. InLatin America, the entry of commercial banks appears to have freedup microfinance NGOs to go in search of even poorer people, andtheir average loan sizes have shrunk. 32 New trends in microfinance222
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OXFAM INTERNATIONALOxfam Internatio
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First published by Oxfam Internatio
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PART 4 RISK AND VULNERABILITY 197Li
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LIST OF ACRONYMSAIDSARTARVASEANAUCA
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ACKNOWLEDGEMENTSThe word ‘editor
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FOREWORDGeorge Bernard Shaw argued
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FOREWORDThis book, which I hope wil
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PART ONE
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1 INTRODUCTION THE UNEQUAL WORLDEnd
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1 INTRODUCTION THE UNEQUAL WORLDExt
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1 INTRODUCTION THE UNEQUAL WORLDPOV
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1 INTRODUCTION THE UNEQUAL WORLDSuc
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1 INTRODUCTION THE UNEQUAL WORLDACT
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1 INTRODUCTION THE UNEQUAL WORLDpeo
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1 INTRODUCTION THE UNEQUAL WORLDcom
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PART TWOThe political roots of deve
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2 POWER AND POLITICS THE POLITICAL
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2 POWER AND POLITICS THE POLITICAL
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I HAVE RIGHTS, THEREFORE I AMThe hi
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2 POWER AND POLITICS I HAVE RIGHTS,
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FROM POVERTY TO POWERThe attitudes
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FROM POVERTY TO POWERJain: ‘A man
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FROM POVERTY TO POWERI READ, THEREF
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FROM POVERTY TO POWEREven where pub
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FROM POVERTY TO POWERplayed a pivot
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FROM POVERTY TO POWERDespite some p
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FROM POVERTY TO POWERof sub-Saharan
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FROM POVERTY TO POWERIn water servi
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FROM POVERTY TO POWERI SURF, THEREF
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FROM POVERTY TO POWERDespite the hy
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FROM POVERTY TO POWERresearch effor
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FROM POVERTY TO POWERWE ORGANISE, T
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FROM POVERTY TO POWERreinforce disc
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FROM POVERTY TO POWERThe bedrock of
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FROM POVERTY TO POWERwith imperviou
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FROM POVERTY TO POWERgovernments an
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FROM POVERTY TO POWERCASE STUDYand
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FROM POVERTY TO POWERI OWN, THEREFO
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FROM POVERTY TO POWER‘breathe lif
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FROM POVERTY TO POWERLAND REFORM‘
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FROM POVERTY TO POWERled to the cou
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FROM POVERTY TO POWERthese things.
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FROM POVERTY TO POWERwhile Benin an
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FROM POVERTY TO POWERWhere flawed d
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FROM POVERTY TO POWERstarted to att
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FROM POVERTY TO POWERI STEAL, THERE
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FROM POVERTY TO POWERTHE CURSE OF W
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FROM POVERTY TO POWERI RULE, THEREF
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FROM POVERTY TO POWERthe turn of th
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FROM POVERTY TO POWERBOX 2.2ARE EFF
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FROM POVERTY TO POWER‘embedded au
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FROM POVERTY TO POWERIn the face of
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FROM POVERTY TO POWERcost incurred
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FROM POVERTY TO POWERIn the Horn of
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FROM POVERTY TO POWERFROM POVERTY T
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FROM POVERTY TO POWER106
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FROM POVERTY TO POWERAN ECONOMICS F
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FROM POVERTY TO POWERpicture it off
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FROM POVERTY TO POWERthe work of wo
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FROM POVERTY TO POWERWhile the envi
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FROM POVERTY TO POWERcan be broaden
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FROM POVERTY TO POWERbut are largel
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FROM POVERTY TO POWERaltogether. Ru
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FROM POVERTY TO POWERFIGURE 3.2: MO
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FROM POVERTY TO POWERin their relat
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FROM POVERTY TO POWERliving from lo
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FROM POVERTY TO POWERenvironments.
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FROM POVERTY TO POWERthem farming o
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FROM POVERTY TO POWERThe jury is al
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FROM POVERTY TO POWERor credit to i
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FROM POVERTY TO POWERplanned mill.
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FROM POVERTY TO POWERto begin with.
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FROM POVERTY TO POWERprogrammes (SA
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FROM POVERTY TO POWERfertilisers to
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FROM POVERTY TO POWERDomestic and r
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FROM POVERTY TO POWERHOW CHANGE HAP
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FROM POVERTY TO POWERTHE CHANGING W
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FROM POVERTY TO POWERThe nature of
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FROM POVERTY TO POWERNOBODY’S FOR
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FROM POVERTY TO POWERFordist mass p
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FROM POVERTY TO POWERand Palau have
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FROM POVERTY TO POWERA similar situ
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FROM POVERTY TO POWERMany unions ha
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FROM POVERTY TO POWERBOX 3.5INDIA
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FROM POVERTY TO POWERrather than di
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FROM POVERTY TO POWEROne trade agre
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FROM POVERTY TO POWERPRIVATE SECTOR
Page 187 and 188: FROM POVERTY TO POWERothers see the
Page 189 and 190: FROM POVERTY TO POWERlocal producer
Page 191 and 192: FROM POVERTY TO POWERWhile China’
Page 193 and 194: FROM POVERTY TO POWERcountries rock
Page 195 and 196: FROM POVERTY TO POWERLocal NGOs and
Page 197 and 198: FROM POVERTY TO POWERbetter off eve
Page 199 and 200: FROM POVERTY TO POWERTwenty years o
Page 201 and 202: FROM POVERTY TO POWERcompanies (for
Page 203 and 204: FROM POVERTY TO POWERhigh- and midd
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Page 209 and 210: FROM POVERTY TO POWERHOW CHANGE HAP
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Page 213 and 214: FROM POVERTY TO POWERseason, or whe
Page 215 and 216: FROM POVERTY TO POWERLIVING WITH RI
Page 217 and 218: FROM POVERTY TO POWERInsecurity and
Page 219 and 220: FROM POVERTY TO POWERand withstand
Page 221 and 222: FROM POVERTY TO POWERcomprehensive
Page 223 and 224: FROM POVERTY TO POWERFIGURE 4.2: CA
Page 225 and 226: FROM POVERTY TO POWER(although deli
Page 227 and 228: FROM POVERTY TO POWERfailure, notab
Page 229 and 230: FROM POVERTY TO POWERhave a dignifi
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Page 233 and 234: FROM POVERTY TO POWERWhile more exp
Page 235 and 236: FROM POVERTY TO POWERCASE STUDYtwo
Page 237: FROM POVERTY TO POWERFINANCE AND VU
Page 241 and 242: FROM POVERTY TO POWERHUNGER AND FAM
Page 243 and 244: FROM POVERTY TO POWERfirewood for s
Page 245 and 246: FROM POVERTY TO POWERthe 1973 droug
Page 247 and 248: FROM POVERTY TO POWERA human securi
Page 249 and 250: FROM POVERTY TO POWERof the Black D
Page 251 and 252: FROM POVERTY TO POWEREveryone has a
Page 253 and 254: FROM POVERTY TO POWERstate-of-the-a
Page 255 and 256: FROM POVERTY TO POWER24-hour advice
Page 257 and 258: FROM POVERTY TO POWERTherefore when
Page 259 and 260: FROM POVERTY TO POWERHOW CHANGE HAP
Page 261 and 262: FROM POVERTY TO POWERgovernment to
Page 263 and 264: FROM POVERTY TO POWERwhether in the
Page 265 and 266: FROM POVERTY TO POWERIn regions pro
Page 267 and 268: FROM POVERTY TO POWERThe key to suc
Page 269 and 270: FROM POVERTY TO POWERBOX 4.5:CUBA V
Page 271 and 272: FROM POVERTY TO POWERdisaster-drive
Page 273 and 274: FROM POVERTY TO POWERIn enhancing h
Page 275 and 276: FROM POVERTY TO POWERhigher confide
Page 277 and 278: FROM POVERTY TO POWERIn Africa’s
Page 279 and 280: FROM POVERTY TO POWERtheir source:
Page 281 and 282: FROM POVERTY TO POWERcommunity and
Page 283 and 284: FROM POVERTY TO POWERfrom this have
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Page 287 and 288: FROM POVERTY TO POWERLike Australia
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FROM POVERTY TO POWERA positive fut
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FROM POVERTY TO POWERcome out all s
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FROM POVERTY TO POWERareas or among
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FROM POVERTY TO POWERToday, though
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FROM POVERTY TO POWERinferior on th
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FROM POVERTY TO POWERreplaced the t
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FROM POVERTY TO POWERCourt, for exa
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FROM POVERTY TO POWERSHOCKS AND CHA
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FROM POVERTY TO POWERMajor changes
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FROM POVERTY TO POWERpassed from be
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FROM POVERTY TO POWERWHO RULES THE
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FROM POVERTY TO POWERPowerful state
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FROM POVERTY TO POWERThroughout the
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FROM POVERTY TO POWERinflationary p
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FROM POVERTY TO POWERWhen critics r
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FROM POVERTY TO POWERFund now both
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FROM POVERTY TO POWERbecome more pr
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FROM POVERTY TO POWERcrisis consist
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FROM POVERTY TO POWER- rather than
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FROM POVERTY TO POWERhis call the f
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FROM POVERTY TO POWER• Sudden inf
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FROM POVERTY TO POWERthe USA is cur
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FROM POVERTY TO POWERto reduce the
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THE INTERNATIONAL TRADING SYSTEMTRA
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FROM POVERTY TO POWERPatents: Intel
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FROM POVERTY TO POWERdumping on wor
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FROM POVERTY TO POWERMost alarming
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FROM POVERTY TO POWERprotectionism
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FROM POVERTY TO POWERThe vast major
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FROM POVERTY TO POWERPrices for som
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FROM POVERTY TO POWER• Establish
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FROM POVERTY TO POWERborder, or at
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FROM POVERTY TO POWERBOX 5.1MIGRANT
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FROM POVERTY TO POWERnumber of‘fr
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FROM POVERTY TO POWERFor example, q
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FROM POVERTY TO POWERMotivated by a
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FROM POVERTY TO POWERIn the Uruguay
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FROM POVERTY TO POWERlong-term deve
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FROM POVERTY TO POWERimportance in
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FROM POVERTY TO POWERUN Global Comp
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FROM POVERTY TO POWERThe drivers of
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FROM POVERTY TO POWERMore broadly,
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FROM POVERTY TO POWERWhatever the m
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FROM POVERTY TO POWERThe heightened
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FROM POVERTY TO POWERThe aid optimi
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FROM POVERTY TO POWERThe aid optimi
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FROM POVERTY TO POWERand 2006/07, f
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FROM POVERTY TO POWERgovernment dow
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FROM POVERTY TO POWERpractice, but
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FROM POVERTY TO POWERWithholding ai
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FROM POVERTY TO POWER1950s and 1960
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FROM POVERTY TO POWERchanged. Simil
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FROM POVERTY TO POWERremain in the
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FROM POVERTY TO POWERand the UN pro
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FROM POVERTY TO POWERA decade on, t
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FROM POVERTY TO POWERCASE STUDYFebr
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FROM POVERTY TO POWERTHE INTERNATIO
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FROM POVERTY TO POWERThe humanitari
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FROM POVERTY TO POWERThe wrong kind
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FROM POVERTY TO POWERlead agencies
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FROM POVERTY TO POWERgovernment in
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FROM POVERTY TO POWERThe only probl
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FROM POVERTY TO POWERopportunity is
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FROM POVERTY TO POWERREFUGEESPeople
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FROM POVERTY TO POWERWest African S
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FROM POVERTY TO POWERdrivers of con
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FROM POVERTY TO POWERCASE STUDYgrou
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FROM POVERTY TO POWERCLIMATE CHANGE
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FROM POVERTY TO POWERwithout heavy
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FROM POVERTY TO POWERunless the wor
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FROM POVERTY TO POWERcap the aspira
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FROM POVERTY TO POWERreduce the qua
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FROM POVERTY TO POWERThe CDM is bes
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FROM POVERTY TO POWERAccused variou
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FROM POVERTY TO POWERemissions by 8
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FROM POVERTY TO POWERBangladesh and
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FROM POVERTY TO POWERGLOBAL GOVERNA
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FROM POVERTY TO POWERNew Zealand wa
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FROM POVERTY TO POWERA NEW DEAL FOR
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FROM POVERTY TO POWER430
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FROM POVERTY TO POWERHOW CHANGE HAP
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FROM POVERTY TO POWERHow change hap
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FROM POVERTY TO POWER• Family str
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FROM POVERTY TO POWERTHE DYNAMICS O
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FROM POVERTY TO POWERseeking change
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FROM POVERTY TO POWERWithin many de
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FROM POVERTY TO POWERSecond, becaus
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FROM POVERTY TO POWER15 For a more
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FROM POVERTY TO POWER41 WaterAid (2
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FROM POVERTY TO POWER121 UNDP (2007
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FROM POVERTY TO POWER46 R. Offenhei
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FROM POVERTY TO POWER106 M. Rama (2
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FROM POVERTY TO POWER172 P. Chaudhr
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FROM POVERTY TO POWER37 FAO (2007).
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FROM POVERTY TO POWER94 IPCC (2007)
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FROM POVERTY TO POWER155 UN OCHA (2
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FROM POVERTY TO POWER34 UN (2006)
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FROM POVERTY TO POWER101 M. Chen (2
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FROM POVERTY TO POWER168 D. Rodrik
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FROM POVERTY TO POWER215 UN Framewo
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FROM POVERTY TO POWERBIBLIOGRAPHYAc
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FROM POVERTY TO POWERBoko, M., I. N
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FROM POVERTY TO POWERCiconello, A.
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FROM POVERTY TO POWERDFID (2005)
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FROM POVERTY TO POWERGaleano, E. (1
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FROM POVERTY TO POWERHopkins Leishe
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FROM POVERTY TO POWERKeynes, J.M. (
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FROM POVERTY TO POWERMoran, T. (200
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FROM POVERTY TO POWEROxfam Intermó
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FROM POVERTY TO POWERRama, M. (2003
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FROM POVERTY TO POWERStockbridge, M
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FROM POVERTY TO POWERUNESCO (2007)
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FROM POVERTY TO POWERWorld Bank (20
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FROM POVERTY TO POWEROxfam Australi
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FROM POVERTY TO POWERGLOSSARYAccoun
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FROM POVERTY TO POWEREffective stat
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FROM POVERTY TO POWERNeoclassicalec
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FROM POVERTY TO POWERINDEXPage numb
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FROM POVERTY TO POWERfinancial inst
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FROM POVERTY TO POWER303, 304, 305,
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FROM POVERTY TO POWERgrowth 114, 18
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FROM POVERTY TO POWERIndia:access t
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FROM POVERTY TO POWERJapan:climate
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FROM POVERTY TO POWERPacific region
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FROM POVERTY TO POWERtransnational
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FROM POVERTY TO POWER241; human sec
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