Microloans are supposed to support individuals and strengthen communities. But as we learn in this book, microfinance can do more harm than good. Microloans can bury poor people in debt, allow borrowers to face jail time and forced land sales, and has led to hundreds of sui*ides. And this financial option doesn't solve long-term problems like government crime, education, access to clean water, or family planning efforts. Likewise, "the campaign (in many cases) did not track whether poverty was reduced, or women empowered. It didn’t even track the details of the loans. Lenders did not have to report the interest rates they charged, whether they offered trainings to their borrowers, or the outcome of their borrowers’ businesses or overall welfare." As the book blurb states, this book addresses questions like, "What is missed with a single, financially-focused solution to global inequity that ignores the real drivers of poverty? Who stands to benefit and, more important, who gets left behind?"
I have always suspected that microfinance could be harmful as well as helpful. This book helps me understand the benefits and challenges. All the history was enlightening, but also a bit boring and redundant.
I also appreciated the personalized stories that gave a human face to the industry. However, every chapter tells a different story - either about a woman who's affected by microloans or details about the microfinance industry. The abrupt shifts disrupt the book's flow.

This book was a joy to read. I enjoyed the way the story flowed and I had a few moments that kind of made me question a few things. The characters were very interesting and I had smile quite a few times. I have mixed feelings overall about this book but I would still recommend it.

I spent several hours reading this book and was able to read about 80%. The premise of the book is fascinating. I remember how popular microfinance was a decade ago and I was eager to understand why it was no longer common. The book answers the question through several examples. However, I struggled to finish the book. A shorter, tighter edit would have been more effective.

Thank you to Metropolitan Books and NetGalley for an advanced reader copy of this book in exchange for an honest review.

Thank you to Net Galley and Henry Holt & Company for the ARC in exchange for my honest review. This was an interesting review of the history of microfinance and the pros and cons of how this has impacted people's lives and countries. Based on the deep research provided in this book, the result seem mixed and there have many that have taken advantage of this to make lots of money...which was so not the point. It seems that microfinance started out with good intentions but it has become a many-headed monster that has impacted poor people's lives for the worse. In the 2010s I worked for a company that was very supportive or Grameen and Kiva and I wonder what we really contributed to in the long run. The book was very long but definitely had alot of good information to ponder and consider.

I always thought micro financing was a charitable thing. I thought the interest was low or did not exist. Now I know different. It isn't all that different from my school loans which didn't get me anywhere and now I am more broke than I was before school.
Thanks for teaching me.

If you always thought, as I have, that micro financing is terrific, think again, This goes deep into reality-especially the impact of the high interest rates (who knew?). This is in many ways a dense academic book but it's leavened with anecdotes from those who have used it. Accordingly, this might appeal more to those with an interest in economics than the casual reader. Thanks to Netgalley for the ARC. Very informative.

Thanks to NetGalley and the publisher for the arc of this book.
This is a tough one. I want to like this. A lot of research went into this book, and we need to know what happened here--how microcredit became microfinancing became loansharking . . .
But this was a rough read. My husband mentioned it sounded more like dissertation, and in a way that's true. It read like a jam-packed, abundantly endnoted dissertation with a few short personal stories crammed in for human interest, or to make it more "mainstream" attractive. But the chapters, although containing so much information, and so many notes, were dense reading. I feel the story could have been streamlined and focused and the personal stories more integrated and specifically linked to the narrative of the story of microcredit. Instead it felt disjointed and only tangentially related.
I do applaud the detailed research and the dedication to telling this important story. I just fear it will be difficult for mainstream readers.

Extensively reported, this is everything you ever needed to know about Micro financing and the dangers it has brought to developing countries under the guise of help. Kardas-Nelson presents the history of the concept from the 70's when peace prize winning Muhammad Yunus American-trained Bangladeshi economist, created the programming based on the concept of small loans. Small loans can create large debt however and Mara Kardas Nelson illustrates these facts with a series of stories of women based in Sierra Leone, West Africa. This is a non fiction story that reads like a thriller and has completely changed my thinking. Please give it a read!
#henryholt #wearenotabletoliveinthesky #microfinance #marakardasnelson

The author exposes the inner workings of microcredit in poor countries, especially Sierra Leone.

I knew only a small amount about the topic before this book - I was definitely not aware that people were paying such high interest rates (in fact, I assumed these loans were low- or no-interest); they're frequently quoted as being over 100%, with at least one <i>effective</i> rate, after all is said and done, over 400%.

And then a study shows that many of these borrowers are poorer after taking out the loans than they were before. Is anyone really surprised?

The book itself felt somewhat disjointed and repetitive. The author includes narrative portions, profiling the lives of 3 different women in Sierra Leone whose lives have been affected by microloans, and I couldn't keep their stories straight, because the book kept bouncing between all of them.

I'm glad I read it, but I think this could have been a long article instead - at the very least, a much shorter book.

There was some brief, mild profanity, and God's name was misused at least once.

Thanks to the publisher for access to this book in exchange for a review. The author blends original reporting, economic analysis, and narrative non-fiction to assess the real impacts of microfinance on marginalized communities.

Fascinating look into the origins and inner workings of microfinance. The author mixes facts and statistics with real-life examples that the reader follows throughout the book. The details behind the scenes of microfinance lenders is eye-opening and thought-provoking, raising a lot of questions about whether these loans are truly improving the lives of the people they are meant to help.

Thanks, NetGalley, for the ARC.