Microcredit was once universally lauded in international development community circles as a 'magic bullet'. Using the example of South Africa, this paper shows that microcredit has actually been an 'anti-developmental' local financial model, and one of the most calamitous financial sector...

One of the central claims of the new generation of neoliberal economists that emerged in the 1960s, especially in the USA, was that market-driven private sector financial institutions were by far the most effective at intermediating capital into the most productive uses (Friedman, 1962; McKinnon,...