"Over the last 20 years, microfinance institutions have allowed significant increases in employment opportunities for the poor in developing countries. Additionally, a fair number of institutions have made financial self-sufficiency a priority in the quest to reduce poverty levels around the globe. Consequently, many individuals have questioned whether there is evidence supporting the positive effects microfinance allegedly has on individuals living in extreme poverty in African communities. In this article, we will discuss the notions of microfinance, review the contemporary research conducted on the impact of microfinance in Sub-Saharan Africa, and evaluate how certain issues with microfinance could be improved upon."download full publication
“We can no longer continue to make policies for ourselves, our countries, our region and our continent on the basis of whatever the westerners will give us. It will not work, it has not worked...Our responsibility is to charter a path which is about how we can develop our nations ourselves.”
“only a crisis – actual or perceived – produces real change. When that crisis occurs, the actions that are taken depend on the ideas that are lying around. That is our basic function: to develop alternatives to existing policies, to keep them alive until the politically impossible becomes the politically inevitable.”
“The society that puts equality before freedom will end up with neither. The society that puts freedom before equality will end up with a great measure of both.”
“Basic institutions that protect the liberty of individuals to pursue their own economic interests result in greater prosperity for the larger society.”
“...where effective competition can be created, it is a better way of guiding individualefforts than any other... regards competition as superior not only because it is in mostcircumstances the most efficient method known but even more because it is the only methodby which our activities can be adjusted to each other without coercive or arbitraryintervention of authority.”
"The fundamental cure for poverty is not money but knowledge."