Episode 2023: Mara Kardas-Nelson Reveals the Seductive Promise of Microfinance

The seductive promise of microfinance might have conveniently died in the Western media, but Muhammad Yunis’ alluring economic idea has actually wreaked unintentional havoc around the world. Mara Kardas-Nelson’s important new book, We Are Not Able to Live in the Sky, reveals the damage done by microfinance loans in developing world countries like Sierra Leone and Bangladesh because their predatory interest rates. As too often with supposedly democratizing “innovations” like microfinance or cryptocurrency, Kardas-Nelson reminds us, it’s poor people, particularly women, who ultimately get saddled with the techno-utopian bill.

Mara Kardas-Nelson is an independent journalist focusing on international development and inequality. Her award-winning work has been supported by the International Women’s Media Foundation, Investigative Editors and Reporters, the Richard J. Margolis Award and others and has appeared in the New York Times, the Nation, the Guardian, on NPR, and elsewhere. Mara has also spent years working in global health. Originally from the U.S., she has also lived in Canada, South Africa and Sierra Leone.

Named as one of the "100 most connected men" by GQ magazine, Andrew Keen is amongst the world's best known broadcasters and commentators. In addition to presenting KEEN ON, he is the host of the long-running How To Fix Democracy show. He is also the author of four prescient books about digital technology: CULT OF THE AMATEUR, DIGITAL VERTIGO, THE INTERNET IS NOT THE ANSWER and HOW TO FIX THE FUTURE. Andrew lives in San Francisco, is married to Cassandra Knight, Google's VP of Litigation & Discovery, and has two grown children.

Keen On is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit keenon.substack.com/subscribe