As we begin our study of economic theory, we'll also take a look at some current trends in the field. For more than a decade now, microfinancing has been revolutionizing markets in the developing world by breaking down barriers that often stand between the poor and the banks. This week, we'll look at Kiva, which combines concepts of Facebook and eBay to bring do-gooders a chance to include rising entrepenurs in the development world in their investment portfolios. Kiva uses social networking to connect interested investors to new businessmen and women in need of some capital to push their new ideas into the market.
With some impressive stats, including more than $100,000 in loans, a 98% payback rate, and work in 100+ countries, Kiva is giving meaning to the old adage, "Give a man a fish, he eats for a day; teach a man to fish, he eats for a lifetime."
You can click here to visit Kiva's website or here to visit the local microfinance institution, Apoyo Integral (El Salvador)'s website. Below, you'll find some videos clips featured in class.
A Fistful Of Dollars: The Story of a Kiva.org Loan from Kieran Ball on Vimeo.
