We Are Not Able to Live in the Sky

the seductive promise of microfinance

Mara Kardas-Nelson

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English

Scribe Publications
30 July 2024

Social classes; Social work; Development economics; Finance

A deeply reported work of journalism that explores the promises and perils of global microfinance, told through the eyes of those who work in small-scale lending and of women borrowers in Sierra Leone, West Africa.

There's a famous story about how microfinance started. In the mid-1970s, Muhammad Yunus, an American-trained Bangladeshi economist, met a poor female stoolmaker who needed money to expand her business. Yunus lent $27 to 42 women, hoping small credit would help them to pull themselves out of poverty. Soon, Yunus's Grameen Bank was born, and very small but often high-interest loans for poor people took off. In 2006, Yunus and the Grameen Bank won the Nobel Peace Prize for their work on anti-poverty lending.

But there's a problem with this story. There are mounting concerns that these small loans are as likely to bury poor people in debt as they are to pull them from poverty, with borrowers facing consequences such as jail time and forced land sales. Hundreds have even reportedly committed suicide.

What happened? Did microfinance take a wrong turn, or was microfinance flawed from the beginning?

We Are Not Able to Live in the Sky is a story about unintended consequences, blind optimism, and the decades-long ramifications of seemingly small policy choices, rooted in the stories of women borrowers in Sierra Leone. Mara Kardas-Nelson asks- What happens when a single, financially focused solution to global inequity ignores the real drivers of poverty? Who stands to benefit and, more importantly, who gets left behind?

' An

eye-opening debut expose ... Kardas-Nelson's crisp characterisations and novelistic storytelling bring clarity to a sprawling, shadowy history. The result is a devastating look at a disaster set into motion by misguided American policymakers.' -Publishers Weekly, starred review

'A keen examination of the rise and fall in popularity of the microfinance loan system ... This thoughtful deep dive into the world of microfinance is both educative and heartbreaking.' -Kirkus Reviews

'Through a dazzling, superbly paced combination of astute history and on-the-ground observation in Sierra Leone, West Africa, Mara Kardas-Nelson holds the claims of microfinance up to the light. I wish that every new idea touted as the solution to the world's problems had such a thoughtful and compassionate examination.' -Adam Hochschild, bestselling author of American Midnight and King Leopold's Ghost

By: Mara Kardas-Nelson
Imprint: Scribe Publications
Country of Publication: Australia
Dimensions: Height: 233mm, Width: 154mm, Spine: 34mm
Weight: 494g
ISBN: 9781761381386
ISBN 10: 1761381385
Pages: 400
Publication Date: 30 July 2024
Audience: General/trade , ELT Advanced
Format: Paperback
Publisher's Status: Forthcoming

Mara Kardas-Nelson is an independent journalist focusing on international development and inequality. Her award-winning work has appeared in The New York Times, The Nation, NPR, The Guardian, and elsewhere. Mara has spent years working in global health. Originally from the US, she has also lived in Canada, South Africa, and Sierra Leone.