We Are Not Able to Live in the Sky

More about the book

This deeply reported work of journalism examines the promises and perils of microfinance through the experiences of international lenders and women borrowers in West Africa. In the mid-1970s, Muhammad Yunus, a Bangladeshi economist, made a pivotal move by lending $27 to a poor female stool maker to help her expand her business. This act marked the inception of microfinance, leading to the creation of Grameen Bank, which popularized the concept of small, high-interest loans for the impoverished. Yunus and Grameen Bank were awarded the Nobel Peace Prize in 2006 for their efforts to foster economic and social development from the ground up. However, the narrative surrounding microfinance is complicated. Concerns have emerged that these small loans may entrap borrowers in debt rather than alleviate poverty, with individuals in countries like India and Kenya facing severe repercussions, including jail time and forced land sales. Tragically, some have even taken their own lives as a result. Mara Kardas-Nelson’s exploration delves into the unintended consequences and blind optimism surrounding this financial model, focusing on the stories of women borrowers in Sierra Leone. Set against the backdrop of Yunus’s vision, the book questions the efficacy of a singular, financially driven approach to global inequity, highlighting who truly benefits and who is left behind in the quest to eradicate poverty.