Introduction
The Nobel Peace Prize for 2006 was awarded to Muhammad Yunus and the Grameen bank for the expansion of microcredit. [1] As the Nobel committee said, “lasting peace cannot be achieved unless large population groups find ways in which to break out of poverty.” [2] Micro-credit is a way in which development can be stimulated in a matter that also serves to advance democracy and human rights. [3]
Microcredit is a topic that has been fairly underexplored in regards to business law. In this multipart essay, I will first introduce the foundations and workings of microcredit. Then, I will explore how microcredit can be applied to the poor in present day society in the United States and the barriers that stand in its way. A big constraint to the expansion of microcredit programs is the absence of a legal framework. However, before a comprehensive legal framework … Read the rest