The story of a well-meaning American journalist who travels the poorest regions of the world in search of the human stories behind microfinance loans.
Having landed a plum assignment in 2008 for Forbes Traveler that entailed staying at the world’s most expensive hotels in Dubai and Singapore, among other places, Harris (Who Hates Whom, 2007, etc.) returned deeply moved by the plight of the migrant workers he witnessed offstage, who had toiled to build the pleasure palaces of the rich. Resolved to do something to help alleviate the world’s enormous disparity of wealth, the author was intrigued by microfinance, the lending of small amounts to the working poor in the developing world, first formulated by Nobel winners Muhammad Yunus and Grameen Bank. Unlike charity, microfinance institutions like Kiva.org actually motivate people to change their lives, leading to better education, investment in capital equipment and acquisition of real estate. After hearing a talk by soft-spoken Kiva president Premal Shah, Harris sunk his $20,000 Forbes pay into 5,000-plus Kiva loans in approximately $25 increments that went to small, family enterprises from Peru to Cambodia. He then followed up by actually visiting clients and finding out how the money was spent and whether it did any good in helping bring people out of entrenched poverty. Harris embarked on an extraordinary journey, braving dengue fever, among other hazards. He visited a husband-and-wife furniture-making team in war-torn Sarajevo whose business sends their kids to school; a Rwandan single mother who used her loans to set up a thriving convenience store in her town; and the proprietor of an early-education center on Chicago’s North Side.
In an engaging, fully transparent, upbeat narrative, with chockablock footnotes and resources, Harris presents the MFI case very persuasively.Pub Date: March 5, 2013
ISBN: 978-0802777515
Page Count: 384
Publisher: Walker
Review Posted Online: Dec. 17, 2012
Kirkus Reviews Issue: Jan. 1, 2013
Categories: BUSINESS | CURRENT EVENTS & SOCIAL ISSUES
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BOOK REVIEW
A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.
The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.Pub Date: Nov. 1, 2011
ISBN: 978-0-374-27563-1
Page Count: 512
Publisher: Farrar, Straus and Giroux
Review Posted Online: Sept. 4, 2011
Kirkus Reviews Issue: Sept. 15, 2011
Categories: BUSINESS | LEADERSHIP, MANAGEMENT & COMMUNICATION | PSYCHOLOGY
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BOOK REVIEW
“Quality of life means more than just consumption”: Two MIT economists urge that a smarter, more politically aware economics be brought to bear on social issues.
It’s no secret, write Banerjee and Duflo (co-authors: Poor Economics: A Radical Rethinking of the Way To Fight Global Poverty, 2011), that “we seem to have fallen on hard times.” Immigration, trade, inequality, and taxation problems present themselves daily, and they seem to be intractable. Economics can be put to use in figuring out these big-issue questions. Data can be adduced, for example, to answer the question of whether immigration tends to suppress wages. The answer: “There is no evidence low-skilled migration to rich countries drives wage and employment down for the natives.” In fact, it opens up opportunities for those natives by freeing them to look for better work. The problem becomes thornier when it comes to the matter of free trade; as the authors observe, “left-behind people live in left-behind places,” which explains why regional poverty descended on Appalachia when so many manufacturing jobs left for China in the age of globalism, leaving behind not just left-behind people but also people ripe for exploitation by nationalist politicians. The authors add, interestingly, that the same thing occurred in parts of Germany, Spain, and Norway that fell victim to the “China shock.” In what they call a “slightly technical aside,” they build a case for addressing trade issues not with trade wars but with consumption taxes: “It makes no sense to ask agricultural workers to lose their jobs just so steelworkers can keep theirs, which is what tariffs accomplish.” Policymakers might want to consider such counsel, especially when it is coupled with the observation that free trade benefits workers in poor countries but punishes workers in rich ones.
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.Pub Date: Nov. 12, 2019
ISBN: 978-1-61039-950-0
Page Count: 432
Publisher: PublicAffairs
Review Posted Online: Aug. 29, 2019
Kirkus Reviews Issue: Sept. 15, 2019
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