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Co-optation, Cooperation or Competition? Microfinance and the new left in Bolivia, Ecuador and Nicaragua

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  • Florent Bédécarrats
  • Johan Bastiaensen
  • François Doligez

Abstract

The past decade has been marked by the resurgence of leftist political movements across Latin America. The rise of the ‘new left’ masks the ambivalent relationships these movements have with broader society, and their struggle to find an alternative to the prevailing development model. Filling the void left by failed public banks, the microfinance sector has grown significantly across the continent in an increasingly commercial form. Analysis of Nicaragua, Ecuador and Bolivia reveals that their new governments share a common distrust of microfinance. Yet, in the absence of viable alternatives for financial service provision, governments and microfinance stakeholders are forced to coexist. The environment in which they do so varies greatly, depending on local political and institutional factors. Some common trends can nevertheless be discerned. Paradoxically, the sector seems to be polarised into two competing approaches which reinforce the most commercially oriented institutions on the one hand, and the most subsidised on the other, gradually eliminating the economically viable microfinance institutions which have tried to strike a balance between social objectives and the market.

Suggested Citation

  • Florent Bédécarrats & Johan Bastiaensen & François Doligez, 2012. "Co-optation, Cooperation or Competition? Microfinance and the new left in Bolivia, Ecuador and Nicaragua," Third World Quarterly, Taylor & Francis Journals, vol. 33(1), pages 143-160.
    • Handle: RePEc:taf:ctwqxx:v:33:y:2012:i:1:p:143-160
    DOI: 10.1080/01436597.2012.627245
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    Cited by:

    1. Mongi Lassoued, 2021. "Control of corruption, microfinance, and income inequality in MENA countries: evidence from panel data," SN Business & Economics, Springer, vol. 1(7), pages 1-19, July.
    2. Florent Bédécarrats & Cécile Lapenu, 2013. "Assessing Microfinance: Striking the Balance Between Social Utility and Financial Performance," Palgrave Macmillan Books, in: Jean-Pierre Gueyie & Ronny Manos & Jacob Yaron (ed.), Microfinance in Developing Countries, chapter 4, pages 62-82, Palgrave Macmillan.
    3. Harmincova, Zuzana & Janda, Karel, 2014. "Microfinance around the world – regional SWOT analysis," MPRA Paper 58171, University Library of Munich, Germany.
    4. Gul, Ferdinand A. & Podder, Jyotirmoy & Shahriar, Abu Zafar M., 2017. "Performance of Microfinance Institutions: Does Government Ideology Matter?," World Development, Elsevier, vol. 100(C), pages 1-15.
    5. de Jong, Abe & Shahriar, Abu Zafar & Shazia, Farhan, 2022. "Reaching out to the unbanked: The role of political ideology in financial inclusion," Journal of International Money and Finance, Elsevier, vol. 126(C).
    6. Arvind Ashta & Chandralekha Ghosh & Samapti Guha & Frank Lentz, 2021. "Knowledge in Microsocial Milieus: the Case of Microfinance Practices Among Women in India," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 12(1), pages 146-165, March.

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