Credit is not a right

John Gershman, Jonathan Morduch

Research output: Chapter in Book/Report/Conference proceedingChapter

Abstract

Every poor person must be allowed a fair chance to improve his/her economic condition. This can be easily done by ensuring his/her right to credit. If the existing financial institutions fail to ensure that right, it is the obligation of the state and the world community to help find alternative financial institutions which will guarantee this fundamental human right. This is basic for the economic emancipation of the poor, in general, and poor women, in particular. – Muhammad Yunus (1986) Muhammad Yunus, the winner of the 2006 Nobel Peace Prize, is the most visible leader of the global movement to provide microcredit to world's poor. Microcredit refers to small loans, usually made to poor women with the aim of supporting their businesses. Yunus urges that we add a right to such credit to the list of human rights. We argue that, on empirical grounds, the case for doing so is weak. The notion of “credit as a human right” flows from the argument that if we are concerned with universal access to food, shelter, and health, then we should also be committed to providing access to the tools that are most likely to deliver those basic elements of life. The idea that access to adequate food, shelter, and health are basic human rights was put forward as Article 25(1) of the Universal Declaration of Human Rights, adopted by the United Nations in December 1948 and codified in international treaty law in the International Covenant on Economic, Social, and Cultural Rights, as well as other treaties and human rights mechanisms. Yunus's argument depends on an empirical assertion. Microcredit advocates argue that when credit is directed toward the poor in developing countries, especially women, the access to capital allows them to expand small, informal-sector businesses.

Original languageEnglish (US)
Title of host publicationMicrofinance, Rights and Global Justice
PublisherCambridge University Press
Pages14-26
Number of pages13
ISBN (Electronic)9781316275634
ISBN (Print)9781107110977
DOIs
StatePublished - Jan 1 2015

Fingerprint

credit
human rights
food
economics
informal sector
international agreement
emancipation
health
treaty
loan
guarantee
obligation
UNO
peace
developing country
leader
human being
Law
community

ASJC Scopus subject areas

  • Social Sciences(all)

Cite this

Gershman, J., & Morduch, J. (2015). Credit is not a right. In Microfinance, Rights and Global Justice (pp. 14-26). Cambridge University Press. https://doi.org/10.1017/CBO9781316275634.002

Credit is not a right. / Gershman, John; Morduch, Jonathan.

Microfinance, Rights and Global Justice. Cambridge University Press, 2015. p. 14-26.

Research output: Chapter in Book/Report/Conference proceedingChapter

Gershman, J & Morduch, J 2015, Credit is not a right. in Microfinance, Rights and Global Justice. Cambridge University Press, pp. 14-26. https://doi.org/10.1017/CBO9781316275634.002
Gershman J, Morduch J. Credit is not a right. In Microfinance, Rights and Global Justice. Cambridge University Press. 2015. p. 14-26 https://doi.org/10.1017/CBO9781316275634.002
Gershman, John ; Morduch, Jonathan. / Credit is not a right. Microfinance, Rights and Global Justice. Cambridge University Press, 2015. pp. 14-26
@inbook{b382bd2e5b0d4833bbf8847b1baca16a,
title = "Credit is not a right",
abstract = "Every poor person must be allowed a fair chance to improve his/her economic condition. This can be easily done by ensuring his/her right to credit. If the existing financial institutions fail to ensure that right, it is the obligation of the state and the world community to help find alternative financial institutions which will guarantee this fundamental human right. This is basic for the economic emancipation of the poor, in general, and poor women, in particular. – Muhammad Yunus (1986) Muhammad Yunus, the winner of the 2006 Nobel Peace Prize, is the most visible leader of the global movement to provide microcredit to world's poor. Microcredit refers to small loans, usually made to poor women with the aim of supporting their businesses. Yunus urges that we add a right to such credit to the list of human rights. We argue that, on empirical grounds, the case for doing so is weak. The notion of “credit as a human right” flows from the argument that if we are concerned with universal access to food, shelter, and health, then we should also be committed to providing access to the tools that are most likely to deliver those basic elements of life. The idea that access to adequate food, shelter, and health are basic human rights was put forward as Article 25(1) of the Universal Declaration of Human Rights, adopted by the United Nations in December 1948 and codified in international treaty law in the International Covenant on Economic, Social, and Cultural Rights, as well as other treaties and human rights mechanisms. Yunus's argument depends on an empirical assertion. Microcredit advocates argue that when credit is directed toward the poor in developing countries, especially women, the access to capital allows them to expand small, informal-sector businesses.",
author = "John Gershman and Jonathan Morduch",
year = "2015",
month = "1",
day = "1",
doi = "10.1017/CBO9781316275634.002",
language = "English (US)",
isbn = "9781107110977",
pages = "14--26",
booktitle = "Microfinance, Rights and Global Justice",
publisher = "Cambridge University Press",
address = "United Kingdom",

}

TY - CHAP

T1 - Credit is not a right

AU - Gershman, John

AU - Morduch, Jonathan

PY - 2015/1/1

Y1 - 2015/1/1

N2 - Every poor person must be allowed a fair chance to improve his/her economic condition. This can be easily done by ensuring his/her right to credit. If the existing financial institutions fail to ensure that right, it is the obligation of the state and the world community to help find alternative financial institutions which will guarantee this fundamental human right. This is basic for the economic emancipation of the poor, in general, and poor women, in particular. – Muhammad Yunus (1986) Muhammad Yunus, the winner of the 2006 Nobel Peace Prize, is the most visible leader of the global movement to provide microcredit to world's poor. Microcredit refers to small loans, usually made to poor women with the aim of supporting their businesses. Yunus urges that we add a right to such credit to the list of human rights. We argue that, on empirical grounds, the case for doing so is weak. The notion of “credit as a human right” flows from the argument that if we are concerned with universal access to food, shelter, and health, then we should also be committed to providing access to the tools that are most likely to deliver those basic elements of life. The idea that access to adequate food, shelter, and health are basic human rights was put forward as Article 25(1) of the Universal Declaration of Human Rights, adopted by the United Nations in December 1948 and codified in international treaty law in the International Covenant on Economic, Social, and Cultural Rights, as well as other treaties and human rights mechanisms. Yunus's argument depends on an empirical assertion. Microcredit advocates argue that when credit is directed toward the poor in developing countries, especially women, the access to capital allows them to expand small, informal-sector businesses.

AB - Every poor person must be allowed a fair chance to improve his/her economic condition. This can be easily done by ensuring his/her right to credit. If the existing financial institutions fail to ensure that right, it is the obligation of the state and the world community to help find alternative financial institutions which will guarantee this fundamental human right. This is basic for the economic emancipation of the poor, in general, and poor women, in particular. – Muhammad Yunus (1986) Muhammad Yunus, the winner of the 2006 Nobel Peace Prize, is the most visible leader of the global movement to provide microcredit to world's poor. Microcredit refers to small loans, usually made to poor women with the aim of supporting their businesses. Yunus urges that we add a right to such credit to the list of human rights. We argue that, on empirical grounds, the case for doing so is weak. The notion of “credit as a human right” flows from the argument that if we are concerned with universal access to food, shelter, and health, then we should also be committed to providing access to the tools that are most likely to deliver those basic elements of life. The idea that access to adequate food, shelter, and health are basic human rights was put forward as Article 25(1) of the Universal Declaration of Human Rights, adopted by the United Nations in December 1948 and codified in international treaty law in the International Covenant on Economic, Social, and Cultural Rights, as well as other treaties and human rights mechanisms. Yunus's argument depends on an empirical assertion. Microcredit advocates argue that when credit is directed toward the poor in developing countries, especially women, the access to capital allows them to expand small, informal-sector businesses.

UR - http://www.scopus.com/inward/record.url?scp=84954229446&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=84954229446&partnerID=8YFLogxK

U2 - 10.1017/CBO9781316275634.002

DO - 10.1017/CBO9781316275634.002

M3 - Chapter

SN - 9781107110977

SP - 14

EP - 26

BT - Microfinance, Rights and Global Justice

PB - Cambridge University Press

ER -