What is it about?
This paper considers how the background religious beliefs of a community might support the financial practices of that community. In this case how Hindu beliefs might support the spread of micro-finance in India. The paper describes an example of a successful micro-finance project, which is led by a priest in the Jain tradition of Hindu practice, to illustrate the thesis.
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Why is it important?
Since Max Weber first published 'The Protestant Ethic and the Spirit of Capitalism' in 1905, social scientists have been interested in the impact of the background religious beliefs of a community and its financial and economic practices. The important question is not, what do business leaders or bankers believe? Rather, how do the shared assumptions of the community help to shape the character of its financial and business institutions? This paper is a small contribution to the wider debate in social science, and one of the first that addresses this question in relation to micro-finance institutions.
Perspectives
Much of the published research on micro-finance concentrates on financial metrics and business models. This article suggests that researchers and practitioners should take account of the shared background beliefs of the community in which the micro-finance institution is operating. It makes the argument that values are important in assessing the character and success of the micro-finance institution.
Dr Mark Hannam
Institute of Philosophy
Read the Original
This page is a summary of: Hinduism and microcredit, The Journal of Management Development, September 2014, Emerald,
DOI: 10.1108/jmd-07-2013-0091.
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