ARC's 1st Law: As a "progressive" online discussion grows longer, the probability of a nefarious reference to Karl Rove approaches one

Monday, June 30, 2008

Micro-Credit

Many of the Progressive (socialist) persuasion find the history of Micro-credit to validate and support their view of an expansionist state. Why, I'll never know, since the Grameen Bank and similar institutions are private, for-profit enterprises, not government institutions, that rely on the same self-interest which is the driving force behind capitalism and free markets.

As Adam Smith said, "It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest."

These words are scorned by the Left, so I always found it surprising that the Left embraced the Grameen Bank and other micro-credit institutions which use free-market capitalism to improve the lives of the poor. They decry the profit motive, but it is the very profit motive that is liberating hundreds of thousands of micro-credit customers.

Well, it turns out that, despite (or perhaps because of) their success, micro-credit is now under fire from the self-serving Leftists.

The linked article above is a must read, along with the accompanying video discussion which provides a good synopsis.


Your Co-Conspirator,
ARC: St Wendeler

Comments (1)
Jason said...

What a sad philosophy. Sacrifice the well being of the poor at the holy altar of equality. It is somehow better that no one benefit in order to avoid someone becoming too rich with evil profits.