THE EFFICACY OF MICROFINANCE.PART 2

Many thanks to Malthus,for opening up the fundamental evils of overpopulation and the dearth of appropriate subsistence technology to avert this evil of malthusian trap.Almost during the same period of Malthusian lifetime,Lysander Spooner expounded the concept of microcredit,a unit of microfinance.In the same way,in which Malthus undermined or could not foresee the use and potential impact of contraception,initiated by neo malthusian like Richard Place,even though not much effective at curbing population growth,albeit a reduction,but the use of Spooner's concept of microcredit certainly will reduce death rate and skyrocketed birth rate.The same concept must have been utilised in spurring the industrial revolution peradventure its second's phase which coincided with Spooner's lifetime.It could be a far more effective phenomenon at growing human and economic welfare and wealth creation sustainably,beyond the disputation of western pundits alike.A good practice of sustainablecapacity building and economic growth