A lack of access to credit hinders economic progress from "summary" of Poor Economics by Abhijit Banerjee,Esther Duflo
Access to credit is a fundamental aspect of economic progress. Without the ability to borrow money, individuals and businesses are often unable to invest in their future. This lack of access to credit can act as a significant barrier to economic development, particularly for those living in poverty. In many cases, individuals may have innovative ideas or the desire to start a business, but without the necessary funds, these aspirations remain out of reach. Furthermore, without access to credit, individuals are often forced to rely on informal sources of financing, such as moneylenders who charge exorbitant interest rates. This can trap individuals and communities in a cycle of debt, making it difficult for ...
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