Rotating credit associations are profoundly important institutions. They illustrate the ability of people to organize themselves democratically on a grass-roots level, and show that this impulse is cross-cultural. This is the clearest and most detailed description of how rotating credit associations work. The author’s best knowledge is of Indonesia, but he draws on well-researched comparisons with other regions, especially Africa. The analysis of structure, motives, and effects is very sharp. Basic reading in this area.
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