Đề thi VSTEP Full C1 — Axit hóa đại dương & Tài chính vi mô (round 2)

Today we'll examine the role of microfinance as an instrument of economic development. Microfinance refers to the provision of small-scale financial services — including loans, savings accounts, and insurance — to individuals who lack access to traditional banking systems. The concept gained international prominence in the 1970s through the work of economists such as Muhammad Yunus, who founded the Grameen Bank in Bangladesh. The underlying hypothesis is straightforward: by extending credit to impoverished entrepreneurs, particularly women, microfinance institutions can stimulate small business formation, reduce poverty, and empower marginalised communities. Proponents cite success stories in countries like Bangladesh, Bolivia, and Kenya, where millions of borrowers have reportedly lifted themselves out of extreme poverty. However, recent rigorous evaluations have produced more nuanced findings. Randomised controlled trials conducted across several countries suggest that while microfinance does increase household consumption and business investment modestly, its impact on extreme poverty is more limited than initially claimed. Critics also highlight concerns about high interest rates, over-indebtedness, and the commercialisation of poverty alleviation. The current scholarly consensus views microfinance as one valuable tool among many, rather than a panacea for global poverty.