When our book, The Economics of Microfinance (MIT Press), came out in 2005 we got some pretty great feedback. Nobel Laureates were among its fans – Joseph Stiglitz said the book “brims with new evidence and provides fresh perspectives,” while Amartya Sen said it was a “splendid contribution” to the goal of using “critical economic reasoning  to understand why the [microfinance] movement is such a success and how its exact achievements can by assessed and scrutinized.”

Since then, the microfinance industry has evolved at a dramatic pace. So it only makes sense that the book must evolve along with it, to reflect these changes and continue to serve as a truly useful resource for helping students of international development, economics and finance understand the global expansion of financial markets in poor communities.

The second edition has been updated throughout to reflect the latest data, with new material on credit contracts, savings and insurance, gender, impact and governance. It includes a new chapter on
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