The Underside of Microfinance: Performance Indicators and Informal Debt in Cambodia

Microfinance is a dominant strategy used to promote rural development around the world. Rather than directly track its impact on borrowers, however, microfinance institutions rely on indicators of financial performance adopted from commercial banking as proxies for positive social impact. Yet, as critical research has shown, the industry depends on coercive peer pressure, social shaming and various forms of gendered exploitation to achieve its high rates of loan repayment. This article maintains that there is a need to investigate how the microfinance industry's own indicators of impact contribute to the ways microfinance can harm borrowers. Based on qualitative research in Cambodia during 2021 and 2022, the article demonstrates how financial performance indicators, most notably portfolio quality, both hide and exacerbate the ways that borrowers juggle debt between formal and informal lenders. In making this argument, the article advances critical scholarship on microfinance by showing how microfinance repayment structures debt-juggling practices in ways that put borrowers at greater risk of over-indebtedness. As a result, the microfinance industry is able to claim that it successfully helps to alleviate poverty, even as it accumulates profits by appropriating wealth from poor and low-income households across the global South.     

Ask and Tell: Gay Veterans, Identity, and Oral History on a Civil Rights Frontier

In 1993 the "don't ask, don't tell" policy legislated the silenceof gay and lesbian soldiers on active duty and in the reserves.This silence about gays in the military has led to a collectiveamnesia about the patriotic service and courageous sacrificesof homosexual troops. If we forget that gay and lesbian Americanshave served their country, then we as a nation are much lesslikely to view them as full citizens, deserving of civil rightsand equal protection of the law. Oral history provides one wayto break this silence, to "ask and tell" about the militarycareers of gay and lesbian soldiers and to allow these veteransto speak for themselves about the current military policy. Basedon more than fifty interviews with gay and lesbian veterans,this article chronicles the evolution of military policy regardinghomosexuality since World War II, and it explores the intersectionof veterans' identities based on race, sexuality, and militaryservice. As these interviews illustrate, gays and lesbians haveserved honorably in the military during times of war and peace.Far from undermining unit cohesion or morale, these troops havestrengthened America's armed forces. Interviews with gay andlesbian veterans provide an opportunity to explore several themesunderlying the debate about homosexuality and military service:1) the relationship between racism and homophobia in the military;2) varying attitudes about military service within gay communities;3) contrasting experiences of gay men and lesbians in the military;and 4) the evolving nature of gay veterans' identities.     

Precarious Debt: Microfinance Subjects and Intergenerational Dependency in Cambodia

This paper tells a story of debt within a rural Cambodian family in order to understand how microfinance produces more‐than‐individual financial subjects that are entangled in changing social relations of dependency. We draw upon 20 months of joint ethnographic research in Cambodia, where the microfinance industry is one of the largest per capita in the world. Informed by Judith Butler's notions of precariousness and precarity, we argue that even in the context of deepening financialisation, people's lives remain dependent upon others, especially within families. We analyse how these family relations of dependency are reworked along generational lines and spatially stretched due to precarious economic conditions of indebtedness, household migration, and distant labour markets. We conclude that reframing financial subjectivity in terms of precariousness helps us to analyse the relationship between households and financial markets, as well as inform a critical politics of finance.