Bruce H. Yenawine's Benjamin Franklin and the Invention of Microfinance PDF

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By Bruce H. Yenawine

ISBN-10: 1848930348

ISBN-13: 9781848930346

In existence, Benjamin Franklin sought to control debt, set up credits, construct capital and advertise advantage. After demise, he persisted this paintings by way of leaving a codicil to his final will and testomony, bequeathing GBP2,000 to Boston and Philadelphia and to the commonwealths of Massachusetts and Pennsylvania with specific directions on how they need to make the most of the cash over the process the subsequent 200 years. Franklin meant that the cash be used to supply loans to younger married artisans to permit them to begin small companies and thereby advertise the next lifestyle and a powerful ethical neighborhood. even if the managers installed cost of the endowment didn't lend as successfully as Franklin had was hoping, the loans did reduction various small businessmen. with no totally understanding it, Franklin invented an idea that will come to fruition a few centuries later within the international microfinance flow. This research strains the advance of that concept and concurrently enlightens a ignored element of yank monetary background. Advocates of microfinance at the present time will locate a lot of curiosity during this examine, together with pitfalls to prevent and previous rules which could undergo resuscitation.

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Additional resources for Benjamin Franklin and the Invention of Microfinance (Financial History)

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32 Here Mathon criticizes Catholic France for holding on to outmoded beliefs that lending money at interest (usury) is unlawful and immoral. In the Téstament the coupling of university study with considerations of public economic policy describes the kind of academic interest that Franklin, Price and Mathon shared in ‘political arithmetic’. After the second hundred years, the second fifth must be used to establish an endowment fund that would distribute prizes for virtuous acts and distinguished scientific, literary, mathematical, agricultural, artistic and athletics accomplishments.

The trust scheme laid out in the 1789 codicil follows the same Franklin recipe for progress and prosperity that he designed for the new nation, based on his study of colonial American, English and French government. – 21 – 22 Benjamin Franklin and the Invention of Microfinance Franklin lived in France from 1778 until 1785 as the Minister Plenipotentiary of the United States. His primary diplomatic mission was to convince the French to provide covert financial and military aid to help America win its independence.

Franklin’s economic policies, articulated in essays and correspondences, were inspired by his long experience in public life as well as a comradeship with Price and other financial experts in France, England and America. 15 Drawing heavily on the economic theory of Sir William Petty, Franklin made the case for a paper currency necessary to provide sufficient money supply to enable growth in foreign and domestic trade. Franklin wrote the pamphlet in order to build popular support for legislation that authorized Pennsylvania to issue £30,000 in new bills of credit, similar to two currency acts passed by the Assembly in 1723, to provide loans to private individuals, collateralized by mortgages on property, at 5 per cent interest for sixteen years.

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Benjamin Franklin and the Invention of Microfinance (Financial History) by Bruce H. Yenawine


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