Shaping peripheral financial inclusion. Reaction and creation of microfinance in its relationship to capitalist crises
This article considers the pretext of microfinance in general, and the case of Peru in particular, to reflect on peripheral financialization as an incorporation dynamic in its relation to capitalist crises. Microfinance is positioned as a new component of finance-led capitalism that enables responses and reactions to crises of legitimacy and accumulation. Theoretical reflections on the remedies developed by capitalism to manage problems of exclusion and exhaustion of reservoirs of value are related to empirical manifestations in the field of fringe finance. The key ingredients in the implementation of the financial inclusion project—proactive management of poverty, insertion of informal economy in mainstream circuits, and creation of new channels for accumulation—are covered. The article’s conclusion deals with the relationship between the peripheral expansion of finance and the known and potential crises it provokes.