The microcredit continuum: From 'smart economics' to holistic programming

The ability of microcredit programmes to empower womenremains highly contested, with studies alternatively cham-pioning their worth or denouncing their ineffectiveness.This article examines why there are such differences ofopinion as to the value of microcredit programming forwomen's empowerment. Through using a qualitative analy-sis of interviews and focus group discussions with self-helpgroup participants in West Bengal, this article shows thatcurrent microcredit programming varies widely. Resultsfrom this study show that there were different empower-ment outcomes for women based on which approach tomicrocredit was implemented. Results further indicate thatregardless of the model of programming employed,microcredit is no substitution for welfare or for the creationof employment.