Even when the economy was roaring along, far too many Americans lacked the savings and support to respond to an unexpected loss of income. The COVID-19 crisis has thrown that fragility into stark relief.
Income and wealth inequality in the U.S. has become a topic of widespread concern and discussion. A recent panel of Yale SOM alumnae posited that action from the federal government is unlikely. But the panelists found reason for hope in examples of the public, private, and nonprofit sectors collaborating to address the nation’s wealth gap.
A loan might allow you to buy a bike to commute to a new job or to nurse your business through an unexpected setback. But billions of people around the world have little or no access to financial markets. Microfinance is one potential solution to this dilemma.