The Economics of Microfinance by B. Armendariz & J. Morduch

We argue most societies follow an evolutionary path of development as they proceed from an undeveloped to developing to Newlv Industrialized Economv M E ) to. the last steo. an Indus- uia~ized'societ~, taking their earned'placi inrhe industri&;zed world. In particular, we use the examples of the Asian minidragons to provide support for our proposit~ons. We provide observations and recommendations for other countries who are likelv in the future to follow this evolutionary path.