What was most attractive about microlending was what it was not, what it made unnecessary: any sort of collective action by poor people coming together in governments or unions. The international development community now knew that such institutions had no real role in human prosperity. Instead, we were to understand poverty in the familiar terms of entrepreneurship and individual merit, as though the hard work of millions of single, unconnected people—plus cell phones, bank accounts, and a little capital—was what was required to remedy the Third World’s vast problems. Millions of people would sell one another baskets they had made, or coal they had dug out of the trash heap, and suddenly they were entrepreneurs, racing to the top. The key to development was not doing something to limit the grasp of Western banks, in other words; it was extending Western banking methods to encompass every last individual on earth.

Thomas Frank, “Nor a Lender Be”