Chapter 7

Stimulating Fiscal Vibrancy by Creating a New Economy—Brazil

Joaquim de Melo Neto is the founder of Banco Palmas, referred to as “the People's Bank.” It is Brazil's first community development bank. Using its own alternative currency (called “Palmas”) the bank operates within the community to stimulate growth and economic opportunity.

PICTURE YOURSELF APPLYING FOR A LOAN TO BUY A HOUSE JUST A few streets away from where you work. The bank's loan officers investigate your credit history, so they know there is a good chance that you will be able to repay. Soon you will live in a new house close to your place of business. You won't have to commute every day, so you can sell your car and save money by doing so. You can buy everything you ...

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