Moving Money in a Borderless World
Monday, May 1, 2006
Raul Hinojosa has a revolutionary idea.
The poor don’t get poorer, as Karl Marx contended.
On the contrary, Hinojosa says, the poor have buying power, are open to technology and can help launch new businesses.
Entrepreneurs who understand this, he says, can help the poor, as well as themselves, get richer.
The 49-year-old professor of political economy at UCLA, says an example of this type of business is the money transfer industry.
He says many Americans don’t appreciate the economics of cash remittances. He says most think it merely involves poor immigrants working in the U.S. and sneaking dollars to their home countries.
Hinojosa says the truth is quite different.
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