Microfinance refers to the financial services offered to the unbanked population of the world, particularly those surviving on less than $2 a day. With nearly 2.5 billion adults lacking access to financial services, microfinance has stepped in as a game-changing solution.

Let's journey back to 1974 where it all began, when Muhammad Yunus extended a small loan to women in Bangladesh. It was a monumental 'Eureka!' moment that led to the establishment of the Grameen Bank and a world-wide boom in organizations that provide microloans to the economically disadvantaged.

Picture this: A small farmer in a rural village borrows money to improve their farm, buy seeds and fertilizers, and prevent exploitation by loan sharks charging exorbitant interest rates. Often, these microfinance schemes focus on women, who are barred from owning land or borrowing money in some societies.

Still, not all is rosy in the world of microfinance. Critics raise concerns about higher interest rates compared to commercial banks (but still better than loan sharks!), misuse of loans for non-business purposes, and the possibility of the loans not being put to productive use if the recipient isn't an entrepreneur.

Real-World Example: Think of a small farmer in rural India. He can't access banks and can only borrow from local loan sharks at absurd interest rates. But, with microfinance, he gets a loan to buy improved seeds and fertilizers, leading to increased yield and income!

Fair trade can be viewed as trade with a heart, a socially, economically and environmentally responsible form of business. In fair trade, companies consider the wider impacts of their business, aiming to provide a fair deal for their suppliers, particularly those in economically challenged regions.

A prime example of fair trade is People Tree, a textile company that operates based on principles set out by the World Fair Trade Organization (WFTO). For every garment they make, they positively impact someone, somewhere. Using organic cotton, natural dyes, and promoting natural and organic farming, People Tree minimizes their environmental impact while helping marginalized communities.

Real-World Example: With every cool, organic People Tree t-shirt you buy, you're helping a cotton farmer in India earn a fair wage, contributing to environmental preservation, and promoting ethical fashion.

CSR refers to companies' efforts to assess and reduce the negative impacts of their activities on society and the environment. However, it's worth noting that while many companies might have a CSR policy, its implementation may vary widely.

An example here is McDonald’s, which announced its CSR goals for 2020, aiming for sustainable sourcing and increasing in-restaurant recycling among others.

But alas, CSR isn't foolproof. Remember the Rana Plaza disaster in Bangladesh in 2013? Despite the massive loss of lives, it led to a much-needed global focus on CSR, pushing companies to address worker safety and fair wages.

Real-World Example: After the Rana Plaza incident, brands like Primark and Gap stepped up their CSR game, improving safety and compensating affected workers. It's the dark side of the shiny, cheap fast fashion we love.