Creating a World Without Poverty : Social Business and the Future of Capitalism
Creating a World Without Poverty : Social Business and the Future of Capitalism
Muhammad Yunus, a native of Bangladesh, was educated at Dhaka University and studied economics at Vanderbilt University, USA. In 1972 he became head of the economics department at Chittagong University. He is the founder and managing director of Grameen Bank, a pioneer of microcredit, an economic movement that has helped lift millions of families around the world out of poverty. Yunus and Grameen Bank are winners of the 2006 Nobel Peace Prize.
Economics professor Yunus claims he "originally became involved in the poverty issue not as a policy-maker, scholar, or researcher, but because poverty was all around me." With these words he stopped teaching "elegant theories" and began lending small amounts of money, $40 or less, without collateral, to the poorest women in the world. Thirty-three years later, the Grameen Bank has helped seven million people live better lives building businesses to serve the poor. The bank is solidly profitable, with a 98.6 percent repayment rate. It inspired the micro-credit movement, which has helped 100 million of the poorest people in the world escape poverty and earned Yunus (Banker to the Poor) a Nobel Peace prize. This volume efficiently recounts the story of microcredit, then discusses "Social Business," organizations designed to help people while turning profits. French food giant Danone's partnership to market yogurt in Bangladesh is described in detail, along with 25 other businesses that operate under the Grameen banner. Infused with entrepreneurial spirit and the excitement of a worthy challenge, this book is the opposite of pessimistic recitals of intractable poverty's horrors. (Jan.) Copyright 2007 Reed Business Information.
A"An inspiring volume, full of practical information for people who are motivated to try out his ideas.A" Business Week
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