To economists, the eradication of poverty has seldom meant more than a topic for abstract analysis. The reality is that even in the 21st century, many countries, let alone continental populations face deprivation of human needs such as food, clothing and shelter due to lack of financial resources.Poverty inevitably impedes on a society's ability to progress and prosper. Fortunately, a few economical solutions have been presented which offer financial help to the masses of the poor. One such example is Muhammad Yunus from Bangladesh.
The credentials and economic goals of Muhammad Yunus make him a suitable figure for discussion. He was born on June 28th , 1940 in the seaport city of Chittagong. His exceptional solutions to poverty reduction have come through his strong background in microeconomics. He received his BA and MA in Economics from Dhaka University in Bangladesh. Yunus currently holds a PhD in economics from Vanderbilt University in the United States. He prior work experience includes working as a member of the International Advisory Group for the Fourth World Conference on Women. He also served on the Global Commission of Women's health, the UN Export Group on Women and Finance and the Advisory Council for Sustainable Economic Development. He shortly taught at Chittagong University. He is also the recipient of the 2006 Nobel Peace prize for his work on social development and economic growth. His other awards include the King Hussein Humanitarian Leadership Award (2000), Volvo Environment Prize (2003), Nikkei Asia Prize for Regional and the Franklin D. Roosevelt Freedom Award (2006).
The major contribution by Muhammad Yunus in economic thinking was introduction of the principles of microfinance and microcredit. The term microfinance refers to financial services to poor and low-income clients while microcredit is the lending of small amounts of money at low interest to new businesses in the developing world. Yunus' visits to the...
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