Banker to the Poor
Banker to the Poor: The Autobiography of Muhammad Yunus
Author: Muhammad Yunus
Copyright: 2003
Introduction
Banker to the Poor narrates the life of Muhammad Yunus and his conception of the micro-lending institution, Grameen Bank, to provide help to the poor. Yunus had a dream of providing help the poor to be able to help themselves. He believes that if the poor can receive financial help in the form of very small loans and are taught some basic principles of financial management, they will learn to act responsibly and become self-sufficient. Yunus begins to develop this system in 1976 when he meets forty-two women in a small village that make bamboo stools. These women are in need of financial support to purchase raw materials so he loans them $27 of his own money. The women of this village take full advantage of his generosity and put his money to good use to develop a simple yet healthy business from this small loan. On the basis of this experiment, Yunus begins to expand his theories and develops a program, micro-lending, to help wipe out poverty in developing nations. As a result of the social and economic impact of their work, both Yunus and Grameen Bank received the Nobel Peace Prize in 2006. The overall purpose of this book is a platform for Yunus to share his personal success
story against poverty in this autobiography. Yunus explains the ineffectiveness of charitable donations when compared to micro-lending as he believes credit is a basic human right and that hand-outs only "increases their misery, robs them of incentive and, more important, of self-respect." (Yanus, p. 205) The success of the Grameen Bank in Bangladesh and elsewhere raises some interesting philosophical questions: 1-Should poverty be eliminated in the context of a capitalist economic system or 2-is a socialist solution required? Yunus is aware of these differences and disputes that we should put emphasis on a social-consciousness driven private sector.
Who is Mohammed Yunus?
Author: Muhammad Yunus
Copyright: 2003
Introduction
Banker to the Poor narrates the life of Muhammad Yunus and his conception of the micro-lending institution, Grameen Bank, to provide help to the poor. Yunus had a dream of providing help the poor to be able to help themselves. He believes that if the poor can receive financial help in the form of very small loans and are taught some basic principles of financial management, they will learn to act responsibly and become self-sufficient. Yunus begins to develop this system in 1976 when he meets forty-two women in a small village that make bamboo stools. These women are in need of financial support to purchase raw materials so he loans them $27 of his own money. The women of this village take full advantage of his generosity and put his money to good use to develop a simple yet healthy business from this small loan. On the basis of this experiment, Yunus begins to expand his theories and develops a program, micro-lending, to help wipe out poverty in developing nations. As a result of the social and economic impact of their work, both Yunus and Grameen Bank received the Nobel Peace Prize in 2006. The overall purpose of this book is a platform for Yunus to share his personal success
story against poverty in this autobiography. Yunus explains the ineffectiveness of charitable donations when compared to micro-lending as he believes credit is a basic human right and that hand-outs only "increases their misery, robs them of incentive and, more important, of self-respect." (Yanus, p. 205) The success of the Grameen Bank in Bangladesh and elsewhere raises some interesting philosophical questions: 1-Should poverty be eliminated in the context of a capitalist economic system or 2-is a socialist solution required? Yunus is aware of these differences and disputes that we should put emphasis on a social-consciousness driven private sector.
Who is Mohammed Yunus?
Bibliography: Communications, G. (2014, November 2). Grameen Trust. Retrieved November 28, 2014, from Grameen Communications: http://www.grameentrust.org/ Yanus, M. (2003). Banker to the Poor. In M. Yanus, & A. Jolis, Banker to the Poor (p. 273). New York: PublicAffairs.