Banker To The Poor: Micro-Lending and the Battle Against World Poverty

Banker To The Poor: Micro-Lending and the Battle Against World Poverty

Language: English

Pages: 273

ISBN: 1586481983

Format: PDF / Kindle (mobi) / ePub


Muhammad Yunus is that rare thing: a bona fide visionary. His dream is the total eradication of poverty from the world. In 1983, against the advice of banking and government officials, Yunus established Grameen, a bank devoted to providing the poorest of Bangladesh with minuscule loans. Grameen Bank, based on the belief that credit is a basic human right, not the privilege of a fortunate few, now provides over 2.5 billion dollars of micro-loans to more than two million families in rural Bangladesh. Ninety-four percent of Yunus's clients are women, and repayment rates are near 100 percent. Around the world, micro-lending programs inspired by Grameen are blossoming, with more than three hundred programs established in the United States alone.

Banker to the Poor is Muhammad Yunus's memoir of how he decided to change his life in order to help the world's poor. In it he traces the intellectual and spiritual journey that led him to fundamentally rethink the economic relationship between rich and poor, and the challenges he and his colleagues faced in founding Grameen. He also provides wise, hopeful guidance for anyone who would like to join him in "putting homelessness and destitution in a museum so that one day our children will visit it and ask how we could have allowed such a terrible thing to go on for so long." The definitive history of micro-credit direct from the man that conceived of it, Banker to the Poor is necessary and inspirational reading for anyone interested in economics, public policy, philanthropy, social history, and business.

Muhammad Yunus was born in Bangladesh and earned his Ph.D. in economics in the United States at Vanderbilt University, where he was deeply influenced by the civil rights movement. He still lives in Bangladesh, and travels widely around the world on behalf of Grameen Bank and the concept of micro-credit.

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Pakistan embassy, about the whereabouts of our leaders, and whether we had established a U.S.-based organization. We asked India to open its border to refugees, provide free access to Calcutta for expatriate Bangladeshis, and relax rules surrounding Indian visas for Bengalis with Pakistani passports. That night we had another exciting discussion about setting up a government. We slightly rearranged our earlier plan. It was decided that M. A. Hasan should leave immediately for Calcutta and

reasonable amount of time generate $100 million in hundred-dollar increments. We have come a long way from the days when we did not know whether Grameen could function outside of Bangladesh. Dozens of projects in countries with very different cultures, climates, and levels of development have shown how versatile our micro-credit methodology really is. We have tried our best to spread the word about the power of micro-credit and help people who want to start or expand their own projects

revolution.” On the right, the conservative Muslim clerics said we were out to destroy our culture and our religion. Wherever possible, I try to avoid grandiloquent philosophies and theories and “isms.” I take a pragmatic approach grounded in social considerations. In everything I do, I try to be practical. I rely on learning by doing, while making sure that I am moving toward achieving a social objective. I am not a capitalist in the simplistic left/right sense. But I do believe in the power

disaster, such as floods, fire, cyclones, riots, or earthquakes. But such temporary problems could be taken care of by market mechanisms through insurance and other self-paying programs—assisted, of course, by social-consciousness-driven enterprises. There will always be differences in lifestyle between people at the bottom of society and those at the top income levels. But those differences will exist only between the middle class and the luxury class, not the third and fourth classes of the

Negros Women for Tomorrow Foundation Norwegian credit programs and purdah practice rice industry and Women’s Self-Employment Project (WSEP) World Bank World Food Day Young, Patricia Yunus, Deena Afroz Yunus, Dula Mia Yunus, Mumtaz Yunus, Salam Zia, Begum Khaleda Muhammad Yunus was born in Chittagong, a seaport in Bangladesh. The third of fourteen children, he was educated at Dhaka University and was awarded a Fulbright scholarship to study economics at Vanderbilt

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