Nobel Peace Prize winner Dr. Muhammad Yunus who founded the Grameen Bank in Bangladesh made microcredit famous.
In his latest book Creating a World without Poverty, Dr. Yunus advocates social business for entrepreneurs and credit without collateral for lending institutions.
Bankers could thus begin to practise ‘usury-free banking’ so that their enterprise can become a ’social business’ a la Yunus.
Entrepreneurs can start a social business to influence the future of capitalism, for as Dr. Yunus says: governments are notoriously slow and institutions have failed us in terms of alleviating poverty and delivering ‘development’.
Together, we may even address the greatest of all challenges Beyond Terror: climate change, competition over resources, marginalisation of the majority world, global militarisation.
2 responses so far ↓
Peter James // December 15, 2008 at 10:17 pm |
Dr. Yunus’ micro lending system is based on usury and high usury at that with borrowers paying 30% APR and more per year.
Every micro lending entity I know of is based on usury and therefore inherently evil.
Look at the abouve web site which we hope to have running shortly. There are zero interest and fees to the borrower.
I am slo issuing a local currency in Maryland that is based on interest free loans as a means of issuance.
Sabine McNeill // December 17, 2008 at 8:43 pm |
Dear Peter,
I’m glad you point out that ‘mathematically unsound’ principle that I’m going on about all the time, too. See our petition “Stop the Cash Crumble to Equalize the Credit Crunch” on http://tinyurl.com/666rwd
However, I read “Creating a World without Poverty” and wouldn’t want to criticise Grameen activities because of a principle that doesn’t really matter as long as Grameen operates within a system of a currency that is ‘issued and supplied’ beyond the control of the bank.
Also, anybody who has helped so many people deserves admiration and support rather than criticism in my view.
Good luck with doing it better!!!