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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.
- Sales Rank: #35805 in Books
- Published on: 2008-01-08
- Released on: 2008-01-08
- Original language: English
- Number of items: 1
- Dimensions: 8.30" h x .71" w x 5.60" l, .70 pounds
- Binding: Paperback
- 273 pages
Review
"�Yunus's ideas have already had a great impact on the Third World, and hearing his appeal for a poverty-free world from the source itself can be as stirring as that all-American myth of bootstrap success."
About the Author
Muhammad Yunus was born in 1940 in Chittagong, a seaport in Bangladesh. The third of fourteen children, five of whom died in infancy, he was educated at Dhaka University and was awarded a Fulbright scholarship to study economics at Vanderbilt University. In 1972 he became the head of the economics department at Chittagong University. He is the founder and managing director of the Grameen Bank.
Most helpful customer reviews
2 of 2 people found the following review helpful.
Detailed and fascinating
By Piers C.
This book is part autobiography, part history of the the Grameen Bank, and part reflection on microcredit lessons learned and plans for the future. The book was originally publised in 1997 and revised in 1999 and 2003.
The early chapters cover the author's childhood in Chittagong, his Fulbright scholarship for a Ph.D. at Vanderbilt and his return to Bangladesh following its war for independence. Bored with government work Yunus quit to run the economics department at Chittagong University, situated in the coutryside where the famine and poverty was impossible to ignore. Following experiments with funding irrigation the author turned his attention to the landless poor who were trapped in a cycle of dependency on local moneylenders. Meeting a bamboo stool maker became a pivotal moment, realizing she needed only 22 cents to escape an exploitative arrangement with a trader, and that forty-two people in the same village could be helped for a total of less than $27.
Thus was born Yunus's dream of a bank to help the poor. After months of struggling with orthodox bureaucracies he started a pilot project with the help of students providing one year loans to groups of five borrowers - many of them women - following indoctrination in responsibility and self-reliance. Interest was set at 20%pa with weekly repayments over the course of a year, repayment rates were over 98%. Over the next few years the Grameen Bank expanded into neighboring villages and districts gaining members and managers, and support of first the Central Bank of Bangladesh, and then international institutions including the Ford Foundation. In the 1980s and 1990s the bank expanded rapidly across the country, loaning to over two million members and diversifying into loans for shelters, fisheries, exports and telecommunications. The author is particularly proud that the Bank is now fully independent, owned by its members, and profitable despite the frequent natural catastrophes that afflict Bangladesh. The bank has become a poster child for social entrepreneurship, bypassing government and seeking to eliminate poverty in Bangladesh through its self help principles while making a modest profit. As such it offers a new vision of capitalism, subject to the dicipline of assigning resources efficiently, but without seeking to maximize profits at the expense of everything else.
Positive publicity has helped spread micro-credit to Malaysia and the Phillipines and elsewhere around the world: the Grameen Trust with the support of the World Bank has helped establish projects in 27 countries that had made loans to over a million people as of 2002. There have even been efforts in the US, including the Good Faith Fund in Arkansas backed by then Governor Clinton and the Full Circle Fund in Chicago, but welfare regulations in the US and Europe complicate matters considerably. There are now plans to reach the world's poorest 100 million families with micro-credit and to eliminate poverty altogether.
0 of 0 people found the following review helpful.
A free-market manifesto
By M. Heiss
I do not know what Hillary Clinton and Jimmy Carter's endorsements are doing on this book. Muhammad Yunus is the next best thing to Milton Friedman. He's a lot wordier than Uncle Milton, though.
Muhammad Yunus is responsible for a revolutionary approach to poverty eradification: skip the world bank, bypass the UN, abolish the welfare state, and loan the money directly to poor people. Unsecured. No collateral. People know what they need to survive and thrive. Often it is as little as $125 dollars for a tin roof for their shack, so they can continue weaving or grinding grain for sale during the 5-month rainy season. That $125 may be the only thing keeping a family from desperate, filthy poverty. It may bring about their dignified self-sufficiency. But governments and banking traditions get in the way of poverty alleviation and perpetuate the misery.
Grameen bank has partnered with poor people worldwide to help them pull themselves out of poverty through individual initiative. Tiny bits of money to the best tamale maker so he can buy a cart and sell his tamales through town. Tiny bits of money so women can buy grain to grind for profit. Tiny bits of money that do not pass through the hands of bureaucrats or corrupt governments. Microcredit unleashes human potential.
Beginning at page 185, Yunus explores the reality of the welfare state in developed countries: the disincentives for work; the imprisonment of the poor at the bottom; and the tenacity of welfare programs, blocking innovation. Slowly, he describes people turning away from reliance on government. In real life, the taxes taken from rich people do not help the poor. They help the government employees in the bureaucracies. Helping the poor means those bureaucrats are out of a job. Page 204 is a rallying cry for government to get out of the way of individual enterprise. The private sector, unlike the government, is open to everyone.
Loaded with examples of people who have succeeded with micro loans, this book is a winner. Yunus was raised and trained in a marxist/Communist mentality (pp 203-220), but you can tell he is trying to shrug it off. He hasn't found the words yet for what he believes. He still has a hard time admitting capitalism is a benefit to humanity, but he concedes that free markets are very natural and wholesome, and indeed, the only solution for wiping out poverty.
To the extent that we continue to rely on governments for social programs, we will fail the poor.
Exciting to read!
1 of 1 people found the following review helpful.
Innovative, hopeful, and thought-provoking
By R. Davis
There's no question that in most of the world, poor people are left out of the money cycle. Since the really poor don't have anything of value (the thinking goes), how can we trust them with anything? Why loan them money? How on earth would they pay? We'd be foolish to believe they would. Also, what would a person with no means actually do with a loan? They certainly don't need that kind of money.
Mohammad Yunus and his creation, the Grameen (Village) Bank, contradict this traditional banker thinking. This book gives a history of Professor Yunus himself and tells the story of how he came to create and grow the bank that eventually won a Nobel Prize for its microcredit programs aimed at exceptionally poor people, especially women. I found the early chapters, about Yunus' personal life growing up in eastern Pakistan, his time in the US, and his return to a newly formed Bangladesh interesting. They provide an appropriate background for his later work in the village near the university where he taught economics, beginning with the first loan he made himself - $27 to 42 people!
I found it quite an easy read, although it is outside my own field of expertise. I appreciated the pace up to the last couple of chapters, which seemed to come bowling at me with enormous speed (though maybe that's on purpose given the organization's seeming explosive growth in the 1990s and beyond). I would have been interested to also read about how a typical loan actually gets used and repaid - it's difficult for me to imagine what a borrower's balance sheet might look like that she would be able to put the full amount to work immediately and still be able to make a payment in 1 week. How much return would you really see on a goat or whatever in the first week? I just don't know. I also found myself questioning the seeming need for loan after loan after loan - I'm not convinced that this is completely a good thing, but it wasn't dealt with at much length in the book so I don't know how typical that is or what it really indicates. The last chapter, dealing with the future of the bank and Yunus' desire for a parallel economic system based not on profit but on social progress seemed a little weird to me, but I'm not an economist. It seems like more trouble to re-invent the wheel than to put the car we already have on another path.
One thing I found especially compelling is Yunus' development of specific measurable outcomes and goals for his bank's members. The bank's Decisions are interesting in that they seem to have been agreed on by the members themselves, not driven from above. I also appreciated his list of indicators to assess poverty level - although this was somewhat glossed over in the text, these measurable outcomes are applicable to any on-the-ground assessment of functional poverty or non-poverty. If this was the only thing in there, it would still be worthwhile. Read this book. Whether you agree wholeheartedly, scoff openly, or something in between, you'll find it thought provoking.
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