Microcredit and Social Business

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From Microcredit to Social Business: Towards Making Poverty History
Innovative ideas are not standstill, when ideas works they create attraction and developed gradually that microcredit did. In the process of advancement, idea continue to change, newer ideas emerge, sometimes it may outdo the original ideas and very different from the expectations (Mulgan, 2006, p. 154). In the course of time, Grameen Bank own by the ‘poorest of the poor’ who are mostly women becomes a giant that now has 31 different independent companies and organizations. Grameen microcredit idea work successfully and it leads towards a different idea, which is more ground-breaking than the original microcredit program. The idea is called ‘Social Business’. Grameen microcredit program was started for the motivation of social wellbeing. Yunus, the initiator of microcredit later developed the idea. The term social business refers a new kind of business that is intended to provide benefits to poor people or to serve society in different ways (Yunus, 2007). Yunus (2011, p. 125) defined it as a “non-loss, non-dividend company with a social objective”. Social business opens a new horizon of economic sustainability and frontier or crating a world without poverty. International development cooperation could get a new shape by developing social business throughout the world.
Social Business Re-Defining Capitalist System and out of Dependency Path of Development
Social business is a new horizon within the conventional capitalist global economic system of profit-maximization. In the capitalist system the prime objective of any business is profit maximization for individual gain, which Yunus denominated as half-told story of capitalism, and finds solution to the global po...

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...n Practices, Exorbitant Interest Rates, Mission Drift, Poor Governance Structure and More. In Daley-Harris, S., & Awimbo, A. (Eds.). New Pathways Out of Poverty. pp. 1-52. Virginia: Kumarian Press.
Yunus, M. (2007). Creating a world without poverty: Social business and the future of capitalism. Public AffairsStore.
Yunus, M. (2011). Social business and microfinancemicrocredit: building partnerships with corporations and other entities to speed the end of poverty. in In Daley-Harris, S., & Awimbo, A. (Eds.). New Pathways Out of Poverty. pp. 121-141. Virginia: Kumarian Press.
Yunus, M. (2011a). Building social business: The new kind of capitalism that serves humanity's most pressing needs. PublicAffairs Store.
Yunus, M., Moingeon, B., & Lehmann-Ortega, L. (2010). Building social business models: lessons from the Grameen experience. Long Range Planning,43(2), 308-325.

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