Professor Yunus at Chittagong University, as an economics professor first realized these options when he became involved in fighting poverty during a 1974 famine in Bangladesh. He revealed that very small loans could make a significant difference to a poor person. According to a public attended interview, given in Thousand Oaks California in February 2010, his first loan of 27 dollars was from his own pocket, which he lent to women in Chittagong village. This loan helped women start a small business. Therefore, the concept of micro lending was coined because of these minor loans. Now more than thirty years later, the Grameen bank which was established by Professor Yunus has around 6.6 million borrowers at present, of which, “97% are women” (Yunus). This concept of micro financing has inspired a transformational movement that translated his vision into practical action for millions of workers in more than 100 countries.
Many Bangladeshi w...
... middle of paper ...
...er to achieve social benefit and reduce poverty, governments also play a huge part. Governments should set strong, strict guidelines to allow companies start businesses in the developing nations, or else this will add onto the gap of the wealthy and poor. Examples of government intervention may include imposing high corporate taxes, and setting conditions on prices the companies’ charge on their commodities. As a result, micro lending, social business and government intervention can be connected together to bring to an end in world poverty.
Shah, Anup. “Poverty Facts and Stats.” Global Issues. N.p., 22 Mar. 2009. Web. 03 Mar. 2010.
Yunus, Mohammed. Interview by David Comden, Thousand Oaks, California. 26 Feb. 2010. Live
Yunus, Mohammed. “Social Business.” Yunus Center. N.p., 25 December 2007. Web. 2 March 2010
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