Recently finished reading Banker to the Poor: The Autobiography of Muhammad Yunus, Founder of Grameen Bank and told myself that I would definitely write a review of the book, because there is so much we can learn from an Economics Professor who went on to become the Father of Micro-Credit!!!(That's my own title giving ;-) ).. Thanks to my exposure to the development sector, definitely I knew what Micro Finance (as we call it in India) is all about but glad that I actually got to read the book at last!!!!
I was inspired and amazed at the simplicity of Yunus's concept, and appalled at the resistance he met putting it into action.
It started when he found that 42 villagers were being kept in thrall -- literally bonded slavery -- to moneylenders in one village. The total sum they owed was $27. Yunus put his hand into his own pocket, and the system of microcredit was born. THEN came the long, long, attempt to get other sponsors, government help, and a lot more.
By the end of the book they have branched out into cooperatives, health care, cell-phone providers, and the internet. As he says, no US businessman would even consider operating without a telephone.... but there is criticism that "The rural poor do not need the luxury of a telephone." But telephones help the micro-borrowers improve their businesses and find the best markets for their products. So Yunus's bank, Grameen, created GremeenPhone to provide service to villages. Some villages didn't have electricity, so they then created a nonprofit company dedicated to developing wind turbines, solar energy, etc! Just one example of Yunus's progressive thinking and nothing-is-too-tough attitude!
Not in the book, but it's inspiring to see how Yunus's idea has caught on in other parts of the world. There's even a US organization, Kiva, which allows people to extend loans over the Internet to individual small businesses in far-flung countries. This is an idea that has to grow.
Definitely, Yunus dreams of a world without poverty and the books gives you a feelin that it's very possible given that all the factors fall in place!!! But hell what the harm in dreamin!!!
Interesting I also came across an article which is pretty hard on Yunus but thought I'll share the same with you folks.. irrespective of the article which I'm sharin, definitely I recommend this as a must read book!!!
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6860170.ece
I was inspired and amazed at the simplicity of Yunus's concept, and appalled at the resistance he met putting it into action.
It started when he found that 42 villagers were being kept in thrall -- literally bonded slavery -- to moneylenders in one village. The total sum they owed was $27. Yunus put his hand into his own pocket, and the system of microcredit was born. THEN came the long, long, attempt to get other sponsors, government help, and a lot more.
By the end of the book they have branched out into cooperatives, health care, cell-phone providers, and the internet. As he says, no US businessman would even consider operating without a telephone.... but there is criticism that "The rural poor do not need the luxury of a telephone." But telephones help the micro-borrowers improve their businesses and find the best markets for their products. So Yunus's bank, Grameen, created GremeenPhone to provide service to villages. Some villages didn't have electricity, so they then created a nonprofit company dedicated to developing wind turbines, solar energy, etc! Just one example of Yunus's progressive thinking and nothing-is-too-tough attitude!
Not in the book, but it's inspiring to see how Yunus's idea has caught on in other parts of the world. There's even a US organization, Kiva, which allows people to extend loans over the Internet to individual small businesses in far-flung countries. This is an idea that has to grow.
Definitely, Yunus dreams of a world without poverty and the books gives you a feelin that it's very possible given that all the factors fall in place!!! But hell what the harm in dreamin!!!
Interesting I also came across an article which is pretty hard on Yunus but thought I'll share the same with you folks.. irrespective of the article which I'm sharin, definitely I recommend this as a must read book!!!
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6860170.ece
Posts
i was watching Ind-B'desh match where India was struggling to the somewht new team of b'desh (as compared to Indian cricket history) when i first saw the logo for grameen phone. Amused to see this peculiar name made me recollect this book. i read bout it smtime bk in newspaper. ABsolutely fanastic review Sals! From Micro finance to electricity to phones to cricket the way B'desh is moving its a REVOLUTION!!! i hope US is listening and trying to learn...infact whole world shud learn from this.
ReplyDeleteDid you know that ICICI and Bank of Madura are doing the same thing in India now. You should read the book The fortune of the bottom of the pyramid by CK Prahalad. You'll love that too. Its about how to eradicate poverty in a profitable way. ;-)..
ReplyDelete@ AasthaJi ;-)!!! Definitely there are critics too.. follow the link in the article.. you shall see the other side of the coin!!! but yeah no discountin!!! definitely a job well done!!!
ReplyDelete@Eva!!!!Thanks Eva.. haven't read the book but I'm kinda aware on the work done by ICICI but Bank of Madura is news to me.. also CKP is the one who came up with the concept of BOP (bottom of Pyramid).. shall ensure that I get myself the book gifted ;-)
I haven't read his book yet, but I should since Muhummad Yunus is doing such amazing work. As for the comment above, absolutely the US is listening. Dr. Yunus just started a bank in New York City. There’s a documentary about him that might interest you. http://www.tocatchadollar.com
ReplyDeleteThanks Sarah for your inputs!!! definitely shall check out the documentary and glad to hear that Dr. Yunus has started off something out there!!! Lets hope someday we all can eliminate poverty all together :-)
ReplyDelete