Grameen Bank founder wins Nobel Prize
Posted by Matt Dean on October 13th, 2006
Muhammad Yunus and the Grameen Bank he founded have won the Nobel Peace Prize. If you haven’t read Banker to the Poor: Micro-Lending and the Battle Against World Poverty then you may want to give it a shot—it’s a very worthwhile read.
Here’s a quote from an article about the prize:
The secretive five-member Norwegian Nobel Committee said the elimination of poverty was a path to peace and democracy.
“Across cultures and civilizations, Yunus and Grameen Bank have shown that even the poorest of the poor can work to bring about their own development,” it said in the award citation.
I particularly like the line “work to bring about their own development”. One of the reasons we are so passionate about the credit union industry is its potential to impact the negative US savings rate and help people reduce their dependence on the likes of “payday lenders.” The Grameen story is so powerful because it has significantly reduced poverty by helping its customers help themselves, not by providing a handout.
Financial responsibility can’t (and shouldn’t) be forced. But I think credit unions can do a lot more to encourage and facilitate good behavior. Our goal is to change this from “we wish” to “here’s how.”
Also, a special thanks to George at Filene for letting us borrow his copy of “Banker to the Poor.” I would send it back, but Brent just started reading it this week. It’s currently sitting in a position of honor at Trabian headquarters.
On second thought, George, we may need to send you a new copy.
I heard a snip on NPR this morning about how he initially gathered the names of 42 people he thought were “being abused by lenders” in Bangladesh – and then he noticed that the total amount that 42 wanted to borrow was $27…
Amazing that change can happen with an amount we (U.S.) think/know is so small!
Speaking of creating change: Any thoughts on the new (Product) Red campaign – successful in Britain – now coming to the US? Taking cause marketing to a new level…
um… nice segue between posts. Only you two could pull off Nobel Peace Prize Winners and bathroom humor on one page.
V – Your mention of the (PRODUCT) RED campaign was actually the first I’d heard of it – but now I’m noticing it everywhere. It’s amazing how many and how rapidly companies are getting in on it.
Here’s an interesting story I saw this morning about how quickly the Gap has had to move – so quickly, in fact, that their “made in Africa” shirts are being produced in the Philippines for now.
LOL – guess that doesn’t suprise me much… With Oprah and Bono shopping on the Miracle Mile for (Product) Red gear – I predict some hot sales, particularly during the holiday season!
I was wondering where my book went…you can definitely keep it now!
Thanks for the post, Matt. I agree, this is a very worthwhile read.
It is an interesting concept, and the widespread international success of micro-credit programs that are based on Yunus’ Grameen project is amazing.
I encourage everyone to at least check out Muhammad Yunus’ interview with Charlie Rose on Google Video.
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Did you hear he is thinking about starting a credit union?
Jamie