Friday, October 13, 2006

Bangladesh bankers win the Nobel Peace Prize

Muhammad Yunus and Grameen Bank have won and truly earned the Nobel Peace Prize. Yunus designed and operated a bank that gave out loans, life insurance, and other services to women and the poor in Bangladesh. Yunus pioneered the idea of microcredit. Microcredit is loans to those who are too poor for a traditional bank. His idea has spread to other countries and is helping those in dire need. Since the 1970s his bank has turned a profit in all but three years. Both sides win with microcredit.


Yunus' banking has bypassed a corrupt government infrastructure and bureaucracy. His loans have enabled women to empower themselves with money to go along with initiative. The money has also gone to entrepreneurs who have established their own businesses. In the grand scheme this all allows for the enrichment of the poor and establishment of a middle class in Bangladesh. As Aristotle stated in The Republic, the most realistic way for a healthy and just to state is to have a republican-system operated by a middle class. Yunus seems to know this and it seems to be his goal.

Finally, Yunus' morals should be an example to all. There is nothing wrong with being rich and earning money. But also remember to help out the poor in a constructive way. Give a man a fish you feed them for a day, teach a man to fish you feed him for a lifetime.

Category: Miscellaneous

1 comment:

Dan Croak said...

Catholicgauze,

My name is Dan Croak and I'm the publisher of an online newspaper that is slated to launch on October 31. I'm looking for a writer to submit a detailed article on microloans, Muhammad Yunus, and Grameen Bank for the first issue. Would you be willing to expand and polish this blog post for submission to National Gazette?

You can register for an account and submit any article you'd like at the beta site:

http://dev.nationalgazette.org/