Simply put, Yunus 'work in leading the charge behind microcredit is the stuff of modern-day saints.
For starters, we have blogged in the past about: the economics of street charity; conservative vs. liberal giving; a charity called Smile Train that seems to be a model of efficiency; and peer-to-peer lending, which, along with microcredit, is arguably a form of charity.
But I think that this substantial criticism of the systemic flaw in microcredit eligibility is really separate from the presence of bandwagon-jumpers and the inability of microcredit to topple dictatorships.
Yunus' notion -- today, known as microcredit -- has spread around the globe in the past three decades and is said to have helped more than 100 million people take their first steps to rise out of poverty.
Their so-called microcredit lending system is copied in more than 100 countries, including right here
in the U.S.
Professor Muhammad Yunus is the winner of the 2006 Nobel Peace Prize for his work founding the Grameen Movement, an innovative program known as microcredit that provides small loans to the poorest rural areas of Bangladesh without requiring collateral.
Nobel Peace Prize for his work founding the Grameen Movement, an innovative program known as microcredit that provides small loans to the poorest rural areas of Bangladesh without requiring collateral.
Initially the work of nonprofit groups, the tiny loans to the poor known as microcredit once seemed a promising path out of poverty for millions.
If you cross that boundary, then use another term because when you use the term "microcredit," you confuse people.
When a man like Muhammad Yunus argues that such "microcredit" loans can make the difference between participation in mainstream society and off-the-grid poverty, we give him a Nobel Prize.
Category: Payday loans