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Micro-Lending and the Battle Against World Poverty
PublicAffairs
October 2003
On Sale: October 14, 2003
288 pages
ISBN: 1586481983
EAN: 9781586481988
Paperback
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Non-Fiction
This autobiography of the world-renowned, visionary
economist who came up with a simple but revolutionary
solution to end world poverty--micro-credit--has become the
classic text for a growing movement. In 1983 Muhammad Yunus established Grameen, a bank devoted
to providing the poorest of Bangladesh with miniscule loans.
He aimed to help the poor by supporting the spark of
personal initiative and enterprise by which they could lift
themselves out of poverty forever. It was an idea born on a
day in 1976 when he loaned $27 from his own pocket to
forty-two people living in a tiny village. They were stool
makers who only needed enough credit to purchase the raw
materials for their trade. Yunus's loan helped them break
the cycle of poverty and changed their lives forever. His
solution to world poverty, founded on the belief that credit
is a fundamental human right, is brilliantly simple: loan
poor people money on terms that are suitable to them, teach
them a few sound financial principles, and they will help
themselves. Yunus's theories work. Grameen Bank has provided 3.8 billion
dollars to 2.4 million families in rural Bangladesh. Today,
more than 250 institutions in nearly 100 countries operate
micro-credit programs based on the Grameen methodology,
placing Grameen at the forefront of a burgeoning world
movement toward eradicating poverty through micro-lending.
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