Nobel Peace Prize-winning economist Muhammad Yunus will take over as head of Bangladesh’s caretaker government on Thursday, at a time when the country faces tough economic challenges.
Here’s a look at his economic beliefs as he takes charge of the South Asian country until elections are held and a new administration is installed.
social business
Mr Yunus advocates “social businesses” that solve problems rather than just create money, and plough back profits into greater value creation.
The microfinance lender he founded, Grameen Bank, was based on the same idea and has been praised for helping boost growth and reduce poverty in Bangladesh.
Mr. Yunus was awarded the Nobel Peace Prize in 2006 for his pioneering work in microfinance, which was replicated in other developing countries and led to his being known as the “banker to the poor.”
poverty
Mr Yunus believes that poverty – which is expected to afflict more than 18% of Bangladesh’s population in 2022 – is a “threat” and causes problems ranging from terrorism to smuggling, which is what drives much of his work.
“You cannot leave people poor and have them live happily … They are in a desperate situation. When you are desperate, you disturb the peace,” Mr. Yunus told Nobelprize.org in 2006.
To solve this problem he attempted to develop “sound financial principles” among the poor through his microcredit system.
Globalization
Mr. Yunus has called for “multinational social businesses” that either give ownership to the poor or keep the profits within poor countries.
When he joined politics in 2007, he suggested transforming Chittagong Port into a continental port – a plan critics said could threaten national security, jobs and the environment.
Mr Yunus also spoke of “global civility” in an interview with the Indian Express newspaper last week, in which he criticised India for saying the turmoil in Bangladesh was its “internal matter” and warned that the chaos could spread to its neighbours.
He said, “The dictionary of diplomacy is so rich that it would not be appropriate to call it their internal matter.”
women
Mr. Yunus emphasizes the role of women in shaping the future and has been part of several international commissions working for women.
At present, the number of women in Bangladesh is more than that of men and they constitute 97% of the members of Grameen Bank.
“Women want to build something for the future with their money. Men want to spend it on fun,” he told the Harvard Business Review in 2012.
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