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Banker To The Poor: Micro-Lending and the Battle Against World Poverty Paperback – January 8, 2008
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In the 30 years since Professor Yunus's first loan of 27 dollars, Grameen has now lent out billions to millions. It has liberated women in small villages, it has brought capitalist market mechanisms to the economic bottom 2% of the world population.
This first hand account by the American-educated Bangledeshi founder of Grameen Bank might not win any literary prize and it might end with a (I think) slightly naive vision of social work, but it effectively presents a simple story about a practical man who has made millions of the world's poorest people significantly better off.
A precocious child and avid reader-especially of comicbooks-Yunus was one of fourteen children born to devout Muslim parents. The family lived on the second floor located above the jewelry store that his father owned and operated in Chittagong, the largest port-city in Bangladesh. His mother, despite her later mental illness, instilled a sense of charity early on in her son that would last a lifetime. While the seeds of the Grameen Bank were planted when Yunus was a child, they were certainly nurtured while studying under the tutelage of professor Nicholas Georgescu-Roegen in America. Yunus left to attend Vanderbilt University as a Fulbright scholar in 1965 after opening a successful packaging business in Bangladesh.Read more ›
As he tried to alleviate the broad and deep poverty in his homeland, Yunus came to "dread" his economics lectures. They were tragically far removed from the everyday lives of normal people. In a theme that would characterize much of the rest of his life, Yunus almost completely abandoned classical book learning in favor of listening to and learning directly from the extreme poor -- the millions of Bangladeshis living off two cents a day. In 1976 he loaned $27 to 42 villagers, and thus was born what eventually became the Grameen Bank (grameen means rural). As of the publication of this revised autobiography in 2003, Grameen and its many replicants had made $3.8 billion of micro-loans to 2.4 million families in over 100 countries. The borrowers themselves own 93% of the bank equity, 95% of the loan recipients are women, and the repayment rate on the loans is 98%. For all that, in 2006 Yunus and Grameen won the Nobel Peace Prize (not to mention more than two dozen honorary doctorates).
Yunus is an excellent writer and story-teller.Read more ›
Most Recent Customer Reviews
Must read for anyone who wants to help irradicate poverty, and not just talk about it.Published 11 days ago by Chuks UC Ukaoma
One of the best books I've ever read. Muhammad Yunus' solution to poverty was ingenious, and clear why he won a nobel prize for his work there.Published 2 months ago by Dana S
Muhammed Yunus is a real deal. He is a magnificent change agent.Published 3 months ago by Michael S Roth
Mr. Yunis has made a believer out of me if there was any doubt before. Not only a great story of developing and proving a successful model, but an inspiring vision for the future... Read morePublished 4 months ago by kevin wright
I would recommend his book. It should be part of t h e curriculum of every hi ugh school student.Published 5 months ago by Greg Robinson
Banker to the poor starts off as a young Muhammad Yunus describes his childhood. He tells of the times he spend with his mother while she was healthy and how she instilled quality... Read morePublished 8 months ago by Isreal
I am a University of Baltimore student enrolled in the survey Entrepreneurship course and this was a recommended reading. Read morePublished 8 months ago by Hardcore Gamer