Building Social Businesses
Social Business: Ridding The World Of Its Evils One Misfortune At A Time.
Muhammad Yunus. Building Social Business: The New Kind of Capitalism that Serves Humanity’s most Pressing Needs.
Social Business: Ridding The World Of Its Evils One Misfortune At A Time.
Muhammad Yunus’ “Building Social Business: The New Kind of Capitalism That Serves Humanity’s Most Pressing Needs” is a book that discusses Yunus’ idea of a “social business”, his numerous collaborations with companies in order to rid poverty in some form from the country of Bangladesh, and also advice on how to formulate and get your very own social business out there.
The idea of social business began when Yunus was teaching Economics in the country Bangladesh in the early seventies, when Bangladesh was going through a very hard patch in its history. After the War of Liberation, there was an endless amount of destruction caused by the Pakistani army. Along with this were floods droughts, and monsoons. These inadequate conditions resulted in a large part of the country living in famine. Yunus saw what was happening and decided he needed to do something to help. He began spending time with those living in the neighbouring village Jobra, and made some shocking discoveries. He discovered individuals from the village were taking loans from a moneylender and trader, and that the interest rates on these loans were very high, at 10 percent per week. He saw that these loans made these individuals slaves to those that leant them the money. He then made a list of all those who had borrowed money. There were 42 people on this list, and the cumulative total of these loans came to 856 taka, which translates into 27 dollars American. Yunus decided he would free these individuals from their poverty and took the money out of his own pocket to pay their loans. This led Yunus to become a guarantor for loans, and he then took his idea and went big and opened a bank for the poor, and created microcredit that lifted
Muhammad Yunus. Building Social Business: The New Kind of Capitalism that Serves Humanity’s most Pressing Needs.
Social Business: Ridding The World Of Its Evils One Misfortune At A Time.
Muhammad Yunus’ “Building Social Business: The New Kind of Capitalism That Serves Humanity’s Most Pressing Needs” is a book that discusses Yunus’ idea of a “social business”, his numerous collaborations with companies in order to rid poverty in some form from the country of Bangladesh, and also advice on how to formulate and get your very own social business out there.
The idea of social business began when Yunus was teaching Economics in the country Bangladesh in the early seventies, when Bangladesh was going through a very hard patch in its history. After the War of Liberation, there was an endless amount of destruction caused by the Pakistani army. Along with this were floods droughts, and monsoons. These inadequate conditions resulted in a large part of the country living in famine. Yunus saw what was happening and decided he needed to do something to help. He began spending time with those living in the neighbouring village Jobra, and made some shocking discoveries. He discovered individuals from the village were taking loans from a moneylender and trader, and that the interest rates on these loans were very high, at 10 percent per week. He saw that these loans made these individuals slaves to those that leant them the money. He then made a list of all those who had borrowed money. There were 42 people on this list, and the cumulative total of these loans came to 856 taka, which translates into 27 dollars American. Yunus decided he would free these individuals from their poverty and took the money out of his own pocket to pay their loans. This led Yunus to become a guarantor for loans, and he then took his idea and went big and opened a bank for the poor, and created microcredit that lifted