Friday, October 13, 2006

Yunus wins the Nobel Peace Prize!!!

Have nothing to say. Overwhelmed. Not that more validation was needed, but makes me personally elated!! Mohammed Yunnus is the founder of Grameen Bank, a micro finance outfit, and his organisation has rescued millions of poor people in Bangladesh and outside from the poverty cycle. Banker to the Poor is his autobiography, a book in which he has detailed out the whole journey of the Grameen Bank - really worth a read. Simple stories of how micro-loans of Rs1,000 have changed the lives of people forever. YAHOOOOOOOOOOOO!!!!!!

6 comments:

Hip_Prudester said...

Heyy Ink,
welcome back from your travels. Really, looking forward to your coloured interpretations from the inspiration from places, sounds, and tastes....
btw, you seem to have deserted my blog landscape.. can't say I blame you..:) given my posts and lack of them :)...

anyways, take care.

inkognito said...

Hey,
Hope you are doing well. Putting up some paintings and the travelogues shortly.
Cheers

Sissyphus said...

check out www.zopa.com! it's totally interesting as a potential micro credit model...

inkognito said...

checked it out. Seems to be more like an online bank. Can be used for the micro credit model only on the sourcing side, I think. Did you check the profiles of the founders :( ! ?

Naman said...

I disagree.
Younis did not deserve the peace prize - he deserved the economics prize.
How much has micro credit done for peace is doubtful. Most of the countries with large microcredit programs (like bangladesh, pakistan, indonesia) continue to see spiraling violence. Has microcredit really helped achieve peace? The stats dont show that.
On the pther hand Phelps' tradeoffs between economic objectives of inflation and unemployment is only applicable to the industrialized world. In contrast, Younis's model of microcredit expands to a much larger population. It was a model that 3 decades ago (when he started the bank) was shunned by all. He was the first to show that there is value to be found at "the bottom of the pyramid", even before the phrase was coined. That is a proven successful model which economically impacts a large chunk of the human population. The fact that it is a simple should not take the economics prize away from Younis. Good economics is usually simple.

Ink said...

Naman,

Doofus, didnt imagine we'd be doing this debate here :))

Not arguing on the merit of the 'peace prize' da, that has remained a contentious issue ever since he was nominated for it. Dont agree that his model deserves an economic prize either, there is nothing new in what he is saying. But nothing undermines the impact of an award such as this on the micro-credit movement, as is evident in the very over-heated Indian scenario at the moment. And for movements such as this, any recognition - whether under correct criteria or otherwise - is only to be welcome.

Linking you to Prof Sriram's take on this...http://joy-of-books.blogspot.com/2006/11/nobel-thoughts-on-microcredit.html Its an interesting read.

ps: Get a life and stop putting acps on my blog!! :)))

pps: Cant wait to see you again...sooonnn!!!

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