Bangladesh is all set to accept Nobel Peace Prize winning economist Muhammad Yunus‘ interim leadership, in very difficult times.
Prime Minister Narendra Modi has congratulated Muhammad Yunus on taking charge of the interim government.
Although Bangladesh is facing tough economic challenges, everybody is pinning their hopes on this 84 year-old economist’s leadership.
It is worth looking at Yunus’ economic beliefs as he takes the helm of the South Asian country until elections are held and a new administration takes over.
Social Businesses
Yunus advocates “social businesses” that solve problems rather than simply create wealth.
Grameen Bank, the microfinance lender he founded, was rooted in this idea and lauded for boosting growth and alleviating poverty in Bangladesh.
Nobel Peace Prize
Yunus was awarded the 2006 Nobel Peace Prize for pioneering work in microfinance which was replicated in other developing countries.
This is how he came to be known as “banker to the poor”.
Poverty
This noted economist believes that poverty – which plagued more than 18% of Bangladesh’s population in 2022 – is a “threat”.
He says that poverty causes problems ranging from terrorism to trafficking.
“You can’t leave people poor and live happily…they are in a desperate situation. When you are desperate, you disturb peace,” Yunus told Nobelprize.org in 2006.
It was to solve this problem that he sought to inculcate “sound financial principles” in the poor through his microcredit system.
Globalisation
Yunus has called for “multi-national social businesses” that either give the poor ownership or keep profits within poor countries.
When he dabbled in politics in 2007, he suggested upgrading the Chittagong port to a continental seaport.
He has also spoken of a “global civilisation” in a recent interview with an Indian newspaper.
He criticised India for saying the upheaval in Bangladesh was an “internal matter” and warned the chaos could spill over to its neighbours.
“Diplomacy has a much richer vocabulary than saying it is their internal affair,” he said.
Women
Yunus emphasises the role of women in building the future.
Women currently outnumber men in Bangladesh and constitute 97% of Grameen Bank’s members.
(With Inputs From Reuters)
