Saturday, October 14, 2006

Must See TV!: One man's idea and $27 are changing the world

Yesterday, Muhammad Yunus and the bank he founded won the Nobel Peace Prize.

The NewHours has an online rebroadcast (transcript) of their August 9, 2001 profile of the Bangladeshi banker/economist.

(Click on image to view the video)

The profile tells the powerful story of how Yunus' idea for micro-credit started with just $27 and is literally changing the live of millions of people in one of the poorest countries in the world. Since it founding, Yunus' Grameen Bank as lent out $5.72 billion, 97 percent of which has been repaid. Other organizations, like Accion, are using this model that marries altruism with captialism.

Banking On People has so many lessons (like leveraging the long-term self-interest of women vs. short-term interest exhibited by some men in the profile) and reinforces a libertarian tenet that private initiative can often be more effective than government run programs.


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