Finance and World Poverty
This article reviews the book 'Banker to the Poor: Micro-lending and the Battle Against World Poverty' by Muhammad Yunus.
# 118431 | 1,565 words | 1 source | MLA | 2010 |
Published on Jan 29, 2010 in Accounting (Financial) , Political Science (Fiscal Policy (economy)) , Sociology (General) , Economics (Globalization)
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In this paper, the writer discusses that the book, 'Banker to the Poor: Micro-lending and the Battle Against World Poverty' by Muhammad Yunus shows the world a way in which one man can effect change on a global scale. The writer first reviews and summarizes the book in its entirety on its merits, and then, subsequently, reviews the major themes discussed. Ultimately, the writer reviews the further implications of the work in a wider context. The writer maintains that one can only succeed in achieving a poverty-free world if all members of society agree to compromises and to the hard work of bringing people together despite differences. The writer concludes that it is important to consider that Yunus was an influential and powerful man, but was also just a man who effected great and positive change.
From the Paper:"While Yunus fought for Grameen to be solely owned by the people, the only way that the Finance Ministry would accept its existence was as a governmental bank. Indeed, this presented a problem for Yunus. The culture of the Grameen was that it was a grassroots system of finance; a system which was owned by the people, and required both their responsibility and enthusiasm for the problem. While Yunus struggled early, he ultimately was able to change the ownership structure so that at least 75% of the bank was owned by the people, with only 25% in government hands. This was to be one of many concessions and compromises that Yunus would have to make in order to remain successful in his micro-finance scheme.
"While Grameen encountered numerous trials and obstacles before becoming officially successful, simply the notion that it was a success indicates that the strategy could be applied elsewhere. "
Sample of Sources Used:
- Yunnas, Muhammad. Banker to the Poor: Micro-lending and the Battle Against World Poverty. New York: Public Affairs, 2007.
Cite this Book Review:
Finance and World Poverty (2010, January 29) Retrieved April 19, 2019, from https://www.academon.com/book-review/finance-and-world-poverty-118431/
"Finance and World Poverty" 29 January 2010. Web. 19 April. 2019. <https://www.academon.com/book-review/finance-and-world-poverty-118431/>