Saturday, November 19, 2005

Economics That Makes Sense.

Banker to the Poor: Micro-Lending and the Battle Against World Poverty (Yunus, Muhammad )

Microcredit...significant hope for the poor

This book is a well written example of how the world's poor are capable of helping themselves, namely through the extension of low-interest, non-collateral-type loans.

As Dr. Mohammed Yunus was the originator of the micro-credit finance organisations which appear to be proliferating in the world today, he is obviously the best advocate to describe its nature, and deflect the opposition of developed world economists who have often apppeared reluctant to put micro-financial opportunities in place.

Dr. Yunus writes in an easily readable and informative style, his exemplary efforts to improve the lives of the poor globally, starting with his efforts in Bagladesh, provide a case study in results-oriented economic research and development.

Dr. Yunus makes a strong case in favour of micro-credit even when larger aid agencies such as The World bank, USAid, etc. continue to funnel large endowments into less successful programs.

Dr. Yunus also details the reactionary forces at work in poor communities, in financial and government institutions, and western public opinion which have impacted upon Grameen Bank's ability to account for significant gains in the realm of the improvement of living standards for those participants in microcredit programs.

This book provides a look at the simple economic principles which work for the poor and questions the complexity of many government and NGO sponsored programs which tend to evolve into negative impact where greed and corruption often subvert the aims and donations made to development programs.

Dr. Yunus shares his aim to convert academic economists from high-altitude observers of eloquent theories and research into ardent applicators of ground level, worm-specific progenetors of real change, progress and improvement for the world's poorest poor.

Anyone who wants to simply know more about significant hope for the poor should read this book.

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