Muhammad Yunus on Capitalism

Muhammad Yunus: I criticized capitalism for what is lacking in it, but I’m not saying that abundant capitalism . . . There is an alternative here. That’s not what I said. I said capitalism can be improved. I am not asked in my argument that you closed on something as a profit maximizing business, or philanthropy, or free market. I said everything is very positive, but some things missing in the whole structure; and that missing piece has to be installed. That way capitalism will be complete, and it can be a balanced theory fitting to the human nature. And it will address all the problems which is left behind by the incomplete capitalism. So I’m kind of moving from incomplete capitalism to the complete capitalism, or towards completion. Maybe there are other pieces missing. Other people will find it out. But I’m saying a big piece missing because of which we created a lot of problems. We created problems. Not only we created, we don’t have the ability to solve them. So if we complete the capitalism, at least to this stage – the second stage of completion – I will say we will not create them. And existing ones can be addressed and removed.

 

Recorded on: 1/23/08

 

 

 

Micro-finance guru Muhammad Yunus wants to improve free markets.

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