What is microfinance?
Muhammad Yunus: Well I had no idea that I would ever get involved in anything about lending or microfinance. At that time that word didn’t exist, so the idea of having such a program didn’t come to my mind. I was teaching at Chittagong University in Bangladesh at a time when our country was going through a big famine. Lots of people were dying of hunger. So I was kind of feeling terrible that I teach something beautiful, some economic elegant theories, but it doesn’t come to any use for people. So I wanted to see if I could do something directly as a person – to individual person, human being right next door to the university campus, adjacent to the university campus. So I was doing some little things to help people, and I saw how many lenders are operating in the village and made a list of those people who borrowed from lenders. There are 42 names on my list. The total money they borrowed was $27. So I thought I can solve this problem; help them get out of the clutches of the money lenders by lending this money to 42 people, this $27. They can return the money to the money lenders and they will be free. And that’s what I did and they were pretty excited about it, so I wanted to continue it. I went to the banks who do the lending to the poor people. They refused. So ultimately I offered myself as a guarantor to the banks so that they will allow them to get the money. So that’s how it began, and it continued and we’ve been successful.
Recorded on: 1/23/08
Yunus offered himself as a guarantor for poor villagers who borrowed small amounts of money from banks.
Swipe right to make the connections that could change your career.
Swipe right. Match. Meet over coffee or set up a call.
- The campaign was one of the first to demand a guaranteed income for all poor families in America.
10 of the most sandbagging, red-herring, and effective logical fallacies.
- Many an otherwise-worthwhile argument has been derailed by logical fallacies.
- Sometimes these fallacies are deliberate tricks, and sometimes just bad reasoning.
- Avoiding these traps makes disgreeing so much better.
For Damien Echols, tattoos are part of his existential armor.
SMARTER FASTER trademarks owned by The Big Think, Inc. All rights reserved.