Professor Yunus on â€œsocial businessâ€ and the conquest of poverty: a dissenting view
In his new book Professor Muhammad Yunus, Grameen Bank founder and Nobel Peace Prize Laureate, proposes a novel strategy for the elimination of poverty worldwide. This strategy relies on the presumed effectiveness of what he calls â€œsocial businessâ€ in transforming the nature of the capitalist system, which thus (he supposes) will become capable of achieving all desired social improvements. We take the view however that the concept of â€œsocial businessâ€ is empty and irrelevant, and that Yunusâ€™s thesis in fact implies the untenable proposition that (apparently) all social problems could be resolved by cost-covering interventions â€“ thus denying that a significant role exists for charitable or governmental actions, which, in reality, are indispensable.
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- Morduch, Jonathan, 1999. "The role of subsidies in microfinance: evidence from the Grameen Bank," Journal of Development Economics, Elsevier, vol. 60(1), pages 229-248, October.
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