Relying on the “pride and strength and creativity of the poorest”
The UK Times reports that "Muhammad Yunus, winner of this year’s Nobel Peace Prize, is a Bangladeshi economist who has devoted his life to a business idea that he was repeatedly told must inevitably fail: a strictly commercial bank for the 'unbankable” poor,' people otherwise in thrall to loan sharks or bonded labour."
The professor started his bank anyway with a tiny $27 loan. Millions of poor people, mostly women, built small businesses and new lives with his help, and Grameen Bank became a $5.72 billion enterprise.
The Professor based his ideas on Adam Smith's. We called our October 11 post about Adam Smith "The Man Who Opposed Poverty". The Times called the Professor "The Adam Smith of Poverty".