Business Daily from THE HINDU group of publications
Sunday, Feb 04, 2007
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Business Daily from THE HINDU group of publications Sunday, Feb 04, 2007 ePaper |
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Industry & Economy
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Society & Development Yunus stresses on social stock exchanges Our Bureau
Prof Muhammad Yunus
Mumbai, Feb. 3 "We need social stock exchanges and social companies, which will invest in social causes like providing safe drinking water, caring for the street children and educating young girls. Only by these means we can reduce poverty globally," Prof Muhammad Yunus, Noble Laureate and Founder of Grameen Bank, said on Saturday. He was delivering a lecture on the role of micro credit at the Rajiv Gandhi Centre for Contemporary Studies at Mumbai University. Reiterating his views on social stock exchange, which he had earlier expressed at the Noble Peace Prize Lecture, Prof Yunus said that there was a need for a new brand of business that operated on no loss-no dividend basis. Such businesses should be listed on social stock exchanges. He further said there should be an MBA degree in Social Business, which could teach students how to reach out to the poor. "In philanthropy, the ownership of money changes hands, but in social business the money still stays with the owner but also reduces poverty" Prof Yunus said.
Poverty in the Museums
Making a passionate plea for ending poverty, Prof Yunus said that poverty was not part of the human being. It is an artificial imposition by the society. Micro credit can help the poor break away from the clutches of poverty and within two generations poverty can be history. In future, poverty should be present only in museums, he said. Prof Yunus said that the Grameen Bank could help millions of poor Bangladeshis only because it chose to look at the human face of the poverty.
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