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The Author Speaks In Business for All Interview with Muhammad Yunus, cause of  twist Social Business: The New Kind of capitalism That Serves Humanitys most(prenominal) Pressing Needs by: Art Dalglish | from: AARP Bulletin | July 29, 2010 It any started with a gift of $27. In 1974, Muhammad Yunus was an scotchals professor atChittagong University in Bangladesh when a combination of war, natural disasters and an international oil crisis toppled his country into a devastating famine. How could he simply teach elegant theories of the turn securities industry, he thought, while hunger and poverty threatened the lives of millions? Venturing into the countryside to leaven with societal programs, he found a woman in the settlement of Jobra who was borrowing from a local moneylender to pay her tiny business handcrafting bamboo stools. But she could borrow only at a very high interest rate and by agreeing to sell her work to the lender at a distress he set, leaving her with almost no profit. Yunus and his students found a total of 42 villagers trapped in the same beautiful of arrangement. He realized that he could release all of them from their economic bondage by reaching into his pocket for the equivalent of $27 and paying off all their loans.

Inspired by this example, Yunus created Grameen brim to stool low-interest loans to the poorest of the poor, people with no collateral or acknowledgement history. Today it serves more than 8 million people-97 percent of them women-in every(prenominal) village in Bangladesh, extending more than $100 million a calendar month in loans ave raging about $200. Grameen is also helping t! o diffuse the creative thinker known as microcredit throughout the world-and in 2006, Yunus and the posit were awarded the Nobel public security Prize for their accomplishments. Seeking new ways for the magnate of the market to help the poor, Yunus landed on the concept of social businesses. These companies ascertain like any other, competing in the marketplace to make a profit, with two big exceptions: The investors agree not...If you want to impart a full essay, order it on our website: OrderCustomPaper.com

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