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Banker To The Poor: Micro-Lending and the Battle Against World Poverty
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Binding: Paperback
Dewey Decimal Number: 332.1095492
EAN: 9781586481988
Edition: Rev. and Updated for the Pbk. Ed
ISBN: 1586481983
Label: PublicAffairs
Manufacturer: PublicAffairs
Number Of Items: 1
Number Of Pages: 312
Publication Date: January 08, 2008
Publisher: PublicAffairs
Release Date: October 14, 2003
Studio: PublicAffairs
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Editorial Review:
It began with a simple $27 loan. After witnessing the cycle of poverty that kept many poor women enslaved to high-interest loan sharks in Bangladesh, Dr. Muhammad Yunus lent money to 42 women so they could purchase bamboo to make and sell stools. In a short time, the women were able to repay the loans while continuing to support themselves and their families. With that initial eye-opening success, the seeds of the Grameen Bank, and the concept of microcredit, were planted.
After earning a Ph.D. in economics at Vanderbilt University, Dr. Yunus returned to Bangladesh to settle into a life as a professor. But a famine in 1974 ravaged the country, leading Dr. Yunus to alter his thinking and his life profoundly: "What good were all my complex theories when people were dying of starvation on the sidewalks and porches across from my lecture hall?.... Nothing in the economic theories I taught reflected the life around me." Armed with little more than a lofty dream to end the suffering around him, he started an experimental microcredit enterprise in 1977; by 1983 the Grameen Bank was officially formed.
The idea behind the Grameen Bank is ingeniously simple: extend credit to poor people and they will help themselves. This concept strikes at the root of poverty by specifically targeting the poorest of the poor, providing small loans (usually less than $300) to those unable to obtain credit from traditional banks. At Grameen, loans are administered to groups of five people, with only two receiving their money up front. As soon as these two make a few regular payments, loans are gradually extended to the rest of the group. In this way, the program builds a sense of community as well as individual self-reliance. Most of the Grameen Bank's loans are to women, and since its inception, there has been an astonishing loan repayment rate of over 98 percent.
Banker to the Poor is an inspiring memoir of the birth of microcredit, written in a conversational tone that makes it both moving and enjoyable to read. The Grameen Bank is now a $2.5 billion banking enterprise in Bangladesh, while the microcredit model has spread to over 50 countries worldwide, from the U.S. to Papua New Guinea, Norway to Nepal. Ever optimistic, Yunus travels the globe spreading the belief that poverty can be eliminated: "...the poor, once economically empowered, are the most determined fighters in the battle to solve the population problem; end illiteracy; and live healthier, better lives. When policy makers finally realize that the poor are their partners, rather than bystanders or enemies, we will progress much faster that we do today." Dr. Yunus's efforts prove that hope is a global currency. --Shawn Carkonen
Muhammad Yunus is that rare thing: a bona fide visionary. His dream is the total eradication of poverty from the world. In 1983, against the advice of banking and government officials, Yunus established Grameen, a bank devoted to providing the poorest of Bangladesh with minuscule loans. Grameen Bank, based on the belief that credit is a basic human right, not the privilege of a fortunate few, now provides over 2.5 billion dollars of micro-loans to more than two million families in rural Bangladesh. Ninety-four percent of Yunus's clients are women, and repayment rates are near 100 percent. Around the world, micro-lending programs inspired by Grameen are blossoming, with more than three hundred programs established in the United States alone. Banker to the Poor is Muhammad Yunus's memoir of how he decided to change his life in order to help the world's poor. In it he traces the intellectual and spiritual journey that led him to fundamentally rethink the economic relationship between rich and poor, and the challenges he and his colleagues faced in founding Grameen. He also provides wise, hopeful guidance for anyone who would like to join him in "putting homelessness and destitution in a museum so that one day our children will visit it and ask how we could have allowed such a terrible thing to go on for so long." The definitive history of micro-credit direct from the man that conceived of it, Banker to the Poor is necessary and inspirational reading for anyone interested in economics, public policy, philanthropy, social history, and business. Muhammad Yunus was born in Bangladesh and earned his Ph.D. in economics in the United States at Vanderbilt University, where he was deeply influenced by the civil rights movement. He still lives in Bangladesh, and travels widely around the world on behalf of Grameen Bank and the concept of micro-credit.
Customer Reviews
Average Rating: 
Rating:  - Wonderful and Inspiring!
This audio book was absolutely wonderful. I found it really inspiring and engaging. I was really surprised by how interesting it was, I was afraid it would be a little dry but that wasn't true at all. I enjoyed every chapter. This book really did make me want to change my life, it gave me a lot to think about that I'm still working with. In fact I hope I never stop thinking about it and the issues it opened up.
The reader was very good, he had enough inflection in his voice to keep ... Read More
Rating: - Amazing read!
Banker to the Poor is a really clear way of explaining what microfinance is as well as showing the drastic difference that $40 can make in people's lives. Shows the humanitarianism of microlending, why it's better than just giving people money, and how it can be a useful tool to help many people. I really recommend this book for anyone, and especially so for anyone interested in helping others or setting up programs to help others (my church is using microlending now).
Rating:  - Life, liberty, the pursuit of happiness... and credit
Muhammad Yunus constructed a system in Bangladesh to help the poorest of the poor get loans for tiny amounts of money. Since its inception 1980, variations on this system have spread all over the world with great success.
Yunus starts with the premise that credit should be a right, not a privilege, and the people who need credit the most are the ones locked out of the standard credit system. He recounts a story of a woman who makes bamboo stools. She borrows money to buy the raw materials ... Read More
Rating: - Interesting read...
I have seen Dr. Yanus speak on the topic of Micro-Lending in person, at a consortium in Los Angeles. I was interested and inspired by both the man himself, as well as his ideas. I think that both he, and his workers at Grameen are deserving of the Nobel Prize for Peace. The book is told in his own words and the reader is exposed to both his humility as well as his fierce passion as an advocate for the poor. I found the book both readable and informative.
RS
Rating: - Innovative, hopeful, and thought-provoking
There's no question that in most of the world, poor people are left out of the money cycle. Since the really poor don't have anything of value (the thinking goes), how can we trust them with anything? Why loan them money? How on earth would they pay? We'd be foolish to believe they would. Also, what would a person with no means actually do with a loan? They certainly don't need that kind of money.
Mohammad Yunus and his creation, the Grameen (Village) Bank, contradict this traditional ... Read More
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