By Alex Counts
Microfinancing is taken into account essentially the most powerful techniques within the struggle opposed to international poverty. And now, in Small Loans, mammoth adjustments, writer Alex Counts unearths how Nobel Prize Winner Muhammad Yunus revolutionized worldwide antipoverty efforts in the course of the improvement of this procedure. This ebook offers compelling tales of ladies making the most of Yunus’s microcredit in rural Bangladesh and concrete Chicago, and recounts the reviews of alternative debtors in each one state, interspersing them with tales of Yunus, his colleagues, and their opposite numbers in Chicago.
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Additional resources for Small Loans, Big Dreams: How Nobel Prize Winner Muhammad Yunus and Microfinance are Changing the World
At many of the events held throughout this International Year of Microcredit, critics claimed that there was no evidence that microﬁnance was an effective approach to reducing poverty. Having read dozens of studies that had documented sustained positive impact on the lives of borrowers, the Grameen Foundation commissioned Nathanael Goldberg, a rising star in the social science ﬁeld who focused on impact evaluation, to write a paper summarizing the ﬁndings of more than 90 studies by respected researchers.
I would like to think that earlier versions of this book played some small role in setting the stage for that. Yet, in reality, these achievements were the cumulative work of millions of people and thousands of institutions. Of course, the most dramatic event in microﬁnancing that occurred in the last ten years was the October 13, 2006, announcement that Professor Muhammad Yunus and the Grameen Bank he founded were co-recipients of the Nobel Peace Prize. It turned his world, and the microﬁnance movement, upside down.
The barriers to economic self-improvement are in some respects as daunting in the United States as in Bangladesh, if different in appearance. And Yunus’s idea that access to credit could empower an individual to scale some of these barriers is as applicable in North America as in the Indian subcontinent. Yunus, it turns out, has discovered something that has nearly universal applicability. indd 17 2/26/08 11:55:51 AM 18 s m a l l l o a n s, b i g d r e a m s difference is that in rural Bangladesh, there are at least branch offices to tell the poor they were ineligible to borrow.