Product Description

A new edition of the New York Times Bestseller by the Nobel Peace Prize-winner.

This autobiography of Nobel Peace Prizewinner Muhammad Yunus spent ten weeks on the New York Times bestseller list, and was also a Wall Street Journal bestseller. Now repackaged in the spirit of his new book, Creating a World Without Poverty, this classic work on the birth of microfinance will contain excerpts from the new book.

Product Details

• Amazon Sales Rank: #4606 in Books
• Published on: 2008-01-08
• Released on: 2003-10-14
• Original language: English
• Number of items: 1
• Binding: Paperback
• 312 pages

Features

• ISBN13: 9781586481988
• Condition: NEW
• Notes: Brand New from Publisher. No Remainder Mark.
• Click here to view our Condition Guide and Shipping Prices

Amazon.com 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

From Library Journal
Bangladesh, a country the size of Florida with a population of over 120 million people, is the home of Grameen Bank, the inspiration of economist Yunus, Bangladesh-born and U.S.-trained. Instead of spending his life as a university economics professor, Yunus decided in the mid-1970s to develop a micro-lending program to help the poorest people of his country. Yunus based the program on his strong belief that the very poor do not need complicated training programs to improve their economic lot. They need money, in the form of loans. This program has empowered thousands of peopleAmany of them womenAand surprised experts in economic development who never believed that the very poor would find the initiative and ability to repay even the smallest ($25-$500) loans. Grameen ("of the village") Bank has developed into an internationally acclaimed and replicated method for assisting the impoverished in Malaysia, the Philippines, Nepal, and even the United States. Definitely recommended for larger public and academic libraries.AOlga B. Wise, Compaq Computers, Austin
Copyright 1999 Reed Business Information, Inc.

Review
"An inspiring memoir of the birth of microcredit, written in a conversational tone that makes it both moving and enjoyable." -- Election2004.com

"An interesting story of beginning and hope...I would recommend this book to anyone interested in the problem of poverty..." -- Gracious Rants, May 24, 2007

"lays out a convincing argument fro the need to nourish and better understand the `people's economy'...A hopeful and inspiring read" -- Vision Magazine, January 2007

Customer Reviews

A good idea that led to great results
In the 1970s Professor Mohammed Yunus had a great idea on how to help the poor of Bangladesh and he made it work. He invented micro-credit, or lending very small amounts to the poorest of the poor, without asking for collateral. This, rather than simple handouts, would help the poor become self-reliant enough so that they could lift themselves out of poverty. He concentrated on women. He relied on peer support to motivate repayment of the loans by making loans to one member of a group of women who would have access to credit only if the entire group had a good credit record (when a group started, they were assumed to have good credit). Professor Yunus's organization, the Grameen Bank, is a cooperative owned mostly by its members and boasts a repayment rate over 98%.

In the 30 years since Professor Yunus's first loan of 27 dollars, Grameen has now lent out billions to millions. It has liberated women in small villages, it has brought capitalist market mechanisms to the economic bottom 2% of the world population.

This first hand account by the American-educated Bangledeshi founder of Grameen Bank might not win any literary prize and it might end with a (I think) slightly naive vision of social work, but it effectively presents a simple story about a practical man who has made millions of the world's poorest people significantly better off.

Deeply Moving & Motivating!
If you know the story of Grameen Bank, and wanted to know more about the founder - I don't need to say anymore.

If you haven't heard of Grameen, prepare yourself to learn about a bank which has overturned the conventional wisdom about helping people who live in poverty.

Yunus' big idea can be put very simply: people who live on less than $1 per day (3 billion people) don't need to be tought how to feed themselves and survive - the very fact that they are alive is testament to their abilities.

His approach rests upon that faith in people's ability to help themselves, if given access to the very small amounts of loan capital they need to start a profitable venture - whether that is weaving cloth or repairing bicycles.

The road to reaching more than 2 million people in Bangladesh, and many other millions worldwide, wasn't smooth. What you get from reading this book is a sense that sometimes the 'homegrown' solution beats the 'imposed' ideas from the developed world.

A challenging book for liberals and conservatives alike!

The pioneer of microlending...
The story of the Grameen bank is an excellent example of how social change initiatives can be combined with government and private industry support to acheive a greater outcome than the organization could acheive by itself. Yunus provides an excellent chronicle of his bank's formation as well as explaining its principles. Highly recommended for anyone interested in social entrepreneurship or social change. The only shortcomings are: 1) as a finance person, I would like to have read more about the operational side of the banks relative to their commercial competitors - what specific factors enabled them to be so successful (other than the broad social factors he identifies)? 2) Need more information about how these types of programs can be applied to industrialized nations such as the US.