Monday, December 3, 2012

A new form of social ‘Capitalism’

Muhammad Yunus, Nobel laureate, explains why creative capitalism in fact holds all the answers to improve human life, as told to B&E’s Neha Sarin

This Chittagong University economics professor is better known as the man who won the Nobel Peace Prize in 2006 for his thirty-three year old dream venture – Grameen Bank. Muhammad Yunus, the Father of Micro-credit and a staunch believer in the principle of the ‘social business enterprise’. So while the world hails ‘conventional capitalism’ and accepts the modern theory of ‘creative capitalism’, Yunus – can boast of his brainchild Grameen Bank’s 2,422 branches with aggregate loans of more than $6.8 billion (lent to more than 7.4 million people) – believes that he perhaps had always been a ‘creative capitalist’! The only difference is – he called it a socially favourable economic act. Business&Economy presents an exclusive one-on-one with one of the ‘Greatest Entrepreneurs of All Times’.

B&E: What are your viewpoints about creative capitalism? Is it necessary?
MY: It’s good to be creative and there is no doubt about it. I am very happy that Bill Gates is promoting this idea of ‘creative capitalism’. By doing so, he has recognised that the current form of capitalism is not doing its job as we all expect it to do and what we want to see happen; it is not addressing poverty, healthcare problems and many more social issues. He is mentioning and highlighting, and he is admitting that we need creative capitalism to do the job, and do it well. However, it really doesn’t come with a guarantee of how well it will be done.

If you just look at the word ‘creative’, it means the very essence of progress. So capitalism has to be creative too.


Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri

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