Sunday, October 15, 2006

Grameen Bank

I am so excited that Muhammad Yunus and the Grameen Bank have just won the Nobel Peace Prize. In my readings on poverty, economic "development," and globalization, the Grameen Bank has often been cited as a positive and hopeful alternative. The bank gives out microcredit loans to mostly women for small business ventures that would not meet the loan criteria of larger banks. And, the repayment rate of these loans is high in part because those involved in the program know that others will also benefit from loans when they repay theirs.

The Grameen Bank is an example of a creative alternative to poverty and challenges convential ways of engaging in economic "development." The fact that a program designed to create profits and alleviate poverty by giving women financial control won the Nobel Peace Prize is a great signal to the world. Peace will not be reached without economic sustainability especially for a group whose labor goes largely unnoticed in traditional economic sectors, that group of course is women!

So, unleash your creativity and remember there are alternatives, we just have to create them!

For more information about the award, the Grameen Bank, and positive alternatives, you can visit the following sites:

The New York Times

The Grameen Bank

Yes! Magazine

Remember, another world is possible!

1 comment:

Richard Kimball said...

I was pleasantly surprised as well. Its a nice break from politics as usual.

I'm sure his loans have generated more income and morale than he is being rewarded with. This is a great step for recognizing his efforts though.