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‘Extra entrepreneurs required to make society equitable‘

‘Extra entrepreneurs required to make society equitable‘

Published Date: January 26, 2018 
By: Kaplan Contributor  
Source : kaplanherald.com

Nobel prize winning economist , author of recently published ‘A World of Three Zeros‘, said people remain poor not because of themselves but the system, and flagged the concerns of wealth being concentrated in fewer and fewer hands, increasing inequality in the society.

“Poverty is not a problem with the poor people. It‘s externally imposed on them. People need economic oxygen. Since it is not available for them, they cannot breathe. If you connect them with financial oxygen, suddenly they become alive. The entire financial system in the world is not poor-people friendly,” Yunus said at a on Thursday. According to Yunus, all people are entrepreneurial but the financial world does not recognize that.


“Half the population of the world is not connected to the financial system. The financial world says that the poor people are not creditworthy. Instead of judging whether people are creditworthy or not, we should find out if the financial world is people-worthy or not,” added Yunus.

Charity is not a bad idea, but it has limits and often cannot be scaled up. “Every time I came across a problem, I made a business idea for it to solve that. I always avoided doing it in a charitable way which is a wonderful idea but has limitations. Charity money goes out and does a great job, but it does not come back. The money has only one-time use. But when I create a business to solve the problem, which I call social business, the money comes back which can be used again and again and it becomes a powerful tool,” explained Yunus.

Criticizing both the capitalist and socialist models, Yunus said the concentration of wealth in fewer hands would create massive social unrest unless people become entrepreneurs instead of job seekers.

“The present business model misinterprets human being. They interpret human being in a narrow sense. The real human being is not only selfish but selfless. Capitalist theory uses only one part of the human being. This created a society which led to wealth concentration in fewer and fewer hands. Today, 8% of the people in the world own more wealth than 50% of the wealth in the entire world.Every year it is becoming worse and worse. This is not economy. This is a mockery,” said Yunus.

Original Article: https://kaplanherald.com/2018/01/26/extra-entrepreneurs-required-to-make-society-equitable/