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The experience of Grameen Bank shows that credit proved to be a very effective instrument to overcoming poverty and a central institution to create social and economic development. M. Yunus the founder of the bank and Peace Nobel Prize Laureate strongly demands to establish access to credit as a human right. The paper presents arguments both supporting and opposing this idea.
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The phenomenon of Grameen Bank has had a worldwide impact over thirty years of its successful history. It is assessed now that over 500 million of the world’s poorest population has benefited from microloans, a concept developed by professor Muhammad Yunus, 2006 Peace Nobel Prize Winner. By means of undertaken activities, Muhammad Yunus has given an unprecedented example of development of social business, which can be a modern way to replace charities. According to this concept, a social business is a sustainable business run in free market conditions, however profit-making is not its ultimate goal. A social business is either established to respond to a social need, which is not addressed otherwise, or is owned by the poor for whom a profit from shareholding can vitally contribute to their well-being. The present article discusses the history and main concepts of Grameen Bank – being the world largest social business – and other entities established as followers of the ideas voiced by Muhammad Yunus.
EN
Crisis makes us look for a new model of economic activity based on social solidarity. Muhammad Yunus, Bengali economist and Peace Nobel Prize winner, the father of microfinance and originator of a new social business concept, has become an advisor to European Commission. Author of the paper describes the activities by Muhammad Yunus and his values. Yunus is convinced that there is place in the private sector to launch activities based on the free market, yet with a purpose to maximize social benefits. He describes such activities in the framework of “social business”, which he calls a missing element in the theory of the free market. The Grameen Bank, established by M. Yunus, remains the world’s largest social business. Further on, I analyze the financial market in Poland, and discuss if institutions of “social solidarity”, similar to Grameen Bank, have originated there. We have been accustomed to the stereotype of thinking about the rich and the poor, and of dividing society into those who work and the beneficiaries of social support. Quoting Yunus: “Because of this silence and indifference, banks have imposed a financial apartheid and gotten away with it. If economists would only recognize the power of socioeconomic implications of credit, they might recognize the need to promote credit as a human right.”
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