Grameen Bank Wins Nobel For Innovating Ways To Finance Bottom of the Pyramid Entrepreneuers.

Bruce Nussbaum

Sorry I missed this very important event--the giving of the Nobel Peace Prize to Muhammad Yunus of Grameen Bank for his pioneering work in micro-credit. When I was in the Peace Corps, the conventional wisdom was that poor farmers--poor people in general--were terrible credit risks and could/would not pay back loans given them to lift them out of poverty. So the paradigm was to grant them money--just give it--because the only difference between rich and poor was, well, just money. This was very Ford Foundation-think.

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