Saturday, February 9, 2019

Video - Reforming Capitalism with Social Businesses (Mohammed Yunus)




Nobel Peace Prize winner and the father of microfinance Mohammed Yunus says capitalism is broken. He says wealth inequality is a ticking time bomb and he points to staggering wealth inequality including the fact that 8 people in the world have more wealth than the bottom 50 percent. This concentration of wealth is described by Yunus as a disease and it is making capitalism sick.

As it is currently practiced, capitalism promotes greed. In response Yunus supports non-dividend companies that have no intention of making personal money. He believes that what he describes as selfless businesses could make capitalism healthy.

This is an approach better know as a social capitalism or social business. What differentiates this type of business is that it is not focused on profit, instead its primary goal is to make the world a better place. These are businesses whose purpose it is to solve a societal problems.

Yunus practices what he preaches and he is one of the greatest social entrepreneurs the world has ever seen.  he has provided loans to people who could not have gotten a loan elsewhere and in the process he has helped to lift millions of people out of poverty. Yunus is also asked big business to focus less on profits and more on people.

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