The end of 2010 and the first half of 2011 brought in a lot of bad news related to the economist turned visionary banker Professor Muhammad Yunus. He was finally compelled to leave Grameen Bank of Bangladesh, the institution he formed in 1983 with which he shared the Nobel Peace Prize awarded in 2006. Political analysts believe that the self-grown enmity by the Bangladesh Prime Minister Sheikh Hasina resulted in the vindictive behavior towards him.

Though Professor Yunus was ousted as the Managing Director of Grameen Bank through the charge of him being over-age, the creator of micro-finance banking remains the policy maker of many Grameen sister concerns devoted to various initiatives like drinking water, yogurt for malnourished children, cell phones, solar power for rural homes etc. Moreover, his spirit was not diminished by the attitude of the Bangladesh authority and he continues working for his mission to make the world poverty-free.

The futurist social scientist is now preaching for a different kind of economic enterprise that emphasizes on social development and not the profit of the investors. Professor Yunus terms it as ‘Social Business’, a form of business that seeks to solve social problems and his latest book describes in great detail ‘the new kind of capitalism that serves humanity’s most pressing needs’.

Published by the University Press Limited, Dhaka 1000, the gorgeous book (written by Professor Yunus with Karl Weber) with over 250 pages is priced at Taka 395. First published in USA by Public Affairs, the Bangladeshi edition of the book was published in June 2010 with its second impression in August 2010.

The book narrates a new kind of capitalism and enterprise based on the selflessness of people. It’s a kind of business dedicated to solving social, economic and environmental problems that have long plagued humankind, argues Professor Yunus. In a social business, the investors/owners can gradually recoup the money invested, but can not take any dividend (profit) beyond that point. The purpose of the investment is purely to achieve one or more social objectives through the operation of the company, and no personal gain is desired by the investors. The company must cover all costs and make profit, at the same time achieve the social objective in a business way, elaborated Professor Yunus.

Charity is rooted in basic human concern for other humans. These days concern is usually expressed in the shape of non-profit organisations and NGOs. Of course, he believes that charity is essential in some cases when the people have to depend on charity, because it is virtually impossible for them to support themselves. “I am thinking of people who suffer from extreme physical or mental disabilities, as well as the very old and the very young. As a society, we simply owe these people our help, and it would be cruel to insist that they should support themselves. So there is room in our world for charity, just as there is room for social business,” Professor Yunus analyzed. He has some reservation on charity and typical corporate social responsibility initiatives. Arguing that there is nothing wrong with donation, charity and traditional CSR, Professor Yunus claims these have a one-time effect only. If the people get everything for free because donations pour in from the international community, we are not building the economy in the under-developed countries. Moreover, life can not go on in a charity mode all the time, he argues.

The concluding lines of the book say, “Do our dreams sound impossible? If they do, that means they are likely to come true if we believe in them and work for them… If you are willing to share these dreams with me- and to join the people around the world who are already beginning to transform their dreams into reality through social business- let’s undertake this exciting journey together.”

EP Desk