It’s time we have a ‘social stock market’

Mumbai, November 18 Emphasizing that “human beings are not money making machines” and the term ‘business’ has been misinterpreted by economists as just wealth

creation, Nobel laureate professor Dr Muhammad Yunus on Sunday stated the need for establishing a “social stock market” in which companies that work for welfare

activities without profit in mind will be listed.
“Business has been misinterpreted by the economists. Apart from creating wealth, it also involves doing good to people. It is time that we have a social stock exchange for

companies which do good for society on a no profit-no loss basis,” said Yunus, founder of Bangaldesh’s Grameen Bank engaged in micro-finance, during an interaction with

prominent people and journalists at the Nehru centre at Worli.

The 2006 Nobel Peace Prize recipient said Grameen Bank in tie-up with a French company had started a nutritious yoghurt manufacturing venture recently for malnourished

children.

Such companies can be listed on the social stock market and people can invest in the company of their choice. “Rather than the money it creates, the bottom-line for such

companies will be how they are helping people and cost effectiveness.”

Criticising the modern micro finance institutions, Yunus said, “Micro credit and money lending are getting mixed. Many lend money and call it micro finance.”

During his initial remarks, Yunus spoke at length about how the experiment of Grameen Bank with 97 per cent of borrowers being women, had helped in their empowerment

which had resulted in Bangladesh performing better on human indices. “Money going to family through women is much more beneficial than going through men. Wherever

mother is the borrower, children are the immediate beneficiary,” Yunus said. However, answering a question regarding the women politicians in the country, Yunus said, “The

women at top are not women in their mentality....they are like a man.”

Speaking on poverty, Yunus said it was a phenomenon created by the society and it is the society’s responsibility to help all the people to unleash their capacities by giving

them the space so that nobody gets entangled in the problem.

“Poor people are like Bonsai trees. If you give them very little space, they won’t grow tall. There is nothing wrong with the seeds,” said Yunus. He reaffirmed that poverty will

be eradicated by 2030 in Bangladesh and then a museum depicting the ills of the poverty to the newer generation will be started.

Express news service
Posted online: Monday , November 19, 2007 at 12:00:00
Updated: Monday , November 19, 2007 at 01:22:06 Print Email To Editor Post Comments

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