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Invisiblesilversoul7
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Grameen Bank
    #3436649 - 12/02/04 11:50 AM (12 years, 8 days ago)

I was learning in one of my classes about this organization. Apparently, it started in Bangladesh, and has had tremendous success in fighting poverty and famine. What it does is it gives loans out to poor people, mostly women, and they use it to set up businesses and make money. The loans are given out to groups of 5 people, and they all have to pay it off together, with little interest, or else they will be denied further credit. This gives them the incentive they need to succeed. They attend weekly seminars to monitor their progress and help them along the way. What strikes me about this is that it's not simply a handout. It's actually helping people help themselves. It also strikes me that one of the biggest obstacles for poor people trying to succeed is their inability to get a loan. If organizations like this were more common, I wonder if there would be any need for welfare. This is another example of how the free market can find better solutions than the government can.

For anyone interested in reading more about this organization, here's their website: http://www.grameen-info.org/


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"It is dangerous to be right when the government is wrong."--Voltaire


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Invisiblepsilomonkey
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Registered: 08/08/03
Posts: 812
Loc: Airstrip One
Re: Grameen Bank [Re: silversoul7]
    #3436703 - 12/02/04 12:02 PM (12 years, 8 days ago)

They are sometimes called 'Micro Loans', they are a brilliant idea IMO.

Not only do they develop economies, because money comes back in the form of repayments so it can be used again to benefit more people.


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InvisibleVvellum
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Registered: 05/24/04
Posts: 10,920
Re: Grameen Bank [Re: silversoul7]
    #3436807 - 12/02/04 12:36 PM (12 years, 8 days ago)

yes, the market can better provide opportunities than government handouts, but the problem is such charities are rare - at least rare in the ratio of impoverished to those with capital. Those with capital seem to promote the virtues of free markets and independence from social welfare programs but yet when it comes to their own money, you dont see as many microloans or charity initiatives you would think.

I'm all for moving from government sponsored welfare programs to pro-market solutions, but I do not see many stepping up to the plate.


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Invisiblesilversoul7
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Re: Grameen Bank [Re: Vvellum]
    #3436854 - 12/02/04 12:46 PM (12 years, 8 days ago)

I agree that more needs to be done. I think that this is the way to do it. This is a relatively new idea, so it's not surprising that it isn't more widespread. I do think that welfare should be done away with gradually, so as to give the free market time to step up. I think it'll be a while before we see something like this in the U.S., since most are content with the current welfare system. But I think there are probably enough poor people out there who would rather improve their lives than live off the government dole. I guess my main point here is that the poor don't need handouts--they need opportunity.


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"It is dangerous to be right when the government is wrong."--Voltaire


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InvisibleVvellum
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Re: Grameen Bank [Re: silversoul7]
    #3437178 - 12/02/04 01:57 PM (12 years, 8 days ago)

the fatal flaw of the free-market response to poverty is people generally are caught up in self-interest alone; people do not give a fuck. I think the reason why such models as grameen bank are not so widespead isnt because they are so new and novel (what is so novel about helping others help themselves, anyway?), but rather because they are not popular among those who hold capital. Besides these rare instances of true help, what is left will devolve into debtor schemes where the provided "opportunity" is just a short-term illusion.

the world has massive amounts of capital
the world has the impoverished.
free-market ideas have been around for awhile
the capitalists are certainly familiar if not outright champions of these ideas, no?
so whats the problem...?
simple - lack of participation.
the plan looks good on paper, but in reality
it just dont fly.


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OfflineGazzBut
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Registered: 10/15/02
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Re: Grameen Bank [Re: Vvellum]
    #3437193 - 12/02/04 02:00 PM (12 years, 8 days ago)

Well said. As with anything its not the tool itself (i.e free market etc) but the way in which that tool is used.


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OfflineTao
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Registered: 09/19/03
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Re: Grameen Bank [Re: silversoul7]
    #3437223 - 12/02/04 02:09 PM (12 years, 8 days ago)

another thing to add, i believe thats the charity that only gives to women because men are a bunch of alcoholics. its a great organization from what ive read, i went to a small talk about it at my university by a representive from india.

but this is not a gift of the 'free market', this has been established because of the WEAKNESSES of the free market. the free market is based on self-interested individuals making transactions that benefit themselves. this relies on charity, which is antonymous to 'self-interest'.


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Magash's Grain Tek  + Tub-in-Tub Incubator + Magash's PMP + SBP Tek + Dunking = Practically all a newbie grower needs :thumbup:


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OfflinePhred
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Re: Grameen Bank [Re: silversoul7]
    #3438511 - 12/02/04 06:15 PM (12 years, 8 days ago)

They have the same kind of thing going here in the Dominican Republic. I know three women who leveraged that loan to buy their own (small) grocery store. Worked out great for them.


pinky


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OfflinePhred
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Re: Grameen Bank [Re: silversoul7]
    #6165835 - 10/13/06 02:54 PM (10 years, 1 month ago)

Will wonders never cease?

This year the Nobel Peace prize was awarded to someone who actually deserves it. Muhammad Yunus of Bangladesh and the Grameen Bank have been jointly awarded the 2006 Nobel Peace Prize.

http://news.bbc.co.uk/2/hi/europe/6047020.stm





Phred


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InvisibleSilversoul
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Registered: 01/01/05
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Re: Grameen Bank [Re: Phred]
    #6166910 - 10/13/06 09:09 PM (10 years, 1 month ago)

Awesome! :thumbup:


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