Dhaka, Aug 18: Muhammad Yunus, Chief Advisor of the Bangladesh government, on Saturday called for combining entrepreneurship with social business.
He said combining social chains of business with industries will create a miracle in any nation. Emphasising a complete redesigning of the financial system and education system in the Global South, he urged governemnts to ensure wealth is shared by all which will lead to a classless society without any poverty.
Pointing out that today’s youth want jobs, “just because they are prepared by an education system in all our countries to get ready for jobs” with their creative capacities forgotten, Yunush, the pioneer in microfinancing in Bangladesh, called for redesigning the system.
“If we give an important place for social businesses, that is businesses which are created solely for fixing social and environmental problems,” said Prof. Yunus.
He added that it can set a path to create a world of three zeros – zero net carbon emissions, zero wealth concentration, and zero unemployment.
Yunus was addressing the ‘Third Voice of Global South Summit’ being hosted virtually by India.
“We would like to propose some common facilities in the Global South to take concrete steps to unleash the creativity and energy of our young population through social business,” the former professor known for his award-winning work in micro-finance said.
“Our financial system is created to promote wealth concentration. We have to redesign our financial system to make sure wealth is shared by all." Yunus, who won a Magsaysay Award for Community Leadership in 1984 for “his pioneering efforts in enabling rural men and women to become economically self-sufficient,” said.
“It should not be a one-way path for wealth. We must ensure financial services for all people, particularly women and youth. We can learn from each other how this can be done successfully,” he added.
“Finance should never be a wall for anybody. It should be designed to unleash entrepreneurship and creativity. Social business banks can be encouraged to be created for solving problems such as poverty and unemployment,” he said.
Yunus also invited the leaders of the Global South to work together to create social businesses to address all environmental and social problems and said, “It can become a massive force if we work together.”
