Micro-loan pioneer Muhammad Yunus to speak at Vanderbilt
Muhammad Yunus earned his Ph.D. in economics at Vanderbilt in 1970 then went home to Bangladesh where he began changing the world, one small loan at a time. Yunus will be at Vanderbilt University on Friday, Jan. 28, to tell his story.
Listen to introduction of Yunus by Vanderbilt Professor of Economics James Foster (.wav or .mp3).
Listen to introduction of Yunus by Sewanee Professor of Economics Yasmeen Mohiuddin (.wav or .mp3).
Listen to Yunus' remarks (.wav or .mp3).
Listen to radio story about Yunus (.wav).
NASHVILLE, Tenn. ñ Muhammad Yunus earned his Ph.D. in economics at
Vanderbilt in 1970 then went home to Bangladesh where he began changing
the world, one small loan at a time.
In the early 1970s, he became head of the rural economics program at
Chittagong University in Bangladesh. On his way to work, he'd pass
villagers ñ mostly women ñ who needed a few dollars to fund an
enterprise or purchase livestock. But those funds just weren't
available to them, and, consequently, economic independence was out of
their reach.
So on a visit to the village of Jobra in 1976, he distributed the $27
in his pocket among 42 self-employed crafts workers. The loans, so
small no conventional bank would consider them, were repaid, and the
money was loaned again to other people ñ again, without collateral, on
a system based on mutual trust, accountability, participation and
creativity. Thus was born the Grameen (which means "rural" in Bengali)
Bank and its micro-loan program, now replicated in other impoverished
parts of the world. The model has even been exported to the United
States, where it serves low income people excluded by traditional banks.
Yunus reasoned that if financial resources can be made available to the
poor on terms and conditions that are appropriate and reasonable,
"these millions of small people with their millions of small pursuits
can add up to create the biggest development wonder."
Yunus will be at Vanderbilt University on Friday, Jan. 28, to tell his story, recently captured in his autobiography, The Banker to the Poor: Micro-lending and the Battle Against World Poverty.
His speech is scheduled for 3:10 p.m. in Room 103 of Wilson Hall. A
reception with Yunus will follow his remarks. The event is free and
open to the public.
The Grameen Bank has experienced tremendous growth in its 29-year
history, having loaned $4.57 billion to date, 99 percent of which is
repaid despite the lack of collateral or signed loan documents. With
1,326 branches, Grameen Bank provides services in almost 48,000
villages in Yunus' native land.
Recent additions to the programs Grameen offers are loans for beggars
to aid them in finding financial security, and the initiative by
Grameen Telecom to place cellular telephones in rural villages; to
date, almost 88,000 borrowers have bought community phones to be used
on a per-minute basis by villagers. About half the villages in
Bangladesh that never had access to a phone now have it because of this
program.
Yunus has earned global acclaim for his innovative work to benefit the
rural poor and has been recognized with honors and appointments from
many governments, the World Bank and the United Nations. He was named
Vanderbilt's first Distinguished Alumnus in 1996.
The lecture is being presented as the Georgescu-Roegen Lecture in
partnership with the Department of Economics of Sewanee: The University
of the South. Other sponsors are Vanderbilt's Department of Economics
through its Graduate Program in Economic Development, the Center for
the Study of Religion and Culture, the Cal Turner Program for Moral
Leadership in the Professions and the College of Arts and Science.
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Listen: Center for Latin American Studies provides educational resources for Dichos exhibit
The Center for Latin American Studies (CLAS) provided educational support for an exhibit at Cheekwood that highlights a disappearing folk art traditionally found on Latin American drivers' trucks and buses. "Dichos: Words to Live, Love and Laugh by in Latin America" is on display to the public through Jan. 17.
Listen: Improvisational art event evokes memories of 1960s
Vanderbilt students, faculty and other interested individuals came together recently for a unique improvisational art experience directed by renowned artist Oliver Herring. Participants worked with Herring to create a so-called TASK event on a Sunday afternoon in the Ingram Art Studio.
Listen: Vanderbilt professors find that household efforts are key to climate change efforts
Vanderbilt professors Jonathan Gilligan and Michael Vandenbergh are among researchers who have identified 17 activities that individual households can do to significantly reduce overall carbon emissions. The steps are explained in the recently published article "Household actions can provide a behavioral wedge to rapidly reduce U.S. carbon emissions."
Listen: Student Media Hall of Fame inaugural class inducted
Five alumni who have distinguished themselves through a variety of careers and have made significant contributions as staff members of the university's student media were inducted into the Vanderbilt Student Media Hall of Fame on Oct. 16, 2009. The event was held in conjunction with Homecoming/Reunion Weekend.
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