Nobel laureate’s A World of Three Zeros sheds light on the boundless creative potential of human beings
Ghulam Arif Khan
VISUALISE a world free of poverty, unemployment, and carbon emissions. Nobel laureate Professor Muhammad Yunus believes this uplifting vision is entirely within our reach. He argues that humanity should not only dream of a safer world by tackling wealth inequality, unemployment, and global warming but also actively strive towards this goal with both individual and collective efforts.
In his book A World of Three Zeros, Yunus proposes a groundbreaking economic system. He posits that people are not born merely to toil for others; humans possess boundless creative potential. With the right support and encouragement, they can achieve financial independence and secure their family’s future.
Dr. Muhammad Yunus, studied at Dhaka and Vanderbilt Universities. He started teaching and became the head of the Economics Department at Chittagong University in 1972. He founded the Grameen Bank and is said to be the inventor of microcredit. Over four decades, Yunus authored numerous books, delivered countless lectures, and worked tirelessly to uplift the impoverished. His monumental efforts earned him and the Grameen Bank the Nobel Peace Prize in 2006.
Why Peace Prize to an economist and his poverty alleviation efforts? Perhaps as a recognition that peace is unattainable amidst widespread poverty. Despite his remarkable contributions, the 84-year-old Yunus faces significant challenges in Bangladesh. According to a recent article in Time magazine, Prime Minister Sheikh Hasina and her government, seeing Yunus as a political threat and envious of his popularity, have created severe difficulties for him. He has been ousted from the Grameen Bank, entangled in multiple legal battles, and detained.
In his book, Yunus critiques capitalism. He points out its failures and elaborates how it breeds inequality. He expresses grave concern over a rapid rise in economic inequality and concentration of wealth. This trend directly results in widespread poverty and bankruptcy. Two and a half centuries ago, capitalism theory posited that the free market was the solution to all economic and social problems. However, it is now evident that capitalism’s unchecked free market is a primary driver of economic inequality worldwide. The growing concentration of wealth is alarming, threatening human development, social cohesion, human rights, and democracy. When wealth is concentrated in a few hands, political power inevitably follows.
Yunus argues that we have wrongly assumed that humans are inherently self-interested and greedy, making profit maximisation the cornerstone of economic activity. In reality, humans are complex beings with diverse qualities. While they can be selfish, they are often selfless, trusting, and caring towards others.
Yunus elaborates on this theory in his book. He does not advocate for socialism. He calls for a completely new way of thinking — a system designed with a deep understanding of human nature. His experiences and collective efforts to eradicate poverty further validate this perspective.
Zero Poverty
The notion that poverty is self-inflicted is a complete fallacy. Yunus debunks the myth that poverty is created by the poor. Poverty is actually a byproduct of an economic system where resources are hoarded by the top one percent. Using the term “inequality” is a gross understatement of the current disparity; it’s like comparing an elephant to an ant. What’s needed is an economic framework that empowers the underprivileged, providing them with the resources to hold their heads high. Charity alone cannot fill this void.
Yunus saw firsthand the plight of destitute people in his country ensnared by usury. Small loans could have transformed their lives, but no bank would lend without collateral. Yunus initially lent his own money to these individuals to invest in their businesses, and to his delight, they repaid him in full. This was the birth of microcredit. Yunus then formed groups of borrowers to secure unsecured loans from banks. This concept evolved, and Grameen (meaning Rural) Bank was born. The bank offered the underprivileged, especially women borrowers its shares. It provided business training and encouraged education.
Grameen, a non-profit microcredit institution, has lifted millions out of poverty in over 100 developing countries, even extending its reach to developed nations, including the United States.
Zero Unemployment
Yunus highlights the social damage caused by unemployment and its economic effects, arguing that we are conditioned to believe that we are born to work for others. Traditional economic systems stifle human creativity by promoting employment under a few wealthy capitalists. The true solution to poverty lies in entrepreneurship. By fostering entrepreneurs, zero unemployment is achievable. Yunus launched a scheme called Nubin Adyugata, or new business owners, in Bangladesh.
He established the Social Business Design Lab at the Yunus Centre in Dhaka, which supported 17,000 new entrepreneurs through capital and training between 2013 and 2017. This initiative, known as Yunus Social Business (YSB), operates on a model where the goal is not profit maximisation but earning a decent living through collective effort. Excess profits are reinvested into new businesses, keeping money in circulation thus reducing unemployment further.
Beyond small industries and commerce, some of the world’s most renowned companies have now partnered with YSB. These businesses are reaching new altitudes of success. In India, Yunus Social Business operates from its Bengaluru office. Inspired by Yunus, people in dozens of countries have established successful business units in his name.
Zero Net Carbon
Yunus also mused on the prospect of zero carbon emissions, envisioning a cleaner, greener Earth. Supporting economic growth in developing nations and protecting the environment, both are important and need not conflict. Sustainable business strategies will help grow weaker economies while emphasis on environmental friendliness will protect the earth. The youth population in developing economies makes them inherently well-positioned to adopt sustainable methods while they grow.
Yunus sees good governance and the observance of human rights as the bedrock for achieving these three zeros. To this end, he outlines fundamental reforms in both domestic and international legal and economic frameworks.
While models similar to Yunus’s might have existed before, his real triumph lies in making a concerted effort and convincing the world of their viability. Although there may be chinks in Yunus’s theories, they inspire a leap of faith. Analysing theories through ideological prism or excessive thinking may often deprive one of seeing amazing possibilities emerging out of experimentation. Sometimes, it’s wise to let the heart lead while the mind takes a backseat. Yunus is not merely a dreamer with his head in the clouds; he’s a warrior in the field, transforming think tanks into action tanks.
Muhammad Yunus is a remarkable social leader who has touched the lives of millions. Anyone with a concerned mind for humanity should read his book. It’s a beacon for those who strive for a better world, not just for themselves, but for future generations.
Ghulam Arif Khan is a Mumbai-based public speaker and commentator on socio-economic, political and cultural issues. He can be contacted at arif055@gmail.com / +91-8422971000.
