Muhammad Yunus makes case for creating social businesses

Nobel Peace Prize winner Muhammad Yunus envisions a world where no man is unemployed. And this scenario can be achieved if all for-profit companies also engage in social business, Yunus said.

The business community has enormous potential, creativity and technological capacity to solve today’s leading development challenges, Yunus said in a video interview with the Guardian. The community can maximize this potential by putting up social businesses targeting the world’s poorest population, he adds.

Companies don’t have to abandon their profit-oriented undertakings, Yunus clarified. Instead, he made the case for operating a social business on the side focused on solving a local or international problem. He cited some of the endeavors he has led in Bangladesh.

But even this proposal requires developing a new conceptual framework, Yunus acknowledged, noting how making money has turned into an “obsession” and how capitalism made man “money-centric.”

Yunus, to be sure, is not discouraged that it’s possible: “If we work for it, it will happen. The distance between impossible and possible is shrinking.”

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About the author

  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.