Muhammad Yunus makes case for creating social businessesBy Ivy Mungcal 19 March 2012
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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