In the past 60 years or so, we have seen capitalism reach its peak. We have seen the socialist economies fall away and move rapidly toward capitalism. This has undoubtedly brought unprecedented wealth and prosperity in many parts of the world and to many people. At the same time, millions — if not billions — have been left behind.
We have seen the deep financial crises grip the world economy since 2008, and we have seen huge numbers of people becoming unemployed even in the so-called prosperous Western countries. These crises and the resulting social problems starkly show up the failings of the global capitalist system. I believe these crises give us an opportunity to design things better.
Profit-centered business has not been able to solve human problems, and in some cases has made them worse. I have been advocating for the creation of social business — a nondividend company to address human problems — as the way forward. One of the features of social business is that it puts women at the center of economic activity.
About the author
Muhammad Yunus
Muhammad Yunus is the founder of the Grameen Bank and winner of the 2006 Nobel Peace Prize for his “efforts to create economic and social development from below.” He has won a number of prestigious awards and honorary doctorate degrees, and is considered a trailblazer in microfinance and social business. Yunus serves on the board of directors of the United Nations Foundation.