Bornstein tells the story of the Grameen Bank in Bangladesh. It is a window into the mind and heart of the innovative founder, Mohammad Yunnis. He did not take on social reformation by attacking things like women wearing the burkhah or domestic violence. Instead, he decided to upgrade women's positions and power by making them eligible to receive credit. The result was that after 7-10 years, women crossed the poverty thresh-hold, owning their own homes and businesses, aware of issues like family planning, safe water, and nutrition, and held accountable in a carefully structured borrowing group. The bank offered credit but never provided the business plans, committed to the premise that the individuals could best assess how to use their funds. The groups stressed that the best way to escape poverty is to "invest" but not "eat" the funds the credit made available. Eventually the bank became the providers of medical care and insurance but not as a hand out. Bank "members" received preferential pricing but everyone paid. While the bank is a nonprofit organization that receives funding from international donors, it also has grown to the point where it is able to compete for interbank loans to fund large programs. Yunnis is the genius behind the current micro-credit popularity as a development strategy for the poorest nations. This book stories the way he approached the journey before everyone knew him as a Noble Prize winner. It absolutely challenges the educated western ego that thinks it knows best how to improve the future for regular folks across the world.
Bornstein, David. The Price of a Dream. c. 1996. Simon & Schuster: NY
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