Suicidal to return to previous financial order, Mohd Yunus tells Rahul Gandhi

Aditi Tandon

Tribune News Service

New Delhi, July 31

Leading economist and Nobel Prize winner Mohammad Yunus on Friday mentioned Covid had afforded the world a singular alternative to rethink the financial order and it could be suicidal to return to issues as they have been within the pre-pandemic period.

In a half-hour dialog with Congress chief Rahul Gadhi, Yunus suggested governments internationally to uplift casual and rural economies and create mechanisms whereby individuals can stay and prosper the place they’re.

“COVID has suddenly stopped the economic machine. Now the focus is on recovery. What is the hurry to go back? Should we go back at all? That world was a horrible world. It was creating global warming. Why do we have to go back to that world, a world with global warming, to a world where Artificial Intelligence is taking away jobs? Going back will be suicidal. COVID has given us an opportunity to think anew. This is the time to take outrageously bold decisions, not to quietly go back to where we were,” Yunus mentioned within the dialog.

The main micro credit score finance specialist who based the Grameen Bank in Bangladesh to lend collateral free loans to the poor entrepreneurs, Yunus mentioned monetary programs worldwide are designed in fallacious methods.

“COVID has revealed the weaknesses now. Poor people are all over. We knew they existed but suddenly we saw millions of migrants on the highway. We have to recognise these people. The economy does not recognise them. If we can finance them they will move up the ladder. We are engaged with the formal sector. When we gave micro credit to women they showed how much capacity they have. The whole world has accepted micro credit,” mentioned Yunus advocating a brand new financial system the place governments finance the poor to create a life in villages.

He mentioned we observe the western mannequin of economics even when we now have large capability to make issues occur.

“In the western mannequin, city financial system is the hub and rural financial system is the provider of labour. Why cannot we construct an autonomous financial system? Yunus requested saying right this moment we now have the expertise, infrastructure and communications to make sure thriving economies in villages.

Why cannot we create an financial system the place individuals work the place they stay? he requested stressing the necessity to belief micro entrepreneurs.

Grameen Bank, he mentioned, is the only real financial institution on the earth which is lawyer free and which supplies collateral free loans to the poor and the cash comes again with curiosity. He mentioned this turns into potential when individuals belief one another and their capacities.

To an intervention by Gandhi {that a} micro credit score system for ladies he created in UP was destroyed by the BJP authorities, Yunus mentioned, “If people enjoy what you are doing it would be a temporary disruption. It will spring back at other places with a bigger force. Good ideas are indestructible.”

Yunus mentioned COVID has given the world an opportunity to replicate how massive, daring selections will be taken. “We have a choice whether we go back to that terrible world which is going to destroy itself anyway or we go someplace else and build a new world where there will be no global warming, no wealth concentration, no unemployment,” he mentioned.


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