Financial system needs redesigning to unleash entrepreneurship, creativity

Chief Adviser to the interim government Professor Dr Muhammad Yunus said on Saturday that the financial system should be designed to unleash entrepreneurship and creativity, while social business banks can be encouraged to be created for solving problems  such as poverty and unemployment, reports BSS.

The chief adviser said his life-long experience has been that the financial system is created to promote wealth concentration, so the system should be redesigned to make sure wealth is shared by all.

"It should not be a one-way path for wealth. We must ensure financial services for all people, particularly women and youth. We can learn from each other how this can be done successfully. Many countries have taken a lead in this matter. We need to do more. Finance should never be a wall for anybody," he said.

"Being old should not mean that you have to retire, withdraw yourself from economic activities. Human creativity never stops on a date fixed by the state. It doesn't stop until the last breath. We may work together to see how to make societies supportive of creativity of all people as long they live," he said.

The Chief Adviser was virtually addressing the Inaugural Leaders' Session of 3rd Voice of Global South Summit 2024 hosted by India.

Prof Yunus said the youth and students should be placed at the heart of strategies in the Global South as they are committed to creating a new world.

"We must place the youth and students, who constitute a significant portion of the Global South's population, at the heart of our strategies. Two thirds of our population are youth. They are the most powerful segment of the society," he said.

He said the youth are different, they are capable and they are technologically far ahead of the previous generation.

"They can make all impossible possible. They are entrepreneurial. Jobs they want, not because they enjoy it but because there is nothing else available, just because they are prepared by an education system in all our countries to get ready for jobs. Their creative capacities are forgotten. Yet, all human beings are born as creative beings. They are natural entrepreneurs," he said.

But, Prof Yunus said, the education and financial systems are built only for creating job seekers and providing jobs for them, so the systems should be redesigned.

"We hope we can do it together in the Global South, which is rich with fantastically creative young population. Combining entrepreneurship with social business can create miracles. We would like to propose some common facilities in the Global South to take coordinated efforts to unleash the creativity and energy of our young population through social business," he added.

The chief adviser said Bangladesh witnessed a 'Second Revolution' on August 5, 2024 through a mass uprising spearheaded by its valiant students and joined by the masses, while the current interim government was sworn in on August 8.

"Our young generation has impressed upon the people their aspirations for a revolutionary change, restoration of all institutions of the state to ensure democracy and human rights through a meaningful reform. Our government is committed to ensuring a transition to inclusive and pluralistic democracy and create an environment in which free, fair and participatory elections can be held," he said.

Prof Yunus, also Nobel Peace Laureate, said the theme of this Summit as well as for this inaugural leaders' session 'An Empowered Global South for a Sustainable Future' is very timely and appropriate. "The global south must work together to ensure Sustainable Future for our Mother Earth."

"We can start with a vision of building a world of three zeroes -- zero net carbon emissions, zero wealth concentration, and zero unemployment. If we give an important place for social businesses, that is businesses which are created solely for fixing social and environmental problems, we can set our path to create a world of three zeros," he added.

He urged the leaders of the Global South to work together for creating social businesses to address all environmental and social problems. "It can become a massive force if we work together," he added.

The Nobel Laureate said he has been encouraging the power of sports to be utilised for social purposes as he was glad Paris Olympics 2024 paid attention to it.

"Together with Paris Olympic 2024, we created a new concept of Olympics- social business Olympics. Paris Olympics was designed as a social business Olympics. As the Global South, we can work together to unleash the social power of sports," he added.

The chief adviser said: "Our task is now to carry out vital reforms in our electoral system, judiciary, local government, media, economy and education."

Inviting all to visit Dhaka soon so that they do not miss something important, he said much of Dhaka has turned into the graffiti capital of the world, while young students and children aged as young as 12-13 have been painting the walls of this 400-year-old city with images of a New Democratic environment- friendly Bangladesh.

Mentioning that there is no central planning or guidance for that and no budget support from anybody, Prof Yunus said it is just an outpouring of their emotions and commitment to the goals of the Second Revolution.

"They approach the shopkeepers to buy paints and brushes for them. They make up their own subject and own messages. Messages they are painting will thrill anybody. Anybody can read in them what the youth are dreaming of. It is our job to make their dreams come true," he said.

Recalling the 52 language movement, the chief adviser said in 1952, the Bangladeshi students sacrificed their lives for their mother tongue and it inspired struggles for the right to speak in mother language all over the world.

"Some seven decades later, our students-led Second Revolution is inspiring youth throughout the Global South to raise their voice for democracy, human rights, dignity, equality and shared prosperity. I am honoured to be the oldest "young person" to take part in this revolution and help them make their dreams come true. They need support from all of you," he said, wishing them all the success.

At the onset of his speech, Prof Yunus extended his heartfelt felicitations to the people of India for the country's 78th Independence Day, which was celebrated on August 15 in 1947.