Yunus for establishing a 'social stock market'
Tuesday, 20 November 2007
MUMBAI, Nov 19 (BSS): Emphasising that the term 'business' has been misinterpreted by economists as just wealth creation, Bangladeshi Nobel laureate Muhammad Yunus Sunday called for establishing a 'social stock market' in which companies doing good for society will be listed.
"Business has been misinterpreted by the economists. Apart from creating wealth, it also involves doing good to people. It is time we have a social stock exchange for companies which do good for society on a no-profit, no-loss basis," Yunus, founder of Bangaldesh's Grameen Bank engaged in micro-finance said during an interaction here.
The 2006 Nobel Peace Prize recipient said Grameen Bank in tie up with a French company had started a nutritious yoghurt manufacturing venture recently. "We are not looking for profits from the company and are happy to get back our investments in it and will be giving the profit for community development."
Such companies can be listed on the social stock market and people can invest in the company of their choice. "Rather than the money it creates, the bottomline for such companies will be how are they helping people and how are their cost effectiveness."
Criticising the modern micro-finance institutions which are looked to as a "good business", Yunus said, "Micro credit and money lending are getting mixed. Many lend money and call it micro finance."
"Business has been misinterpreted by the economists. Apart from creating wealth, it also involves doing good to people. It is time we have a social stock exchange for companies which do good for society on a no-profit, no-loss basis," Yunus, founder of Bangaldesh's Grameen Bank engaged in micro-finance said during an interaction here.
The 2006 Nobel Peace Prize recipient said Grameen Bank in tie up with a French company had started a nutritious yoghurt manufacturing venture recently. "We are not looking for profits from the company and are happy to get back our investments in it and will be giving the profit for community development."
Such companies can be listed on the social stock market and people can invest in the company of their choice. "Rather than the money it creates, the bottomline for such companies will be how are they helping people and how are their cost effectiveness."
Criticising the modern micro-finance institutions which are looked to as a "good business", Yunus said, "Micro credit and money lending are getting mixed. Many lend money and call it micro finance."