In the book “Banker To The Poor” by Muhammad Yunus we get a rare look at the economic transformation for those below the poverty line in Bangladesh. The primary catalyst out of poverty: micro loans.
While reading this book, I was very interested on Muhammad’s thoughts on poverty in general.
“Providing unemployment benefit is not the best way to address poverty. The able-bodied poor don’t want or need charity. The dole only increases their misery, robs them of incentive and, more important, of self-respect.”
“Expert on poverty alleviation insist that training is absolutely vital for the poor to move up the economic ladder. But if you go out into the real world, you cannot miss seeing that the poor are poor not because they are untrained or illiterate but because they cannot retain the returns of their labor. They have no control over their capital. “
He continues on to say that the poor do not need to be taught how to survive, that’s a natural human instinct they know quite well, they need tools (in the form of loans) to get above the mere survival line.
I am about 2/3 of the way through this book and I can tell it’s going to be in the 8.2-4/10 range already.