Publisher’s
write-up:
‘Muhammad Yunis, who created microcredit,
invented social business and earned a Nobel Peace Prize for his work in
alleviating poverty, is one of today’s most trenchant social critics. Now, he
declares, it’s time to admit that the capitalist engine is broken – and in its
place establish a new economic system that unleashes altruism as a creative
force that is just as powerful as self-interest.
Is this a pipe dream? Not at all. In the last
decade, thousands of people and organizations have embraces Yunus’s vision of a
new form of capitalism, launching innovative social businesses designed to
serve human needs rather than accumulate wealth. These businesses are bringing
solar energy to millions; financing female-owned businesses; providing
mobility, shelter and other services to the rural poor; and creating a global
support network to help young entrepreneurs launch their start-ups.
In A World of Three Zeros, Yunus describes the
ingenious financial tools now funding social businesses, and sketches the legal
and regulatory changes needed to jumpstart the next wave of socially driven
innovations. In the process, he invites young people, businesses and political
leaders, and ordinary citizens to join the movement, and help to create the
better world we all dream of.’
A World of Three Zeros is describing to the
readers the importance of achieving three zeroes, that is, zero unemployment,
zero poverty and zero net carbon emissions. This is a book written by Muhammad
Yunus, a Nobel laureate for peace – in recognition of his use of microfinance
to help fight poverty in his country – Bangladesh. It needs to be kept in mind
that the book was published in 2017, before the pandemic and also much before
he became the de facto head of government of Bangladesh, in 2024.
This book is split into four parts: with the
author first explaining the challenges in the current world. He tries to make
the point that extreme poverty is a problem and it is global – and draws the
comparison that the poorest in Mississippi in the US does not face challenges
very different from those who are the poorest in a developing economy like
Bangladesh. He then describes the three zeros that he wishes to achieve – of
eliminating poverty, unemployment and bringing down net carbon emissions to
zero. Regarding environment, right-wing rhetoric has successfully played the
false narrative that economic development and environmental concerns are
contradictory but the author elaborates how zero net carbon emission goals can
drive towards zero unemployment and zero poverty. He then talks of the powers
in the world that can influence, and potential stepping stones for the future.
In this book, he brings about an important
topic and rising poverty and inequality is certainly an important topic to be
addressed. I also liked how he tried to give examples, from his own success
stories – of Grameen Bank in Bangladesh – and the not-for-profit businesses he
set up across Bangladesh that helped lift millions out of poverty. The point
that he brings about that most rich executives do not want extreme poverty to
exist either and are very supportive of collaborations with him – like Danone
establishing a not-for-profit dairy facility in Bangladesh.
That said, the book is not devoid of
self-promotion – every single example that he gave was about himself and
something that he had done. He would introduce a problem and immediately break
into long paragraphs on how “Yunus Social Business”(YSB) solved a lot of these
problems or how Grameen America helped people in the marginalised states of US
such as Nebraska or Louisiana. Reading this book gives the impression that he
has solved every problem in Bangladesh through his schemes and that it is a
paradise on earth right now.
His evaluation of corporates being allies is
also one of false optimism that I felt – given his partners included
billionaires like Richard Branson – known for vanity projects such as launching
himself into space or having complex tax structures thereby paying less than
the average employee of his companies. It was also ironic how he spoke of his
meeting with the Mayor of Paris, Anne Hidalgo – who promised Paris Olympics
2024 to be the first Social Business Olympics and there would be promotion of
local business – I am from Paris and I attended events in the Olympics – while
it was successfully organised, it was also the most corporate event – given the
partners were multinationals like Coca Cola or Visa (where MasterCard payments
did not work – so inclusive!).
There was also heavy criticism of the
Bangladeshi government by the author in the book, about how they blocked
several of his ideas and even took over the administration of the bank he
founded. However, now he is the government of Bangladesh, and it would be
interesting to see to what extent he is able to act on the ideas he has
suggested in this book.
To conclude, I would say this is a book that
raises an important topic for discussion, and he described the problem very
well. Having said that, less self-promotion could have made the book seem more
genuine. Moreover, having worked for so long – he has very favourable view of
the corporate executives, that not talking of corporate greed was a missed
opportunity. On that note, I would award the book a rating of six on ten –
promising but could have gone further.
Rating –
6/10
Have a
nice day
Anirudh
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