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“Did Yunus Deserve the Nobel Peace Prize: Microfinance or Macrofarce?”

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  • John Adams
  • Frank Raymond

Abstract

In 2006, Muhammad Yunus, a Bangladeshi economist, won the Nobel Peace Prize. Yunus’s key innovation was to create loan circles, usually of five women, who used social suasion to ensure high repayment rates and sustain their creditworthiness. This institutional structure helps resolve a number of information, incentive, and enforcement dilemmas that plague small banks catering to a large number of poor clients who lack credit histories. Enthusiasm for the Grameen model has far outdistanced rigorous analysis of its institutional and incentive features; likewise, valid benefit-cost or statistical studies of impacts are rare. Did Yunus and Grameen merit the Peace Prize?

Suggested Citation

  • John Adams & Frank Raymond, 2008. "“Did Yunus Deserve the Nobel Peace Prize: Microfinance or Macrofarce?”," Journal of Economic Issues, Taylor & Francis Journals, vol. 42(2), pages 435-443, June.
    • Handle: RePEc:mes:jeciss:v:42:y:2008:i:2:p:435-443
    DOI: 10.1080/00213624.2008.11507152
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    Cited by:

    1. Annabel Dulhunty, 2022. "The microcredit continuum: From ‘smart economics’ to holistic programming," Journal of International Development, John Wiley & Sons, Ltd., vol. 34(6), pages 1213-1226, August.
    2. Canale, Rosaria Rita, 2010. "Microcredit in advanced economies as a "third way”: a theoretical reflection," MPRA Paper 21109, University Library of Munich, Germany.
    3. Bruno S Frey & Jana Gallus, 2016. "Honors: A rational choice analysis of award bestowals," Rationality and Society, , vol. 28(3), pages 255-269, August.
    4. Roy Grieve, 2008. "Professor Yunus on “social business†and the conquest of poverty: a dissenting view," Working Papers 0813, University of Strathclyde Business School, Department of Economics.
    5. Dr Barbara Mbuyisa, 2022. "Microfinance and its implications on Women empowerment: A case of Bulawayo Restaurants in Zimbabwe," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 6(5), pages 133-139, May.

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