Friday, October 13, 2006

3 Cheers to the Nobel Prize Committee

Muhammed Yunus and the Grameen Bank have been given the Nobel Prize for their work in microfinancing.

Microfinancing gives small loans to poor individuals to launch grassroots businesses. I agree with Glenn Reynolds over at Instapundit:

Micro-credit is far more effective at fighting poverty than big government programs. And Grameen's efforts to empower women have made them very unpopular with Islamists, which is reason enough to applaud.

Micro financing bypasses government largesse that most often gets in the hands of corrupt regimes or cash stashing bureaucrats. With small loans these folks -- mostly women -- are launching businesses that create wealth and create work. Grassroots free - enterprise. This is key for the 2/3 World to emerge from poverty.

Kudos to the nobel committee!

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