Follow up to my post on Prof. Muhammad Yunus, Social Business and the Future of Capitalism. The Boston Globe published an interesting interview with Prof. Yunus while he was in Boston to speak at the MIT commencement. I have excerpted one of the questions below. You can find the rest of the interview in their article online at A really unconventional lender
You have a different view of how capitalism should work. How do you think capitalism should be reformed?
Capitalism is very narrowly defined in the way we practice it. You ignore everything else but money making. And by ignoring the other parts of human beings – concern for other people, concern about the planet, willingness to make a difference in the world – we’ve created a distortion. So I’m suggesting there’s not one type of business model, but two types. One takes care of making money, which can lead to happiness. The other happiness comes from the other type of business, which is to do good to other people. You cover your costs – it’s not charity. Charity money has only one life – once you use it, it goes. Use the money in a social business, then it has an endless life. It’s recycled. It never disappears.
Read the rest of the interview here.