Muhammad Yunus, Chief Advisor of the Bangladesh government, has called for a transformative redesign of financial systems in the Global South to ensure equitable wealth distribution and tackle social issues. Speaking at the ‘Third Voice of Global South Summit’, which was hosted virtually by India, Yunus emphasised the potential of combining entrepreneurship with social business to bring about significant positive change.
The 84-year-old Nobel laureate highlighted the importance of social businesses, which are established primarily to address social and environmental challenges. Yunus stated, “If we give an important place for social businesses, that is businesses which are created solely for fixing social and environmental problems, it can set a path to create a world of three zeros – zero net carbon emissions, zero wealth concentration, and zero unemployment”, as quoted by news agency PTI.
Addressing the summit, Yunus pointed out that current education systems are geared towards preparing youth for conventional jobs, neglecting their creative potential. He advocated for a systemic redesign, stating, “Our education system and financial system are built only for creating job seekers and providing jobs for them. We have to redesign our system.”
Yunus, known for his pioneering work in microfinance, expressed hope that the Global South, rich in creative young people, could collectively undertake this redesign. He proposed, “We would like to propose some common facilities in the Global South to take concrete steps to unleash the creativity and energy of our young population through social business.”
ALSO READ | Bangladesh Crisis: Modi Speaks To Yunus, Invites Him To Attend Global South Summit Hosted By New Delhi
Bangladesh Chief Advisor Yunus Advocates Redesigning Financial Systems At Global South Summit
Reflecting on his experiences, Yunus argued that existing financial systems promote wealth concentration and stressed the need for a more inclusive approach. “My life-long experience has been that our financial system is created to promote wealth concentration. We have to redesign our financial system to make sure wealth is shared by all,” he said. “Finance should never be a wall for anybody. It should be designed to unleash entrepreneurship and creativity. Social business banks can be encouraged to be created for solving problems such as poverty and unemployment,” He further added, as quoted by PTI.
Yunus also invited leaders from the Global South to collaborate in developing social businesses that address environmental and social issues, suggesting, “It can become a massive force if we work together.”
The summit, which saw participation from various global leaders, provided a platform for Yunus to reiterate his vision of an inclusive financial system that supports entrepreneurship and social welfare.
