Muhammad Yunus, Nobel laureate, explains why creative capitalism in fact holds all the answers to improve human life, as told to B&E’s Neha Sarin
But the question is whether this creativity should be put in the present restrictive format that we drive or rub-in this format and define newer boundaries for capitalism. We simply need to look at the term in a new way, perhaps just like the one when I started by trying to bring in social reforms.
Today, ‘social business’ is the missing element in capitalism, and therefore should be included in the system well. The present system is in the business of making money, and textbooks say that the very mission of business is profit maximisation… so no matter what else you want to add with it, the mission remains unchanged. Why don’t we clear-out the sole motive of profit maximisation from business and include social business in it as well; something which will exclusively do good to people. When it comes to me, it was all about ‘others’ and nothing for me as an investor. In no way do I want to benefit myself. As a person, I will be investing in both types of businesses – one in which I will make money, and another in which I would be investing that money to change the world… and that itself should be the ultimate goal for capitalism.
B&E: What, as per you, are the benefits of ‘creative capitalism’?
MY: Honestly speaking, I don’t know if I am really following any kind of creative capitalism. I don’t believe in creative capitalism! I am talking about a new form of capitalism here, which is a nouveau form of completely redesigned and restructured capitalism, where there is room for two kinds of businesses and not just one. So what I have done is that I have created space for new types of businesses like the Grameen Bank where investors don’t really make any profit. Also I have designed a profit maximising business which is all by poor people & is also a social business within the Grameen Bank. I don’t make any money out of that, I don’t own any share or whatsoever in any of the social business I have created. Coming back to your question of creative capitalism; No! I haven’t done any creative capitalism yet and haven’t benefited from it.
But the question is whether this creativity should be put in the present restrictive format that we drive or rub-in this format and define newer boundaries for capitalism. We simply need to look at the term in a new way, perhaps just like the one when I started by trying to bring in social reforms.
Today, ‘social business’ is the missing element in capitalism, and therefore should be included in the system well. The present system is in the business of making money, and textbooks say that the very mission of business is profit maximisation… so no matter what else you want to add with it, the mission remains unchanged. Why don’t we clear-out the sole motive of profit maximisation from business and include social business in it as well; something which will exclusively do good to people. When it comes to me, it was all about ‘others’ and nothing for me as an investor. In no way do I want to benefit myself. As a person, I will be investing in both types of businesses – one in which I will make money, and another in which I would be investing that money to change the world… and that itself should be the ultimate goal for capitalism.
B&E: What, as per you, are the benefits of ‘creative capitalism’?
MY: Honestly speaking, I don’t know if I am really following any kind of creative capitalism. I don’t believe in creative capitalism! I am talking about a new form of capitalism here, which is a nouveau form of completely redesigned and restructured capitalism, where there is room for two kinds of businesses and not just one. So what I have done is that I have created space for new types of businesses like the Grameen Bank where investors don’t really make any profit. Also I have designed a profit maximising business which is all by poor people & is also a social business within the Grameen Bank. I don’t make any money out of that, I don’t own any share or whatsoever in any of the social business I have created. Coming back to your question of creative capitalism; No! I haven’t done any creative capitalism yet and haven’t benefited from it.
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