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Grameen Bank (GB)
Type Body Corporate (Bank Ordinance)
Founded 1983
Headquarters Dhaka, Bangladesh
Area served Bangladesh
Key people Muhammad Yunus, founder
Industry Finance
Products Financial Services
Microfinance
Revenue ▲ 6,335,566,324 Taka (92. Dhaka (also known as Dacca ( Bangla: ঢাকা ɖʱaka is the Capital of Bangladesh and the principal city of Dhaka District. ( Bengali: বাংলাদেশ inc-Latn Bangladesh) officially ( Bengali: বাংলাদেশ inc-Latn Bangladesh) officially Muhammad Yunus (মুহাম্মদ ইউনুস pronounced bn-Latn ''Muhammôd Iunus'' (born 28 June 1940 is a Bangladeshi Banker and Economist For other uses of this term see Industry (disambiguation An industry (from Latin industrius, "diligent industrious" The field of finance refers to the concepts of Time, Money and Risk and how they are interrelated In Marketing, a product is anything that can be offered to a Market that might satisfy a want or need Financial services refer to services provided by the finance industry. Microfinance refers to the provision of financial services to poor or low-income clients including consumers and the self-employed In business revenue or revenues is Income that a company receives from its normal business activities usually from the sale of goods and services The taka ( Bengali: টাকা ṭaka) is the Currency of Bangladesh. 3 million USD) (2006)[1]
Operating income ▲ 5,959,675,013 Taka (86. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been In financial and business Accounting, earnings before interest and taxes (EBIT is a measure of a firm's profitability that excludes interest and income tax expenses The taka ( Bengali: টাকা ṭaka) is the Currency of Bangladesh. 9 million USD) (2006)[1]
Net income ▲ 1,398,155,030 Taka (20. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been Net income is equal to the Income that a firm has after subtracting costs and Expenses from the total Revenue. The taka ( Bengali: টাকা ṭaka) is the Currency of Bangladesh. 3 million USD) (2006)[1]
Total assets 59,383,621,728 Taka (2006)[2]
Employees 24,703 (Oct 2007)[3]
Website http://www.grameen-info.org/

The Grameen Bank (Bengali: গ্রামীণ ব্যাংক) is a microfinance organization and community development bank started in Bangladesh that makes small loans (known as microcredit or "grameencredit" [1]) to the impoverished without requiring collateral. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been In Business and Accounting, assets are everything owned by a person or company (all tangible and intangible property that can be converted into cash. The taka ( Bengali: টাকা ṭaka) is the Currency of Bangladesh. Employment is a Contract between two parties, one being the employer and the other being the employee. A website (alternatively web site or Web site, a back-construction from the Proper noun World Wide Web) is a collection of Web pages Microfinance refers to the provision of financial services to poor or low-income clients including consumers and the self-employed In the United States, Community development banks (CDBs are Banks designed to serve residents and spur economic development in low- to moderate-income (LMI geographical ( Bengali: বাংলাদেশ inc-Latn Bangladesh) officially A loan is a type of Debt. This article focuses exclusively on monetary loans although in practice any material object might be lent This article is specific to small loans For financial services to the poor see Microfinance. In lending agreements collateral is a borrower's asset that is Forfeited to the lender if the borrower is insolvent—that is unable to pay back the principal and interest on The word "Grameen", derived from the word "gram" or "village", means "of the village". The system of this bank is based on the idea that the poor have skills that are under-utilized. A group-based credit approach is applied which utilizes the peer-pressure within the group to ensure the borrowers follow credit discipline. The bank also accepts deposits, provides other services, and runs several development-oriented businesses including fabric, telephone and energy companies. Another distinctive feature of the bank's credit program is that a significant majority of its borrowers are women.

The origin of Grameen Bank can be traced back to 1976 when Professor Muhammad Yunus, a Fulbright scholar and Professor at University of Chittagong, launched a research project to examine the possibility of designing a credit delivery system to provide banking services targeted to the rural poor. Muhammad Yunus (মুহাম্মদ ইউনুস pronounced bn-Latn ''Muhammôd Iunus'' (born 28 June 1940 is a Bangladeshi Banker and Economist The Fulbright Program, including the Fulbright-Hays Program, is a program of grants for international educational exchange for scholars educators graduate The University of Chittagong ( Chittagong University) ( Bangla: Chôţţogram Bishshobiddalôe) is a public In October 1983, the Grameen Bank Project was transformed into an independent bank by government legislation. The organization and its founder, Muhammad Yunus, were jointly awarded the Nobel Peace Prize in 2006. Muhammad Yunus (মুহাম্মদ ইউনুস pronounced bn-Latn ''Muhammôd Iunus'' (born 28 June 1940 is a Bangladeshi Banker and Economist The Nobel Peace Prize ( Swedish, Danish and Nobels fredspris is one of five Nobel Prizes Bequeathed by the Swedish industrialist and inventor Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. [4]

Grameen Bank has sometimes been accused of charging relatively high interest rate and putting people in debt-trap. Some have also doubted whether the business model of the bank is a sustainable one without the explicit and implicit donor support that it receives. At the same time, it is often cited as a success story in microfinance and serves as a model for institutions with similar philosophy world-wide. Microfinance refers to the provision of financial services to poor or low-income clients including consumers and the self-employed

Contents

History

Muhammad Yunus, the bank's founder, earned a doctorate in economics from Vanderbilt University in the United States. Muhammad Yunus (মুহাম্মদ ইউনুস pronounced bn-Latn ''Muhammôd Iunus'' (born 28 June 1940 is a Bangladeshi Banker and Economist Economics is the social science that studies the production distribution, and consumption of goods and services. Vanderbilt University is a private, Nonsectarian, Coeducational Research University in Nashville, Tennessee, The United States of America —commonly referred to as the He was inspired during the terrible Bangladesh famine of 1974 to make a small loan of USD 27 to a group of 42 families so that they could create small items for sale without the burdens of predatory lending. Possibly over a million people died in the Bangladesh famine of 1974, from July 1974 to January 1975, although the Bangladesh government claimed only 26000 The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been Predatory lending is a Pejorative term used to describe practices of some Lenders. [5] Yunus believed that making such loans available to a wide population would have a positive impact on the rampant rural poverty in Bangladesh.

Nobel Laureate, Muhammad Yunus, the bank's founder
Nobel Laureate, Muhammad Yunus, the bank's founder

The Grameen Bank (literally, "Bank of the Villages", in Bangla) is the outgrowth of Yunus' ideas. The bank began as a research project by Yunus and the Rural Economics Project at Bangladesh's University of Chittagong to test his method for providing credit and banking services to the rural poor. The University of Chittagong ( Chittagong University) ( Bangla: Chôţţogram Bishshobiddalôe) is a public In 1976, the village of Jobra and other villages surrounding the University of Chittagong became the first areas eligible for service from Grameen Bank. [6] The Bank was immensely successful and the project, with support from the central Bangladesh Bank, was introduced in 1979 to the Tangail District (to the north of the capital, Dhaka). A central bank, reserve bank, or monetary authority is the entity responsible for the Monetary policy of a country or of a group of member states Bangladesh Bank is the Central bank of Bangladesh. History After the liberation war, and the eventual independence of Bangladesh Tangail ( Bengali: টাঙ্গাইল জিলা is a District ( zila) in central region of Bangladesh. Dhaka (also known as Dacca ( Bangla: ঢাকা ɖʱaka is the Capital of Bangladesh and the principal city of Dhaka District. [6] The bank's success continued and it soon spread to various other districts of Bangladesh. By a Bangladeshi government ordinance on October 2, 1983, the project was transformed into an independent bank. Events 1187 - Siege of Jerusalem: Saladin captures Jerusalem after 88 years of Crusader rule Year 1983 ( MCMLXXXIII) was a Common year starting on Saturday (link displays the 1983 Gregorian calendar) [6] Bankers from ShoreBank, a community development bank in Chicago, helped Yunus with the official incorporation of the bank under a grant from the Ford Foundation. ShoreBank is an American Community development bank and green bank Chicago (ʃɪˈkɑːgoʊ is the largest City by population in the state of Illinois and the American Midwest of the United States. The Ford Foundation is a Private foundation incorporated in Michigan and based in New York City created to fund programs that were chartered in 1936 by [7] The bank's repayment rate was hit following the 1998 flood of Bangladesh before recovering again in subsequent years. By the beginning of 2005, the bank had loaned over USD 4. 7 billion to the poor. [8]

The Bank today continues to expand across the nation and still provides small loans to the rural poor. By 2006, Grameen Bank branches numbered over 2,100. [9] Its success has inspired similar projects in more than 40 countries around the world and has made World Bank to take an initiative to finance Grameen-type schemes. [10]

The bank gets its funding from different sources, and the main contributors have shifted over time. In the initial years, donor agencies used to provide the bulk of capital at very cheap rates. In the mid-1990s, the bank started to get most of its funding from the central bank of Bangladesh. More recently, Grameen has started bond sales as a source of finance. The bonds are implicitly subsidised as they are guaranteed by the Government of Bangladesh and still they are sold above the bank rate. [11]

Application of microcredit

16 Decisions[12]
  1. We shall follow and advance the four principles of Grameen Bank: Discipline, Unity, Courage and Hard work – in all walks of our lives.
  2. Prosperity we shall bring to our families.
  3. We shall not live in dilapidated houses. We shall repair our houses and work towards constructing new houses at the earliest.
  4. We shall grow vegetables all the year round. We shall eat plenty of them and sell the surplus.
  5. During the plantation seasons, we shall plant as many seedlings as possible.
  6. We shall plan to keep our families small. We shall minimize our expenditures. We shall look after our health.
  7. We shall educate our children and ensure that they can earn to pay for their education.
  8. We shall always keep our children and the environment clean.
  9. We shall build and use pit-latrines.
  10. We shall drink water from tubewells. If it is not available, we shall boil water or use alum.
  11. We shall not take any dowry at our sons' weddings, neither shall we give any dowry at our daughter's wedding. We shall keep our centre free from the curse of dowry. We shall not practice child marriage.
  12. We shall not inflict any injustice on anyone, neither shall we allow anyone to do so.
  13. We shall collectively undertake bigger investments for higher incomes.
  14. We shall always be ready to help each other. If anyone is in difficulty, we shall all help him or her.
  15. If we come to know of any breach of discipline in any centre, we shall all go there and help restore discipline.
  16. We shall take part in all social activities collectively.
Grameen Bank Building in Dhaka
Grameen Bank Building in Dhaka

Grameen Bank is best known for its system of solidarity lending. Dhaka (also known as Dacca ( Bangla: ঢাকা ɖʱaka is the Capital of Bangladesh and the principal city of Dhaka District. Solidarity lending is an important building block of Microfinance. [13] The Bank also incorporates a set of values embodied in Bangladesh by the Sixteen Decisions. ( Bengali: বাংলাদেশ inc-Latn Bangladesh) officially [14] At every branch of Grameen Bank the borrowers recite these Decisions and vow to follow them. As a result of the Sixteen Decisions, Grameen borrowers have been encouraged to adopt positive social habits. One such habit includes educating children by sending them to school. Since the Grameen Bank embraced the Sixteen Decisions, almost all Grameen borrowers have their school-age children enrolled in regular classes. This in turn help bring about social change, and educate the next generation. [15]

Solidarity lending is a cornerstone of microcredit and the system is now at work in over 43 countries. Although each borrower must belong to a five-member group, the group is not required to give any guarantee for a loan to its member. Repayment responsibility solely rests on the individual borrower, while the group and the centre oversee that everyone behaves in a responsible way and none gets into a repayment problem. There is no form of joint liability, i. e. group members are not obliged to pay on behalf of a defaulting member. However, in practice the group members often contribute the defaulted amount with an intention of collecting the money from the defaulted member at a later time. Such behavior is facilitated by Grameen's policy of not extending any further credit to a group in which a member defaults. [16]

There is no legal instrument between Grameen Bank and its borrowers, the system works based on trust. [17] To supplement the lending, Grameen Bank also requires the borrowing members to save very small amounts regularly in a number of funds like emergency fund, group fund etc. These savings help serve as an insurance against contingencies. [18]

In a country in which few women may take out loans from large commercial banks, Grameen has focused on women borrowers as 97% of its members are women. [3] While a World Bank study has concluded that women's access to microcredit empowers them through greater access to resources and control over decision making, some other economists argue that the relationship between microcredit and women-empowerment is less straight-forward. The World Bank is an internationally supported Bank that provides financial and technical assistance to developing countries for development programs (e [19] In other areas, Grameen's track record has also been notable, with very high payback rates—over 98 percent. However, according to the Wall Street Journal, a fifth of the bank's loans were more than a year overdue in 2001. [20] Grameen claims that more than half of its borrowers in Bangladesh (close to 50 million) have risen out of acute poverty thanks to their loan, as measured by such standards as having all children of school age in school, all household members eating three meals a day, a sanitary toilet, a rainproof house, clean drinking water and the ability to repay a 300 taka-a-week (around 4 USD) loan. The taka ( Bengali: টাকা ṭaka) is the Currency of Bangladesh. [21]

Village Phone Program

Among many different applications of microcredit by the bank, one is the Village Phone program, through which women entrepreneurs can start a business providing wireless payphone service in rural areas of Bangladesh. This program earned the bank the 2004 Petersberg Prize worth of EUR 100,000/-, for its contribution of Technology to Development. Please update other articles as well to avoid contradiction within Wikipedia e [22] In the press release announcing the prize, the Development Gateway Foundation noted that through this program:

. . . Grameen has created a new class of women entrepreneurs who have raised themselves from poverty. Moreover, it has improved the livelihoods of farmers and others who are provided access to critical market information and lifeline communications previously unattainable in some 28,000 villages of Bangladesh. More than 55,000 phones are currently in operation, with more than 80 million people benefiting from access to market information, news from relatives, and more. [22]

Struggling members program

In 2003, Grameen Bank started a new program, different from its traditional group-based lending, exclusively targeted to the beggars in Bangladesh. [23] This program is focused on distributing small loans to beggars. The existing rules of banking are not applied, the loans are completely interest-free, the repayment period can be arbitrarily long, for example, a beggar taking a small loan of around 100 taka (about US $1. 50) can pay only 2. 00 taka (about 3. 4 US cents) per week and furthermore the borrower is covered under life insurance free of cost.

The bank does not force borrowers to give up begging; rather it encourages them to use the loans for generating income by selling low-priced items. Based on a paper presented in the Global Microcredit Summit in 2006 by one of the bank's managers, as of May 2006, around 73,000 beggars have taken loans of about Tk 58. 32 million (approx. USD 833,150) and repaid Tk. 34. 78 million (about USD 496,900). [24]

Operational statistics

One unusual feature of the Grameen Bank is that it is owned by the poor borrowers of the bank, most of whom are women. Of the total equity of the bank, the borrowers own 94%, and the remaining 6% is owned by the Government of Bangladesh. [3]

The bank has grown significantly between 2003-2007. As of October 2007, the total borrowers of the bank number 7. 34 million, and 97% of those are women. [3] The number of borrowers has increased more than two-fold since 2003, when the bank had only 3. 12 million members. [25] Similar growth can be observed in the number of villages covered. As of October 2007, the Bank has a staff of over 24,703 employees and 2,468 branches covering 80,257 villages,[3] up from 43,681 villages covered in 2003. [25] Since its inception, the bank has distributed Tk 347. 75 billion (USD 6. 55 billion) in loans. Out of this, Tk 313. 11 billion (USD 5. 87 billion) has been repaid. [3] The bank claims a loan recovery rate of 98. 35%, up from the 95% recovery rate claimed in 1998. [26] However, many critics doubt this recovery rate and the definition that Grameen uses to come up with this rate. [27]

Nobel Peace Prize

Grameen Bank received several prestigious awards including the highest civilian award in Bangladesh, the Independence Day Award, in 1994. The Independence Day Award (স্বাধীনতা দিবস পদক also termed Independence Award (স্বাধীনতা পুরস্কার However, the greatest recognition of the bank's achievements came on 13 October 2006, when the Nobel Committee awarded Grameen Bank and its founder, Muhammad Yunus, the 2006 Nobel Peace Prize "for their efforts to create economic and social development from below. Events 54 - Nero ascends to the Roman throne 409 - Vandals and Alans crossed the Pyrenees Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. The Nobel Peace Prize ( Swedish, Danish and Nobels fredspris is one of five Nobel Prizes Bequeathed by the Swedish industrialist and inventor "[28] The award announcement also mentions that:

From modest beginnings three decades ago, Yunus has, first and foremost through Grameen Bank, developed micro-credit into an ever more important instrument in the struggle against poverty. Grameen Bank has been a source of ideas and models for the many institutions in the field of micro-credit that have sprung up around the world. [28]

On December 10, 2006, Mosammat Taslima Begum, who used her first 16-euro (20-dollar) loan from the bank in 1992 to buy a goat and subsequently became a successful entrepreneur and one of the elected board members of the bank, accepted the Nobel Prize on behalf of Grameen Bank's investors and borrowers at the prize awarding ceremony held at Oslo City Hall. Events 1041 - Empress Zoe of Byzantium elevates her adoptive son to the throne of the Eastern Roman Empire as Michael V Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. (called Christiania from 1624 to 1878 and Kristiania from 1878 to 1924 is the Capital and largest city of Norway. [29]

Grameen Bank is the only business corporation to have won a Nobel Prize. The Nobel Prize (Nobelpriset (Nobelprisen is a Swedish prize established in the 1895 will of Swedish chemist Alfred Nobel; it was first awarded in Peace, Literature In a speech given at the presentation ceremony, Professor Ole Danbolt Mjøs, Chairman of the Norwegian Nobel Committee, mentioned that, by giving the prize to Grameen Bank and Muhammad Yunus, the Norwegian Nobel Committee wished to focus attention on dialogue with the Muslim world, on the women's perspective, and on the fight against poverty. [30]

The Nobel prize announcement was celebrated with a lot of enthusiasm in Bangladesh. [31] Some critics asserted that the award affirms neoliberalism. Originally coined by its critics and opponents " neoliberalism " is a label referring to the recent reemergence of Economic liberalism or Classical liberalism [19]

Related ventures

Main article: Grameen family of organizations

The Grameen Bank has grown into over two dozen enterprises represented by the Grameen Family of Enterprises. The Grameen family of organizations has grown beyond Grameen Bank into a multi-faceted group of profitable and non-profit ventures established by Dr These organizations include Grameen Trust, Grameen Fund, Grameen Communications, Grameen Shakti (Grameen Energy), Grameen Telecom, Grameen Shikkha (Grameen Education), Grameen Motsho (Grameen Fisheries), Grameen Baybosa Bikash (Grameen Business Development), Grameen Phone, Grameen Software Limited, Grameen CyberNet Limited, Grameen Knitwear Limited, and Grameen Uddog (owner of the brand Grameen Check). The Grameen family of organizations has grown beyond Grameen Bank into a multi-faceted group of profitable and non-profit ventures established by Dr Grameen Fund is a not-for-profit company in Bangladesh established by Muhammad Yunus to provide Risk capital to Small and medium enterprises The Grameen family of organizations has grown beyond Grameen Bank into a multi-faceted group of profitable and non-profit ventures established by Dr The Grameen family of organizations has grown beyond Grameen Bank into a multi-faceted group of profitable and non-profit ventures established by Dr Grameen Telecom (GTC is a not-for-profit company in Bangladesh established by Dr The Grameen family of organizations has grown beyond Grameen Bank into a multi-faceted group of profitable and non-profit ventures established by Dr The Grameen family of organizations has grown beyond Grameen Bank into a multi-faceted group of profitable and non-profit ventures established by Dr The Grameen family of organizations has grown beyond Grameen Bank into a multi-faceted group of profitable and non-profit ventures established by Dr Grameenphone (গ্রামীণফোন is a GSM -based cellular operator in Bangladesh. The Grameen family of organizations has grown beyond Grameen Bank into a multi-faceted group of profitable and non-profit ventures established by Dr The Grameen family of organizations has grown beyond Grameen Bank into a multi-faceted group of profitable and non-profit ventures established by Dr The Grameen family of organizations has grown beyond Grameen Bank into a multi-faceted group of profitable and non-profit ventures established by Dr The Grameen family of organizations has grown beyond Grameen Bank into a multi-faceted group of profitable and non-profit ventures established by Dr Grameen check (গ্রামীণ চেক gramin chek "rural plaid" is a type of clothing design that is very popular in Bangladesh, and is rapidly [32]

On July 11, 2005 the Grameen Mutual Fund One (GMFO), approved by the Securities and Exchange Commission of Bangladesh, was listed as an Initial Public Offering. Events 911 - Signing of the Treaty of Saint-Clair-sur-Epte between Charles the Simple and Rollo of Normandy. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Initial public offering (IPO, also referred to simply as a "public offering" is when a company issues Common stock or shares to the public for the first One of the first mutual funds of its kind, GMFO will allow the over four million Grameen bank members, as well as non-members, to buy into Bangladesh's capital markets. The Bank and its constituents are together worth over USD 7. 4 billion. [33]

The work of Grameen Bank in Bangladesh Inspired the creation of the Grameen Foundation, which aims to share the Grameen philosophy and accelerate the impact of microfinance on the world’s poorest people. [34] Grameen Foundation USA, which has an A-rating from Charity Watch,[35], not only provides microloans in the USA itself (the only rich country where this is done), but also supports microfinance institutions worldwide with loan guarantees, training, and technology transfer. [36] As of 2008, Grameen Foundation supports microfinance institutions in the following regions:[37]

Criticism

Sudhirendar Sharma, a development analyst, claims that the Grameen Bank has "landed poor communities in a perpetual debt-trap",[38] and that its ultimate benefit goes to the corporations that sell capital goods and infrastructure to the borrowers. Asia-Pacific or APAC is the area generally regarded as encompassing Littoral East Asia, Southeast Asia and Australasia near the ( Bengali: বাংলাদেশ inc-Latn Bangladesh) officially China ( Wade-Giles ( Mandarin) Chung¹kuo² is a cultural region, an ancient Civilization, and depending on perspective a National East Timor, also known as Timor-Leste (officially the Democratic Republic of Timor-Leste) is a country in Southeast Asia. The Republic of Indonesia ( (Republik Indonesia is a Country in Southeast Asia. India, officially the Republic of India (भारत गणराज्य inc-Latn Bhārat Gaṇarājya; see also other Indian languages) is a country Pakistan () officially the Islamic Republic of Pakistan, is a country located in South Asia, Southwest Asia, Middle East and The Philippines ( Filipino: Pilipinas, officially known as the Republic of the Philippines (fil ''Republika ng Pilipinas'' RP The Kingdom of Saudi Arabia, KSA ( المملكة العربية السعودية, al-Mamlaka al-ʻArabiyya as-Suʻūdiyya) or Suudi The Americas are the lands of the Western hemisphere or New World, consisting of the Continents of North America and South America The Republic of Bolivia (República de Bolivia) named after Simón Bolívar, is a Landlocked country in central South America. The Dominican Republic ( Spanish: República Dominicana;) is a nation located in the Caribbean region and shares the island of Hispaniola with El Salvador ( República de El Salvador,) is a country in Central America. Haiti ( English: ˈheɪ·tiː or haɪ·ˈjiː·tiː French Haïti a·i·ti Haitian Creole: Honduras in Spanish, República de Honduras) is a democratic republic in Central America. The United Mexican States ( or commonly Mexico (ˈmɛksɪkoʊ () is a federal constitutional Republic in North America. Peru (Perú Piruw Piruw officially the Republic of Peru ( reˈpuβlika del peˈɾu is a country in western South America. The United States of America —commonly referred to as the The Republic of Cameroon is a unitary republic of central and western Africa. This article is about the country of Egypt For a topic outline on this subject see List of basic Egypt topics. NOTE This intro is the result of careful NPOV work Please do not make potentially controversial edits to it without first discussing on the talk page The Republic of Ghana is a country in West Africa. It borders Côte d'Ivoire (Ivory Coast to the west Burkina Faso to the north Togo to the Lebanon (ˈlɛbənɒn Arabic: ar لبنان Lubnān) officially the Republic of Lebanon or Lebanese Republic (ar الجمهورية اللبنانية Morocco (المغرب "al-Maghrib" officially the Kingdom of Morocco (المملكة المغربية is a country located in North Africa Nigeria, officially named the Federal Republic of Nigeria, is a federal Constitutional republic comprising thirty-six states and one Federal The Republic of Rwanda (ruːˈændə or /rəˈwɑːndə/ in English ɾwanda or in Kinyarwanda is a small Landlocked country in the Tunisia (تونس Tūnis officially the Tunisian Republic ( is a country located in North Africa. The Republic of Uganda is a Landlocked country in East Africa. Yemen ( Arabic: اليَمَن al-Yaman officially the Republic of Yemen ( Arabic: الجمهورية اليمنية al-Jumhuuriyya [39] It has also attracted criticism from the former Prime Minister of Bangladesh, Sheikh Hasina, who commented, "There is no difference between usurers [Yunus] and corrupt people. This article is about the government position For other uses see Prime Minister (disambiguation. ( Bengali: বাংলাদেশ inc-Latn Bangladesh) officially Sheikh Hasina Wazed (শেখ হাসিনা ওয়াজেদ Shekh Hasina Oajed) (born September 28 1947 was the Prime Minister of Bangladesh from 1996 "[40] Hasina touches upon one criticism of Grameen Bank: the high rate of interest that the bank demands from those seeking credit. [41] Similar to all microfinance institutes, the interest charged by Grameen Bank is higher compared to that of traditional banks, as Grameen's interest (reducing balance basis) on its main credit product is about 20%. [42] The Mises Institute's Jeffrey Tucker has criticized the Grameen Bank,[43] asserting that the Grameen Bank and others based on the Grameen model are not economically viable and depend on subsidies in order to operate, thus essentially becoming another example of welfare. The Ludwig von Mises Institute ( LvMI) based in Auburn Alabama, is a Libertarian academic organization engaged in research and scholarship in the fields Jeffrey Albert Tucker is the editorial vice president of the Ludwig von Mises Institute, a Libertarian Think tank that espouses the Austrian School [44] Another source of criticism is that of the Grameen's Sixteen Decisions. Critics say that the bank's Sixteen Decisions force families and borrowers to abide by the rules and regulations set forth by the bank. In response to this, the Grameen bank neither forces or instills its morals into those who do not choose to become a part of the Grameen Bank. Seeing the Grameen Bank as a vehicle out of poverty and abysmal conditions, the Sixteen Decisions are a means for which to bring about positive social changes, and to better the lives of those who live in poverty.

See also

Notes

References

  1. ^ a b c Ahmed & Ahmed (Chartered Accountants) (2007-08-01). Banker to the Poor Micro-Lending and the Battle Against World Poverty is an Autobiography of 2006 Nobel Peace Prize Winner and Grameen Events 1249 - Andrew of Longjumeau is dispatched by Louis IX of France as his ambassador to meet with the Khan of the Mongols Year 1997 ( MCMXCVII) was a Common year starting on Wednesday (link will display full 1997 Gregorian calendar Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 30 BC - Octavian (later known as Augustus enters Alexandria, Egypt, bringing it under the control of the Roman GRAMEEN BANK Profit and Loss Account, for the year ended 31 December 2006 (pdf) (English). Auditors’ Report and Financial Statements OF Grameen Bank. Grameen Communications. Retrieved on 2008-01-17. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 38 BC - Octavian marries Livia Drusilla. 1287 - King Alfonso III of Aragon invades Minorca
  2. ^ Ahmed & Ahmed (Chartered Accountants) (2007-08-01). Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 30 BC - Octavian (later known as Augustus enters Alexandria, Egypt, bringing it under the control of the Roman GRAMEEN BANK Balance Sheet, As at 31 December 2006 (pdf) (English). Auditors’ Report and Financial Statements OF Grameen Bank. Grameen Communications. Retrieved on 2008-01-17. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 38 BC - Octavian marries Livia Drusilla. 1287 - King Alfonso III of Aragon invades Minorca
  3. ^ a b c d e f Grameen Bank At a Glance (English). Grameen Communications (October 2007). Retrieved on 2008-01-17. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 38 BC - Octavian marries Livia Drusilla. 1287 - King Alfonso III of Aragon invades Minorca
  4. ^ The Nobel Prize for 2006. The Nobel Peace Prize for 2006 (2006-10-13). Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 54 - Nero ascends to the Roman throne 409 - Vandals and Alans crossed the Pyrenees Retrieved on 2006-10-13. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 54 - Nero ascends to the Roman throne 409 - Vandals and Alans crossed the Pyrenees
  5. ^ Anand Giridharas and Keith Bradsher (2006-10-13). Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 54 - Nero ascends to the Roman throne 409 - Vandals and Alans crossed the Pyrenees Microloan Pioneer and His Bank Win Nobel Peace Prize. New York Times. Retrieved on 2006-10-13. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 54 - Nero ascends to the Roman throne 409 - Vandals and Alans crossed the Pyrenees
  6. ^ a b c Rahman, Aminur (2001). Women and Microcredit in Rural Bangladesh: Anthropological Study of Grameen Bank Lending. Boulder, Colorado: Westview Press, p 4. Boulder is a Home Rule Municipality that is the County seat and most populous city of Boulder County, Colorado, in the United States The State of Colorado ( or chiefly by nonresidents) is a state located in the Rocky Mountain region of the United States of America. Westview Press was founded in 1975 in Boulder, Colorado by Fred Praeger ISBN 0-8133-3930-8.  
  7. ^ Brandon Glenn (2006-10-16). Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 456 - Magister militum Ricimer defeats the Emperor Avitus at Piacenza and becomes master of the western ShoreBank leaders had hand in Nobel prize. Chicago Business News. Retrieved on 2007-05-15. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1252 - Pope Innocent IV issues the Papal bull Ad exstirpanda, which authorizes but also limits the
  8. ^ Papa, Michael J. ; Arvind Singhal and Wendy H. Papa (2006). Organizing for Social Change: A Dialectic Journey of Theory and Praxis. Sage Publications, p72. ISBN 0761934359.  
  9. ^ "Bangladeshi banker wins Nobel Peace Prize", United Press International, 2006-10-13. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 54 - Nero ascends to the Roman throne 409 - Vandals and Alans crossed the Pyrenees Retrieved on 2008-01-16. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 27 BC - The title Augustus is bestowed upon Gaius Julius Caesar Octavian by the Roman Senate.  
  10. ^ Khandker, Shahidur R. ; Baqui, M. A. & Khan Z. H. [1995]. Grameen Bank: Performance and Sustainability. World Bank Publications, p vi. ISBN 0821334638. Retrieved on 2008-01-16. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 27 BC - The title Augustus is bestowed upon Gaius Julius Caesar Octavian by the Roman Senate.  
  11. ^ *Morduch, Jonathan (October 1999). "The role of subsidies in microfinance: evidence from the Grameen Bank". Journal of Development Economics 60 (1): p 240. Elsevier.  
  12. ^ Sherraden, Margaret S. (1998). Community Economic Development and Social Work. Binghampton, New York: Haworth Press, p 113-114. Binghamton, known as The Parlor City is a City located in the Southern Tier of New York in the United States. New York ( is a state in the Mid-Atlantic and Northeastern regions of the United States and is the nation's third most populous Haworth Press is a publisher of specialized professional Magazines and peer-reviewed Academic journals It was founded in 1978 by the publishing industry executives ISBN 0-7890-0506-9.  
  13. ^ Khandker, Shahidur R. ; Baqui, M. A. & Khan Z. H. [1995]. Grameen Bank: Performance and Sustainability. World Bank Publications, p xi. ISBN 0821334638. Retrieved on 2008-01-16. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 27 BC - The title Augustus is bestowed upon Gaius Julius Caesar Octavian by the Roman Senate.  
  14. ^ Siddiqui, Kamal, An Evaluation of the Grameen Bank Operation (Dhaka: National Institute of Local Government, 1984)
  15. ^ Ghista, Garda (2004). Bangladesh:Towards Economic and Women’s Liberation Via Grameen Bank (English). ProutWorld. Retrieved on 2008-02-04. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 211 - Roman Emperor Septimius Severus dies leaving the Roman Empire in the hands of his two quarrelsome sons
  16. ^ Hossain, Mahabub [February 1988]. Credit for Alleviation of Rural Poverty: The Grameen Bank in Bangladesh. Int Food Policy Res Inst IFPRI, P 7. ISBN 0896290670. Retrieved on 2008-01-16. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 27 BC - The title Augustus is bestowed upon Gaius Julius Caesar Octavian by the Roman Senate.  
  17. ^ Sinclair, Paul (2007-12-22). Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1790 - The Turkish fortress of Izmail is stormed and captured by Suvorov and his Russian armies Grameen Micro-Credit & How to End Poverty from the Roots Up (English). One World One People. Retrieved on 2008-02-04. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 211 - Roman Emperor Septimius Severus dies leaving the Roman Empire in the hands of his two quarrelsome sons
  18. ^ Khandker, Shahidur R. ; Baqui, M. A. & Khan Z. H. [1995]. Grameen Bank: Performance and Sustainability. World Bank Publications, P. x. ISBN 0821334638. Retrieved on 2008-01-16. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 27 BC - The title Augustus is bestowed upon Gaius Julius Caesar Octavian by the Roman Senate.  
  19. ^ a b Feiner, Susan F. & Barker, Drucilla K. (Nov-Dec 2006), “Microcredit and Women's Poverty”, Dollar & Sense, The magazine of Economic Justice, Boston, USA: Economic Affairs Bureau, Inc. The United States of America —commonly referred to as the  
  20. ^ Daniel Perl, Michael M. Phillips (2001-11-27). Year 2001 ( MMI) was a Common year starting on Monday according to the Gregorian calendar. Events 1095 - Pope Urban II declares the First Crusade at the Council of Clermont Grameen Bank, Which Pioneered Loans For the Poor, Has Hit a Repayment Snag. Wall Street Journal. Retrieved on 2008-03-25. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1199 - Richard I is wounded by a crossbow bolt while fighting France which leads to his death on April 6.
  21. ^ Fraser, Ian (2007-08-03). Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 8 - Roman Empire General Tiberius defeats Dalmatians on the river Bathinus. Microfinance comes of age (English). Cover Story. Scottish Banker magazine. Retrieved on 2008-01-30. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1648 - Eighty Years' War: The Treaty of Münster is signed ending the conflict between the Netherlands and Spain
  22. ^ a b Grameen Bank-Village Phone Wins Global Competition for Contribution of Technology to Development (pdf) (English). Development Gateway Foundation (Washington, DC) (2004-07-27). "MMIV" redirects here For the Modest Mouse album see " Baron von Bullshit Rides Again " Events 1214 - Battle of Bouvines: In France, Philip II of France defeats John of England. Retrieved on 2008-01-31. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1504 - France cedes Naples to Aragon. 1606 - Gunpowder Plot: Guy Fawkes
  23. ^ Yunus, Muhammad (July 2005). Muhammad Yunus (মুহাম্মদ ইউনুস pronounced bn-Latn ''Muhammôd Iunus'' (born 28 June 1940 is a Bangladeshi Banker and Economist Grameen Bank's Struggling (Beggar) Members Programme (English). Grameen Communications. Retrieved on 2008-01-31. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1504 - France cedes Naples to Aragon. 1606 - Gunpowder Plot: Guy Fawkes
  24. ^ Barua, D. C. (2006-11-12). Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 764 - Tibetan troops occupy Chang'an, the capital of the Chinese Tang Dynasty, for fifteen days "Five Cents a Day: Innovative Programs for Reaching the Destitute with Microcredit, No-interest Loans, and other Instruments: The Experience of Grameen Bank". Global Microcredit Summit; Nova Scotia, Canada. Retrieved on 2008-01-20. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 250 - Emperor Decius begins a widespread persecution of Christians in Rome.  
  25. ^ a b Grameen Bank Historical Data Series 2003 (English). Grameen Communications (2004-07-21). "MMIV" redirects here For the Modest Mouse album see " Baron von Bullshit Rides Again " Events 356 BC - Herostratus sets fire to the Temple of Artemis in Ephesus, one of the Seven Wonders of the World Retrieved on 2008-01-17. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 38 BC - Octavian marries Livia Drusilla. 1287 - King Alfonso III of Aragon invades Minorca
  26. ^ Credit delivery system (English). Grameen Communications (2002-09-18). See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar. Events 96 - Nerva is proclaimed Roman Emperor after Domitian is assassinated Retrieved on 2008-01-17. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 38 BC - Octavian marries Livia Drusilla. 1287 - King Alfonso III of Aragon invades Minorca
  27. ^ Pearl, Daniel; Phillips, Michael M. . "Grameen Bank, Which Pioneered Loans For the Poor, Has Hit a Repayment Snag", The Wall Street Journal, 2001-11-27. Year 2001 ( MMI) was a Common year starting on Monday according to the Gregorian calendar. Events 1095 - Pope Urban II declares the First Crusade at the Council of Clermont Retrieved on 2008-02-04. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 211 - Roman Emperor Septimius Severus dies leaving the Roman Empire in the hands of his two quarrelsome sons (English) 
  28. ^ a b The Nobel Peace Prize for 2006. The Nobel Peace Prize for 2006 (2006-10-13). Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 54 - Nero ascends to the Roman throne 409 - Vandals and Alans crossed the Pyrenees Retrieved on 2006-10-13. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 54 - Nero ascends to the Roman throne 409 - Vandals and Alans crossed the Pyrenees
  29. ^ AFP, Oslo. Agence France-Presse ( AFP) is the oldest News agency in the world and one of the three largest with Associated Press and Reuters. (called Christiania from 1624 to 1878 and Kristiania from 1878 to 1924 is the Capital and largest city of Norway. "Yunus unveils vision to end global poverty", The Daily Star, 2006-12-11. The Daily Star is the largest circulating English daily newspaper in Bangladesh. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 359 - Honoratus, the first known Prefect of the City of Constantinople, takes office Vol 5 Num 903. Retrieved on 2008-01-31. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1504 - France cedes Naples to Aragon. 1606 - Gunpowder Plot: Guy Fawkes (English) 
  30. ^ Mjøs, Ole Danbolt (2006-10-13). Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 54 - Nero ascends to the Roman throne 409 - Vandals and Alans crossed the Pyrenees The Nobel Peace Prize for 2006: Presentation Speech. The Nobel Peace Prize for 2006. Retrieved on 2008-02-04. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 211 - Roman Emperor Septimius Severus dies leaving the Roman Empire in the hands of his two quarrelsome sons
  31. ^ "Nation parties on Nobel win", The Daily Star, 2006-10-15. The Daily Star is the largest circulating English daily newspaper in Bangladesh. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 533 - Byzantine General Belisarius makes his formal entry into Carthage, having conquered it from the Vol 5 Num 850. Retrieved on 2008-02-04. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 211 - Roman Emperor Septimius Severus dies leaving the Roman Empire in the hands of his two quarrelsome sons (English) 
  32. ^ Grameen Family of Enterprises. Grameen Website. Grameen Communications (2007-11-28). Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. For the town in Argentina, see 28 de Noviembre. Events Retrieved on 2008-01-17. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 38 BC - Octavian marries Livia Drusilla. 1287 - King Alfonso III of Aragon invades Minorca
  33. ^ "Credit where credit is due: The banker who changed the world", The Independent, 2006-10-14. The Independent is a British compact Newspaper published by Tony O'Reilly 's Independent News & Media. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 1066 - Norman Conquest: Battle of Hastings - In England on Senlac Hill seven miles from Hastings, the forces Retrieved on 2008-01-17. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 38 BC - Octavian marries Livia Drusilla. 1287 - King Alfonso III of Aragon invades Minorca  
  34. ^ Grameen Foundation Annual Report 2006 (pdf) (English). Grameen Foundation, Washington, DC, USA (2007-08-01). Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 30 BC - Octavian (later known as Augustus enters Alexandria, Egypt, bringing it under the control of the Roman Retrieved on 2008-01-31. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1504 - France cedes Naples to Aragon. 1606 - Gunpowder Plot: Guy Fawkes
  35. ^ Top Rated Carities (English). American Institute of Philanthropy (2008-01-15). 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 588 BC - Nebuchadrezzar II of Babylon lays siege to Jerusalem under Zedekiah 's reign Retrieved on 2008-01-17. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 38 BC - Octavian marries Livia Drusilla. 1287 - King Alfonso III of Aragon invades Minorca
  36. ^ Grameen Foundation USA (English). 25 entrepreneurs who are changing the world. Fast Company Monitor Grouop. Retrieved on 2008-01-29. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 904 - Sergius III comes out of retirement to take over the papacy from the deposed Antipope Christopher.
  37. ^ http://www.grameenfoundation.org/where_we_work/
  38. ^ Sharma, Sudhirendar. "Is micro-credit a macro trap?", The Hindu, 2002-09-25. See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar. Events 303 - On a voyage preaching the Gospel, Saint Fermin of Pamplona is beheaded in Amiens, France Retrieved on 2006-12-02. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 1409 - The University of Leipzig opens 1755 - The second Eddystone Lighthouse is destroyed by fire  
  39. ^ Sharma, Sudhirendar. "Microcredit: Globalisation unlimited", The Hindu, 2002-01-05. See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar. Events 1477 - Battle of Nancy: Charles the Bold is killed and Burgundy becomes part of France. Retrieved on 2006-12-02. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 1409 - The University of Leipzig opens 1755 - The second Eddystone Lighthouse is destroyed by fire  
  40. ^ A new party for Bangladesh's fray (English). Economist (2007-02-22). Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1495 - King Charles VIII of France enters Naples to claim the city's throne Retrieved on 2008-01-31. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1504 - France cedes Naples to Aragon. 1606 - Gunpowder Plot: Guy Fawkes
  41. ^ IANS (2007-02-18). Indo-Asian News Service or IANS is India 's largest private news agency Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 3102 BC - Epoch (origin of the Kali Yuga. 1229 - The Sixth Crusade: Frederick II Holy Sheikh Hasina sneers at Nobel winner Yunus's bid to enter politics (English). Webindia123. com. Retrieved on 2008-02-02. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 962 - Translatio imperii: Pope John XII crowns Otto I Holy Roman Emperor, the first Holy Roman Emperor
  42. ^ Fernando, Nimal A. (May 2006). Understanding and Dealing with High Interest Rates on Microcredit - A Note to Policy Makers in the Asia and Pacific Region. Manila, Philippines: ADB, p 8. The City of Manila The Philippines ( Filipino: Pilipinas, officially known as the Republic of the Philippines (fil ''Republika ng Pilipinas'' RP Asian Development Bank (ADB is a regional development bank established in 1966 to promote economic and social development in Asian and Pacific countries through loans and technical  
  43. ^ Tucker, Jeffrey (November 1995). Jeffrey Albert Tucker is the editorial vice president of the Ludwig von Mises Institute, a Libertarian Think tank that espouses the Austrian School The Micro-Credit Cult. The Free Market. Mises Institute. The Ludwig von Mises Institute ( LvMI) based in Auburn Alabama, is a Libertarian academic organization engaged in research and scholarship in the fields
  44. ^ Tucker, Jeffrey (2006-11-08). Jeffrey Albert Tucker is the editorial vice president of the Ludwig von Mises Institute, a Libertarian Think tank that espouses the Austrian School Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 1519 - Hernán Cortés enters Tenochtitlán and Aztec ruler Moctezuma welcomes him with great a Celebration Microcredit or Macrowelfare: The Myth of Grameen. Mises Institute. The Ludwig von Mises Institute ( LvMI) based in Auburn Alabama, is a Libertarian academic organization engaged in research and scholarship in the fields

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