Sunday, March 27, 2011

Prof.Bhagwati on the Yunus mess

Prof. Bhagwati has an interesting view on the recent dismissal of Prof.Yunus from Grameen by the Bangladesh Government.
What I liked about the article were the kind words used for the SEWA Bank and its founder Elaben. Since I am reading her autobiography, I strongly endorse Prof.Bhagwati's view on the bank!


  1. Dr. Bhagwati tries to make two points to get sympathy for PM Shaikh Hasina of Bangladesh. But it is sheer dishonestly on his part to to provide half-truth:

    1. PM Shaikh Hasina is a woman in a muslim country (fails to mention her chief rival and former prime minister Khaleda Zia is also a woman. Khaleda Zia was also elected two times in fair election observed by International community and conducted by non-partisan caretaker government)

    2. Her father, the former President along with other members of the family was murdered (well, her rival's also a popular former President was also assassinated).

    Dr. Bhagwati gives no substantive reason behind PM's resentment. And the last paragraph is most ridiculous.. it is Shaikh Hasina and her populist policies that is the biggest obstacle for macroeconomic reform. She wants to nationalize everything, including the prized nobel prize winning institution Grameen Bank.

    About foreign money -Grameen does not take external aid any more. This is another piece of misinformation on good doctor's part. There has to be minimum standard of fact checking for this blog, even if it is not peer reviewed.

  2. Dear Shadayen Pervez,
    Thanks for the comment!
    As a student of rural management and microfinance, I have tremendous respect for Prof.Yunus!
    As a student of International Trade, Prof.Bhagwati also earns my respect.
    This blog post was not meant to be an endorsement or a critique of what Prof.Bhagwati wrote. The operative word used is "interesting" because it is different from what most commentators have been saying about the sad developments at Grameen.
    The second part of the post talks about my happiness of someone praising SEWA Bank. The reasons for it have also been mentioned.
    I do not expect my blog postings to be cited in journals! I think you should re read what I have written in my post (which is smaller than your comment) and maybe intimate the Indian Express and Project Syndicate which, in my humble opinion have a larger readership than my own blog!