Part 1 of 3"Microcredit won’t make poverty history” said a Guardian Unlimited article shortly after Grameen Bank entrepreneur Muhammad Yunus won the Nobel Prize in 2006.
Von Mises Institute researcher Jeffrey Tucker cites this article in lambasting what he calls the “micro-credit cult.” In a November 2006 blog post Tucker writes that Grameen is not a genuine market institution, unlike pawn shops and pay day loans which the "anti-capitalist left" despise. Yet they somehow have the gall to shower the Grameen Bank with praise.
We get it, Tucker, but Grameen won the Nobel Prize for PEACE, not economics. Von Mises himself missed this boat but some of his adherents such as F.A. Hayek and U of Chicago founder Milton Friedman did ascend to Nobel Econ greatness. Besides, does that make Dell, Gates and the Google Duo--among other microcredit philanthropists--a part of the "anti-capitalist left"?
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