An Admirable Peace Prize

The 2006 Nobel Peace Prize has been awarded to economist Muhammad Yunus and the pioneering microfinance organization, Grameen Bank. This is wonderful. Microfinance is a great institutional innovation that helps get capital, in small amounts, to entrepreneurs who can help eliminate poverty and provide goods and services in developing areas of the world. A good number of Tuck's MBA students are interested in microfinance. While it will be hard to get mainstream capital markets involved in any large way in microfinance, the point of developments like these is that they do not need to be huge to have a significant effect.