This past week women worldwide — and the amazing things they can do with even the smallest amounts of capital — were in the news. And how….
When I switched on NPR at breakfast Friday morning, I heard word that Bangladeshi economist Muhammad Yunus and his Grameen Bank had won the Nobel Peace Prize. Then, when I checked my email, a friend* had forwarded me an article about a Chinese businesswomen who had become richer than Oprah (could it be?) and is now, in fact, the richest person in China.
First, I’d been hearing bits here and there about the Grameen Bank and its founder for a while – but hadn’t realized the micro-loan work they did was globally significant enough to catch the attention of the Nobel committee. Since it was founded in 1983, the bank has lent $5.72 billion to more than six million Bangladeshis – 97% of whom were women. According to an article in Friday’s New York Times (reg. required):
Worldwide, microcredit financing is estimated to have helped some 17 million people.
”Yunus and Grameen Bank have shown that even the poorest of the poor can work to bring about their own development,” the Nobel citation said.
Today the bank claims to have 6.6 million borrowers, 97 percent of whom are women, and provides services in more than 70,000 villages in Bangladesh. Its model of micro-financing has inspired similar efforts around the world.
The success has allowed Grameen Bank to expand its credit to include housing loans, financing for irrigation and fisheries as well as traditional savings accounts.
WOW!
And, then there’s the article in Xinhua Online about how: “Zhang Yin, 49-year-old founder and chairwoman of Guangdong-based Nine Dragons Paper Industries Co., Ltd., has amassed a fortune of 27 billion yuan (3.375 billion U.S. dollars).” She now tops the list of the richest people in China – and is the first woman ever to do so.
So – if for some reason, you are still a bit slow on the draw and just now starting to commit to the U.S. women’s market, you might want to rally the troops and get ON it a bit! We already know that women are the spenders driving our (U.S.) economy, and they have been for some time. But given today’s news, and all the other incredible stories about global women that you can find in publications like WorldPulse Magazine,** for one, there’s no time to lose in learning how to serve other cultures as well.
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Full disclosure: I am informally advising the two companies mentioned below.
*Thanks to Danny Kessler at Angels with Attitude (a women’s self-defense training business) for the article link about the Chinese businesswoman.
**WorldPulse is a start-up media venture that is doing huge things to help women and children transform the world.
Andrea,
Thank you for the informative post. Now, let me stick my male entire head out there for women to chop off or to pat lightly.
As a former member of NOW (I joined three decades past), and a supporter of the Equal Rights Ammendment, I now question so much of what I see as women-only articles, groups, awards, etc.
Perhaps I am just envious, but wasn’t the original purpose of the women’s rights struggle to break down the walls that separate genders?
I love you and your work, but does a blog entitled “Women Influencing Economies Worldwide” widen or lessen the gap? And should we even care?
Perhaps the movement has passed me by.
Lewis
Hi Andrea,
Terrific post! I, too, have been following this story for some time. It’s amazing how empowering this simple act of micro-loaning small amounts of money to impoverished women has been. It’s happening in India, too, and other third world countries. Kudos to the bankers of vision who are truly making a difference. To your point: banks in the U.S. and Europe should take note and do the same since so many small business entrepreneurs are women, many of whom have limited means. On a personal note: “Hi up there in beautiful Burlington, Vermont, my home town!”
“I love you and your work, but does a blog entitled ‘Women Influencing Economies Worldwide’ widen or lessen the gap? And should we even care?” Oops! I dangled something unintentionally.
Of course we should care that women are influencing world economies. Better yet, we should understand how and why.
What I mean to say is: Should we even care whether these articles widen or lessen the gender gap?
I may be caught up in old politics and old issues. Just trying to understand something that offends me the same way glass ceilings and men-only clubs did/do.
Bravo again Andrea – I really like your focus!
I recently have been following and surrounding myself with information on women in the market place and how women are becoming strong, powerful forces in the world of finance and wealth accumulation.
In my own self discovery and understanding of money and self-esteem I am feeding on stories such as those you mentioned to further my personal “okayness” with accumulating and managing large amounts of wealth and income.
I also personally believe that many of us as women collectively are on this same path following those who are leading the way before us giving us new ways of believing and instilling ideas of how we too can be creators and attractors of the abundance available in this world. Sometimes we all as humans need a select few to say “Hey I’ve done it and how about you?”
I am completely open to any other resources you may have on this subject and thank you for representing this arena of the human league.
And to Lewis, don’t let this movement pass you by, run with it, join it, love it for your own experience of self-wealth.
Sincerely,
Signe
My intention with “Women Influencing Economies Worldwide” was more to emphasize the global-ness of the phenomenon: that women have money to spend everywhere, so brands should get on it. But, to your point of widening or lessening the gap, Lewis – I think it continues to be a societal thing: should we have special “women’s groups” or “women’s magazines” etc.. because it doesn’t seem like women are equally covered/served by groups/mags otherwise? The eternal question. Though, I feel like we are definitely undergoing a transition where more businesses/groups/publications are figuring out how to serve everybody, but maybe tending to women’s higher standards in order to do that. Those of us who study this for marketing purposes can often be in a sort of Catch 22, I think.
And, Claire – I completely agree.. U.S. banks could get a few pointers from Grameen! (And, yes.. Burlington is esp gorgeous today)
And, Signe – “here here!”.. sometimes we, as humans, however we need to do it (gender-specifically or not) have to raise others up, celebrate their accomplishments and re-energize ourselves for greater things.
Thanks all!
Andrea,
Thank you. This is a great and important issue in our society. I believe that women (and men) should own their own communications medium. I just want us to be successful, so I am (overly) sensitive to exclusion, especially in headlines.
Lewis
Hello Andrea,
I’m conducting feminist research on how American foreign policy affects popular support for terrorism. I’m particularly interested in incorporating the views of women, non-whites, and people living outside of America and Western Europe, but all responses are invited and welcome. The survey can be accessed at
http://www.johnmaszka.com/SURVEY.html
I would really value your opinion and the opinion of your readers.
Thank you,
John Maszka