Dr. Yunus’s New World: A World of Three Zeros

Imagine the state of the world if the three issues of unemployment, carbon emissions, and global poverty were resolved. New economic paradigm suggested by Muhammad Yunus, Nobel Peace Prize winner and creator of Grameen Bank. He titled his new idea for the transformation of the world economy “A World of Three Zeros.”

The book “A World of Three Zeros: The New Economics of Zero Poverty, Zero Unemployment, and Zero Net Carbon Emissions” by Dr. Muhammad Yunus introduced a novel economic paradigm. Three fundamental tenets form the foundation of his new model: zero net carbon emissions, zero unemployment, and zero poverty. He argues that while the current capitalist economic system is not equipped to address global issues, its profit-driven nature negatively contributes to social and income inequalities. Thus, to guarantee global sustainable development, measures addressing poverty, unemployment, and carbon emissions must be implemented.

Dr. Yunus’s vision for a ‘World of Three Zeros’. | Photo: Collected.

1. Zero Poverty

Zero poverty represents the first “zero” in the book. Dr. Yunus claims that poverty is characterized by a lack of social justice, power, and opportunity in addition to a lack of financial resources. The gap between the rich and the poor is enormous under the existing economic system. The wealthy prosper in this system, while the poor continue to deteriorate.

For instance, according to a report by Oxfam, 43% of the world’s wealth is owned by the richest 1% of people. Meanwhile, 241 million people worldwide were estimated by the United Nations International Labor Organization to be living below the extreme poverty level in 2023, with a daily income of less than US$2.15. Poverty and social inequality are increased by such an unequal allocation of resources. According to Dr. Yunus, eradicating poverty through economic empowerment of the impoverished will lead to equal possibilities for all members of society.

He suggested the **”Social Business”** business model as a means of achieving this goal. According to this paradigm, businesses exist to solve societal issues rather than to maximize profits. This company reinvests its profits back into the firm, which benefits society. This paradigm prioritizes social problem-solving over financial gain. These companies reinvest their revenues back into the company, which is beneficial to society. The impoverished can escape the cycle of poverty and become independent through social business.

2. There Is No Job (Zero Joblessness) –

Zero unemployment represents the second “zero” in the book. Dr. Yunus contends that not everyone can find employment in the current economic structure. Particularly vulnerable to unemployment are the underprivileged and young. The global unemployment rate in 2023 is projected to be 4.96% or 396.8 million unemployed individuals. In the same year, 3.5 million people in Bangladesh were unemployed, or around 5.06% of the workforce. According to Dr. Yunus, if given the chance, everyone may pursue their dream of starting their own business. 

He advocated for the use of social business and microcredit models to enable jobless and impoverished individuals to launch their enterprises and generate jobs for themselves and others. The issues of unemployment and poverty can be resolved jointly.

3. Zero Net Carbon Emission (Zero Net Carbon Emission)-

Zero carbon emissions are the book’s third and last “zero”. According to Dr. Yunus, the current economic system is abusing natural resources, which raises carbon emissions and puts human civilization at risk from climate change. For instance, there were 40.9 billion metric tons of carbon dioxide emissions worldwide in 2023. Earth’s average temperature has risen by a minimum of 1.1 degrees Celsius since 1880.

Increasing the use of renewable energy sources and ecologically friendly technologies can potentially lower carbon emissions, according to Dr. Yunus. When effective measures are adopted to reduce carbon emissions, an eco-friendly and sustainable economic structure must be established. Making sure that recycled materials are used in industrial production and accelerating the shift to renewable energy are necessary to achieve this goal.

Zero net carbon emissions in Dr. Yunus’s New World vision. | Photo: Collected.

There are four crucial components in this instance:

In Dr.Yunus’s opinion, four crucial components must be prioritized to put his “World of Three Zeros” model into practice:

1. Using the youth’s enthusiasm and inventiveness; 
2. Making use of technology; 
3. Converting the company into a social business; and
4. Providing excellent leadership.

In his view, the cornerstone of this entire procedure is sound governance. Fundamental rights, democracy, the rule of law, and open and responsible government are all necessary for the success of this approach. For this reason, good governance will be ensured to implement the “three zeros” concept.

Muhammad Yunus’s “A World of Three Zeros” remains an inspiration for creating a just and sustainable world. Global technology innovation can be leveraged to address issues related to poverty, unemployment, and the environment. In light of this, he believes that appropriate use of technology may promote sustainable growth.

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