Social Business for a Post-Covid Compassionate World

Nobel Peace laureate Dr. Muhammad Yunus (Grameen Bank) delivered a beautiful bold talk this morning to the International Humanistic Management Association. Here is the link to the video, https://youtu.be/WFwK8bzIKW0 … and a summary of my notes.

The global economic machine is broken. Coronavirus has done us a favor. We should create a bank for rural entrepreneurs. Call it emerging, or potential sector instead of an informal sector. Young people should not have to go to cities and face harassment. Rural economy should not be a footnote to the urban economy. These are social businesses. More than 50% of people work in the informal sector. Urban economy consumes rural labor and makes money for themselves. Rural economy should not become a footnote to urban economy. Distance has become unimportant. The business idea has become important. We don’t want to go back to the old economy. We want to go forward and design a new world.

This is a crisis, but also a great opportunity to create global social businesses for coronavirus solutions. Globalization has deepened. e.g. the same virus impacts everyone. The narrow view is about how to make money. There are only a few companies who own a chunk of medicine business. The medicine solution should be for the benefit of the people, not to make a profit.

Rural areas don’t need to wait for urban buyers. We will process our produce here. We are not at the mercy of the urban buyers. We will deal on equal terms. Governments have not done much for the informal sector. Bangladesh has Ministry of Labor at all levels of the government. We will create our own chambers of commerce. Rural social businesses have full rights.

Academics have had a big role in creating this misery. We have contaminated the young minds with wrong ideas about a selfish world. There are social businesses that are not motivated by private interest but by common interest. We have to take care of the future of the world and our children and grandchildren. Social businesses can be in rural areas as well as urban areas.

How to get the economic machine to come out of coma, and put it to good use? We are pouring trillions of dollars into the machine, so the money is there. We should not pour into the fossil fuel industry. We should move into a new world. Scaling up is not a problem because the money is there. Invest in the companies that are solving the problem. Anyone who can help lead to this new world will win Nobel Prizes. Business education should not be only to make money for others. That is the conventional MBA for a soldier (general, gladiators) to make money for corporations. The alternative is the social MBA. Its purpose is to solve social problems of the world in the fastest way. How to inspire people to do that. This is a good time to start a social MBA program.

Covid19 Survey – US vs India

Covid-19 virus has unleashed mayhem in the world, and it has caused many deaths. The pattern of deaths has, however, been uneven. As of the date of publishing (May 18, 2020), there have been 30 times more deaths from #Covid19 in the US (90,000 deaths) than in India (3,000 deaths), even though the US has only one-fourth the population of India. I was curious to find out why it was so.

We conducted a quick 5-minute survey with a simple One-big-question of rank-ordering 9 factors in terms of their importance in causing this huge differential in death rates in the US and India. The 9 factors were: Demography (older population in the US); Sickness (high chronic conditions in the US); Immunity (Indian soil; Yoga, pranayama etc); Culture (greater social cohesion and family support in India); Public Policy (how seriously each country mounted a unified approach); Resources (availability of medical equipment); Genetics (difference in two populations); Diet (more vegetarians in India); Measurement (less reliable data from India). There was a None-of-the above option too. In addition, we added two question on their expectations of the way forward. One was about how long it will take to come out of Covid19 situation into normalcy. And the other was about what might be the markers for returning to normalcy.

We did convenience sampling using social media contacts of the researcher who should be in a position to compare and express their perceptions. 66 respondents from US, India, and other countries, filled out survey. Of the 66 respondents 60% were resident in India, 29% in the US, and 11% in other countries. The respondents including 55% from the researcher’s own age cohort of 55-64 years, while 42% were younger. A couple of respondents were over 65 years. The respondents were 71% male and 29% female.

Here are the main results (see bar chart below). Demographics (Older population) in the US was perceived to be the major cause of higher deaths from Covid-19 in the US than in India. Public policy choices and higher rates of Chronic sickness in the US were also identified as the next important causes for higher deaths in the US compared with India. Higher levels of Immunity was ranked highest as the major reason for lower death rates in India. Culture, Diet and Genetics received only moderate support. Surprisingly, availability of resources was ranked as least important cause.

66 Respondents’ ranking of 9 factors to explain differential death rates in USA and India

Moving forward, half the people (48%) said that it will take 1-2 years to return to normalcy. 31% of respondents said it will take less than one year, while 21% said it will take more than 2 years (see pie-chart below). US residents were twice as likely as Indian residents to think that it might take 2 or more years. For return to normalcy, the preferred enablers were availability of a tried and tested vaccine and a tested cure for Covid19, in that order (see bar graph below). Declining death rates were a lesser important marker, while availability of resources such as PPE was considered the least important marker.

66 Respondents’ expectations of time frame for return to normalcy
66 Respondents’ ranking of factors for return to normalcy

Here below is some more granular analysis.

Age: Respondents in 55-64 years ranked Public policy and Measurement issues higher, while those in 35-44 age group ranked Immunity and Culture (social cohesion) higher, as factors for explaining the differential death rates.

Gender: Male respondents ranked Demographics (aging population) and Measurement issues higher, while Female respondents prioritized Immunity, Diet, and Availability of resources.

Location: Respondents living in Rest of the World (11% of total) ranked Public policy choices and Measurement issues by a wider margin than those living within the US and India. Indian residents ranked Immunity and Culture (social cohesion) as more important. US residents ranked Public policy and availability of Resources as more important issues.

Additional comments from Respondents: One respondent wrote that it may be taboo in the Indian culture to report Covid death from a social stigma perspective. One reported that there is greater resilience to pain in India. One reported that traditional Indian homes include a central space to grow Ayurvedic plants such as Tulsi. Some reported that the cause as well as cure for Covid19 were unclear and should be thoroughly investigated.

Summary: This survey shows that there are different perceptions of what has caused dramatically lower death rates reported in India compared to the US. Development of immunity is considered the best ameliorating factor. An effective public health policy could be another.

Lessons learned: Healthy holistic lifestyle including Yoga Sutras based practices such as asanas, pranayama, and meditation are among the best ways to a create a strong platform of immunity on which specific vaccines can work effectively! In fact, the development of a special vaccine for Covid-19 is essentially a way to increase immunity against this specific virus.

Covid-19 is a very important world-transforming, life-and-death matter. Please write to us as to what you think. If you wish, you may also take 5 minutes to fill out this survey at https://www.surveymonkey.com/r/CovidAKM . Thank you!